Education Living Study in Australia

Best 5 Banks for International Students to open Bank Accounts in Australia

Last Updated on November 12, 2021 by Christie McEnzie

Are you planning to study in Australia? There are many things to decide if you are migrating to Australia to join an Undergrad or Postgrad course at an Australian University.

Studying in an another country is both daunting and exciting.

While studying in Australia how will you handle your monies and finances? Here are 5 best Banks for International Students to open Bank Accounts in Australia.

What are the different types of Bank Accounts? – Transactional vs Savings

Australia provides 2 types of consumer bank accounts. Transactional and Savings.

Transactional Bank Account

transaction account is traditionally used for day-to-day expenses and often comes with a Debit Card or Keycard so that you can withdraw cash or pay for things.

Most people get their salary paid straight into their transaction account then use that to pay bills or automatically transfer money into a savings account.

Savings Bank Account

Savings accounts don’t usually come with a keycard and intended to grow your bank balance.

They tend to offer more favourable interest rates compared to transaction accounts, encouraging you to set money aside and benefit from bonus interest (if it’s offered) for being a regular saver.

You might not be able to withdraw cash from your savings account – you may first need to link it to a transaction account.

Best Banks for International Students studying in Australia - Which Bank Account? Transactional or Savings?

Which Bank Account type is best for International Students?

The most important thing to organize when migrating to Australia is to open a Transactional Bank Account.

Transactional Bank Accounts for International Students can be used to pay your bills, deposit funds in savings bank account, and manage daily expenses for textbooks, accommodation, and food.

Transactional Bank Accounts for International Students don’t pay any interest.

This bank account can also be used for international money transactions and student accommodation.

Which are the Best Banks for International Students?

Westpac- Westpac Choice Student Bank Account

Westpac Choice Student bank account is suitable for full-time students who are looking for a free account with the big bank.

You can also open this account online 12 months before your arrival in Australia.

You can also transfer money from anywhere and shop safely online via debit MasterCard. This MasterCard can be attached to any account of your choice.

You can easily manage the money with excellent mobile banking services.

You can also pay no withdrawal fee from any key bank ATM in Australia such as ANZ, Westpac, Commonwealth Bank, ANZ, St. George, NAB, BankSA, and Bank of Melbourne.

You can do unlimited free transactions online in the branch, over the phone, and via BPAY.

You can access overseas ATM with a 0$ account fee. If you want to withdraw money worldwide then it will cost at $5 as the ATM fee and 3 per cent as foreign exchange commission.

ANZ – ANZ Student Access Advantage Bank Account

ANZ Student Access Advantage bank account keeps the money secure and you can easily spend money daily.

ANZ Student Access Advantage is one of the best banks for international students especially teenagers in Australia.

It comes with a 0$ account fee.

You are required to be a full-time student and must have a valid student card to ANZ agent at the starting of the year.

The debit card can be used to withdraw money from worldwide ATMs. But it will cost around 5$ as an ATM fee and around 3 per cent foreign exchange commission.

Commonwealth Bank – Student Smart Access Bank Account

Commonwealth Bank is one of the largest and oldest banks in Australia.

Commonwealth Bank’s Student Smart Access helps you to open the account 3 months before your arrival in Australia.

It has around 0$ monthly fee.

Student Smart Access transactional bank account of Australia is a perfect bank for a student who wants to go for a daily transaction account and is recommended by‘s founder as she managed her monies and finances by Student Smart Access bank account.

You can safely use a debit card to shop online and offline stores with attractive offers.

Also, the Commonwealth bank provides the facility of free health checkups. It is one of the best banking services that meet your requirements.

Moreover, you can also manage and track your money for, anywhere in the world by using the spend tracker and Commbank app.

National Bank – NAB Classic Banking Bank Account

NAB Classic bank account is a transactional bank account offered by National Bank of Australia and is a classic bank account for the daily transaction.

It has 0 $ account fees, no direct ATM fees, and no withdrawal fees.

You can easily access the account via phone banking and internet services.

You can also take the VISA debit card and shop online from anywhere without any extra cost.

You can also manage your bank account from any Australian post office. It has a commission of around 3 per cent in foreign exchange. The overseas withdrawal fees 5 $.

National Bank enables you to open the bank account with the promise that your bank account is protected and safe against fraud.

It is one of the best bank accounts provided by one of the best banks for international students studying in Australia.

Citibank – Citibank Plus Everyday Bank Account

Citibank is one of the best banks in the World and has a wide network of ATMs in Australia.

Citibank’s Plus Everyday Bank Account helps you to enjoy free banking with no monthly account fee.

It also provides the service of free ATM withdrawals in the bank network.

The debit master card is accepted worldwide and can be used for withdrawing cash from any ATM worldwide.

Free ATM withdrawals are made via Westpac, Citi, St. George, Bank SA and bank of Melbourne. It also allows you to transfer money from anywhere to any account for free.

How to select the Best Transactional Bank Account?

No Service FEE on a monthly basis

The banks in Australia provide student transaction accounts that waive the monthly bank account fees. You are required to visit the branch and show your current student id and enrolment proof like end dates and course start day.

Linked Debit Card

You are issued a linked debit card where you can easily access money in your bank account. The debit cards are MasterCard PayPass and Visapay wave that permits you to make endless payments or purchases under 100 $.

Online and Mobile Banking

You can easily handle your money anywhere and anytime by using mobile and bank online platforms. You have to register with the bank and then you can log in or download the app on your tablet or mobile.

Wide ATM Network

If you don’t want to face any problem in getting cash late night or if you want to avoid the processing fee by using another bank ATM then you must select the bank that has an extensive ATM network.

No International FEE for ATM Withdrawals

Are you planning to go back home and want to manage funds? Select a transaction account like Citibank plus that does not charge a fee. So, you must choose the bank without charging the fee.

Free International Money Transfer

So, if you want to transfer money to your international bank account, then certain transaction bank accounts like Citiplus provide free international money transfer.


So, if you are looking to go to Australia for studying then you must know that how will you manage the bank account.

Therefore, you can read this article and thus understand the best 5 banks for international students to open a transactional bank account, while studying in Australia, to manage your monies and finances.

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By Christie McEnzie

At we provide up-to-date news on all things related to migrating, studying, working, visiting and settling in Australia and New Zealand through our website, blog, social media accounts, handles, pages, forums, notifications; through our community forums, and through our email updates.

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