10 Best Banks in Australia for International Students

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Living in a new and unfamiliar country as an international student can be an exciting yet daunting experience.

Alongside the challenges of adapting to a new culture and educational system, managing finances becomes a crucial aspect of student life.

One of the primary concerns for international students in Australia is finding a reliable, affordable and easily accessible bank.

If you’re reading this article, you know what we’re talking about.

The right banking choice can make a significant difference in managing day-to-day expenses, receiving payments, and accessing financial services seamlessly.

Below, we’ll explore 10 of what we think are the best banks in Australia tailored to meet the needs of international students, along with key factors to consider and strategies for managing personal finances effectively.

Disclaimer: This article is a guide only. Information displayed on this page may change on the date you read this. Always contact the bank to obtain current pricing and all terms and conditions.

Factors to Consider when Looking for a Bank

When choosing a bank as an international student in Australia, consider the following factors:

Accessibility

Look for banks with branches and ATMs conveniently located near your campus or accommodation.

Fees and charges

Compare account fees, transaction charges, ATM fees and international transfer fees to find a cost-effective option.

Student-friendly features

Check for student-specific accounts, benefits, and discounts offered by banks to cater to your needs.

Online banking services

Ensure the bank provides robust online banking platforms and mobile apps for easy account management.

Customer service

Evaluate the bank’s reputation for customer support, especially regarding international students’ queries and concerns.

International services

Consider banks that offer services like foreign currency exchange, international money transfers, and multi-currency accounts.

Interest rates

If you plan to open a savings account or invest, compare interest rates offered by different banks.

Top 10 Banks for International Students

In Australia, there are a wide range of numerous banks available, yet the optimal choices for international students are determined by the services and advantages they offer.

The following list contain details regarding the leading banks in Australia tailored for international students.

1. Westpac Student Bank

Westpac, Australia’s premier and oldest banking institution, is one of the nation’s four major banking entities, with branches located in all major cities for convenient cash withdrawals and consultations with local banking experts.

Westpac offers a dedicated account just for full-time students.

$0 Account Keeping Fee if you’re under 30 or a full-time student
Zero ATM withdrawal fees at Westpac Group ATMs across Australia
Access to 50,000+ ATMs globally through the Global ATM Alliance

Westpac facilitates international students in setting up their accounts up to three months prior to their arrival in Australia or upon their arrival.

The bank does not mandate Australian addresses for accounts opened overseas before arrival, and the account setup process can be completed in less than five minutes.

2. ANZ – Access Advantage

ANZ provides a student bank account you can set up before even arriving into Australia.

Visa Debit Card included
Cash back opportunities
$5 monthly account fee – can be waived for full time students or people under age 25.

Recognised as one of Australia’s premier financial institutions, ANZ maintains branches in most urban and regional areas.

The bank also offers the ANZ Foreign Exchange Service, allowing international students to convert foreign currency into Australian Dollars at any ANZ branch and directly deposit foreign currency into their ANZ accounts.

The ANZ Progress Saver account has no monthly account service fees and can be easily linked to your Access Advantage account, simplifying fund transfers between accounts.

3. Commonwealth Bank – Student Smart Access

The Commonwealth Bank Student Smart Access account is an excellent option due to its features.

$0 monthly account fee if you’re under 30
No monthly account fees
Unlimited free transactions at network ATMs, EFTPOS, counter deposits, phone, and internet
CommBank allows you to open an account up to 14 days before you arrive in Australia, or up to three months after you arrive
You can easily open an Everyday Account with Student Options online in approximately 5 minutes and receive your bank details immediately.

4. NAB – NAB Classic Banking

NAB stands as one of Australia’s well-established banks, tracing its origins back to the early 1800s.

It caters to over 8.5 million customers and offers a wide array of services, including personal bank accounts.

For everyday spending needs, NAB presents the NAB Classic Banking account.

Features of the NAB Classic Banking Account include:

No monthly account fees
No minimum monthly deposit
Includes a Visa Debit card
Accessible online banking via the NAB app and NAB Internet Banking
No fees for cash withdrawals at over 4,000 Australian ATMs

It’s important to note that you can only apply to open this account after your arrival in Australia.

5. Suncorp Bank

Established in 1902 as the Queensland Agricultural Bank, it has grown into the sixth-largest bank in Australia.

Suncorp Bank offers a wide range of services, including consumer banking, home loans, credit cards, various bank accounts, savings accounts and business banking solutions.

International students can benefit from the Everyday Options Account provided by Suncorp Bank, featuring the following key aspects:

No monthly account fees
Ability to open and personalise up to nine sub-accounts
Comes with a Visa Debit card and zero percent currency conversion fees

6. Macquarie Bank

Macquarie Bank serves is a global financial services group based in Australia.

For international students, Macquarie Bank offers a variety of products featuring competitive interest rates.

Below are some advantages of banking with Macquarie Bank while pursuing your studies in Australia:

Savings account without monthly fees
New clients can swiftly apply for an account, complete their identification verification, and start banking within one minute
Instant notifications for direct debits made from their savings accounts

7. St George Bank – Complete Freedom offset

St. George Bank stands out as a distinguished Australian bank with accolades to its name.

While it is renowned for its retail and business banking solutions, St. George Bank also provides a range of personal banking services.

The St George Complete Freedom Account offers the following features:

Zero account keeping fees
No fees for maintaining the account.
$0 fee per transaction when you send foreign currency overseas through Internet Banking.
Includes a Visa Debit Card upon providing an Australian residential address.

8. Bendigo Bank

If you’re studying in Queensland, consider Bendigo Bank.

Bendigo Bank offers the Student Account, designed specifically to support students in earning while they pursue their education.

This account is open to full-time students, apprentices, and trainees.

Noteworthy features and advantages of this account include:

No monthly service fees
Accessibility for full-time students aged 12 and over, as well as apprentices and trainees
Capability for mobile payments, allowing the use of a phone or smartwatch to make transactions from the account
Access to funds through a Debit Mastercard
Opportunity to open a Reward Saver account and earn competitive interest rates on savings

9. Bankwest

Since its inception in 1895, Bankwest has grown to become the sixth-largest bank in Australia.

It offers a wide range of services such as consumer banking, home loans, credit cards, various bank accounts, savings accounts and business banking solutions.

No monthly maintenance fees
No foreign transaction charges for online overseas transactions made with a Platinum Debit Mastercard

10. Bank of Queensland

Originally established as the Brisbane Permanent Benefit Building and Investment Society (BPBBIS) from 1874 until 1970, Bank of Queensland (BOQ) functions as an Australian retail bank headquartered in Brisbane.

No monthly account keeping fees
Competitive interest rates
No establishment fees
Optional overdraft limit of up to $7,000 for penultimate students and up to $10,000 for final year students

International students can manage their finances efficiently with BOQ’s student accounts.

Ready to Choose a Bank?

By choosing one of the top 10 banks mentioned, international students can navigate their finances with confidence during their stay in Australia.

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