As an international student in Australia, you need to understand how their banks work in order for you to be able to navigate it successfully. This extends beyond learning how to open your personal account when you come to Australia. Here we are talking about choosing the best bank, which allows you to easily access your money, does not charge extravagant fees, offers competitive interest rates, has online and app-based banking, etc. Therefore, by the end of this article, you’ll learn about the top 10 best banks in Australia for International students in 2025.
In Australia, the big four banks—Commonwealth Bank, Westpac, ANZ, and NAB—hold approximately 80% of the market share, demonstrating their reliability and extensive range of services. Additionally, many banks offer accounts specifically designed for international students.
So, if you’re looking to make informed decisions and enjoy a hassle-free banking experience during your studies, keep reading. We’re here to answer all your questions about the best banks in Australia for international students! Let’s dive in!
What are the Benefits of Having a Student Bank Account in Australia?
You need to have a good bank as an international student in Australia for several reasons such as to facilitate financial transactions and also to access funds. Conversely, if you don’t have an account, you’ll face difficulties in paying your tuition fees, rent, and other necessary transactions which will you to have visa issues and also negatively impact your studies.
Moreover, aside from the few importance we mentioned earlier, these are 3 other benefits that accompany having a student bank account in Australia.
a. Banks Provide You With Financial Assistance
One of the essences of owning a student bank account is not to use all your money at once. Instead, the goal is to earn, save, and keep some for the future.
According to recent studies, nearly 70% of students report that managing finances while in school is a significant stressor, underscoring the importance of financial literacy. This is something the best banks in Australia can do for you—providing you with the necessary budgeting tools & financial education.
Research shows that students who actively engage with banking resources can save up to 15% more than their peers who do not. You will not only learn how to keep your money but also be well-grounded in the finance industry.
b. You’ll Have Access to Overdraft Facilities
Think of this benefit—what it simply means is that when you are out of cash to fund any project at all in school and you are yet to receive your monthly income, having a bank in Australia as an international student will pave the way. In particular, this means you can access loans or borrow money to solve your most pressing needs before your monthly income arrives. Consequently, you wouldn’t have to experience delays anymore just by owning a bank account.
Furthermore, if you are to receive money from home, you will get to do so seamlessly. This is because having a student bank account in Australia has made it easy and secure for money transfers. Additionally, for some of these banks, you will enjoy reduced service fee charges, making the entire process even more beneficial.
c. You’ll Enjoy Free Discounts and Waivers
If this isn’t good news I wonder what is. Imagine receiving free discounts and bonuses for opening a student account, blissful right? Now this is one of the perks of having a student bank account in Australia. For example, the Commonwealth Bank offers a Student Smart Account which provides features such as no monthly fees and access to discounts on various merchandise and services for students.
Read Also: Top 10 Websites to Find Australian Jobs for Foreigners
What Are the Factors I Should Consider When Choosing a Bank in Australia?
In the introduction, we highlighted a few of them, notwithstanding, we shall discuss 5 key factors that should influence your decision in choosing a bank in Australia as an international student.
- What are the account fees and charges associated with this bank?
Look for banks that offer low or no monthly fees, especially for student accounts. Be aware of any additional charges for transactions, withdrawals, or international transfers.
- How accessible and convenient are this bank’s services?
Consider the bank’s branch and ATM locations, as well as the quality of their online and mobile banking services. A user-friendly app can make managing your finances much easier.
- Does this bank offer any special features tailored for students?
Many banks provide accounts specifically designed for students, which may include perks like discounts, waivers on fees, or access to financial education resources.
- What are the overdraft and loan options available?
Check if the bank offers overdraft facilities or personal loans. These services can be beneficial in case of unexpected expenses or cash flow issues.
- What is the bank’s reputation and quality of customer service?
Research customer reviews and the bank’s reputation for service. Accessible and responsive customer support can make a significant difference in your banking experience.
Getting answers to these questions will place you in the right direction in choosing the best bank in Australia for international students in 2025.
