Setting up a bank account

Setting up a bank account

Opening a bank account in Australia is easy! Here are some handy tips to make sure it all runs smoothly.

There are four major banks in Australia, Westpac, ANZ, The Commonwealth Bank, and NAB. These banks can offer special accounts for international students, but there are many other banks available to you. We recommend you research what you need from a bank before deciding. You might like to consider:

- Setup fees 

- Whether you can link your account to a debit card (Mastercard or Visa)

- Transaction and withdrawal fees

- Whether it offers payWave or PayPass for ‘tap and go’ transactions

- The number and availability of ATMs

- Ease of transferring money from home

You can visit this page to help you make your decision.

In order to set up an account you will need to go into a branch (shopfront), and remember to take your passport, student ID, and some money to deposit with you.

Credit cards can be handy but can be a trap, leading to you spending more money than you can afford. Before getting a credit card, it’s important that you consider if you really need it. Debit cards work in the same places as credit cards, but you only use the money you have in your account. Be aware of interest rates and annual fees on credit cards. Cards that offer you lots of rewards often come with high-interest rates and annual fees - so be careful! 

Credit card fraud is an increasing problem all over the world. It’s important to make sure you are safe with your transactions and follow these important steps. 

21 December 2022

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