Top 10 Best Banks in Australia for International Students 2025
When choosing a bank as an international student in Australia, it’s essential to consider several key factors that can significantly impact your banking experience. In this section, we’ll explore the top 10 best banks in Australia for international students in no particular order. This will assist you to make an informed decision that aligns with your financial needs and goals during your time in Australia.
1. Commonwealth Bank of Australia (CBA)
The Commonwealth Bank (also called CommBank) is one of Australia’s top four banks, with the National Australia Bank (NAB), ANZ, and Westpac. It offers a wide range of financial services, including retail, commercial, and institutional banking, asset management, superannuation, insurance, investment, and broking.
As of July 2024, the Commonwealth Bank is the largest Australian-listed company on the Australian Securities Exchange, with brands such as Bankwest, Colonial First State Investments, ASB Bank (New Zealand), Commonwealth Securities (CommSec), and Commonwealth Insurance (CommInsure).
Their Everyday Account Smart Access has no monthly account fees while you’re under 25 years old, and is ideal for your day-to-day – like getting paid, paying friends back, or shopping in-store and online with your own money.
But, if you’re a student after you turn 25, you’ll continue to pay no monthly account fees with an Everyday Account with Student Options.
Advantages of Using CommBank
- CommBank offers a user-friendly app with features like Bill Sense (for managing bills and subscriptions), Spend Tracker (for tracking spending), and Category Budgets.
- You’ll have access to fee-free cash withdrawals at CommBank ATMs and access to a physical and digital Debit Mastercard for convenient payments.
- No monthly account fees if you deposit $2,000 each month or meet other conditions, or if you are under 30.
- Be able to get money using a CommBank ATM without using your card
- Transfer money to friends and family quickly using PayID.
- Link a NetBank Saver account and get great interest rates on your savings.
2. Westpac — Top 10 Best Banks in Australia for International Students
Westpac is considered one of the best banks in Australia for international students due to its strong support services, tailored banking products, and extensive accessibility options. The bank offers various features specifically designed to cater to the needs of international students, making banking easier and more efficient during their studies in Australia. Here are the advantages of using Westpac for international students:
- Westpac offers accounts tailored for students, such as the Westpac Student Account, which has no monthly account fees.
- Make payments online and in-store with your Debit Card which has a CVC that updates every 24 hours.
- Send money to over 200 countries with no international transfer fees when using Online Banking or the Westpac App.
- Westpac integrates with accounting software like Xero and MYOB via bank feeds.
- No monthly account-keeping fees for the first 12 months, for deposits of $2,000 a month.
- You can link your card to Apple Pay, Google Pay, Samsung Pay, Fitbit Pay, and Garmin Pay to make fast contactless payments with your mobile or wearable.
- You could earn up to 5.00% p.a. variable interest on your first $30,000 savings with a Life Savings and Choice bank account.
These advantages/features collectively enhance the banking experience for international students, allowing you to focus more on your studies while managing your finances effectively.
3. NAB (National Australia Bank)
In 2019, NAB was ranked as the world’s 21st-largest bank in terms of market capitalization and 52nd-largest bank by total assets. NAB employs over 38,000 people worldwide, serving more than 8.5 million customers in Australia and abroad through personal accounts, small, medium, and large businesses, private clients, government, and institutional activities.
Advantages of Using NAB
- No monthly account fees and no minimum monthly deposits
- No overdrawn fees if you happen to go over your account balance
- No ATM withdrawal fees at over 7,000 ATMs across Australia
- You’ll get a NAB Visa Debit card for all your everyday spending
- You can make payments in-store, online, or with your digital wallet through your linked NAB Visa Debit card.
- Secure digital banking, where you can manage your money easily through the NAB app and NAB Internet Banking.
- It can be integrated with Apple Pay and Google Pay.
4. ANZ (Australia and New Zealand Banking Group)
This is a multinational banking and financial services company headquartered in Melbourne, Victoria, Australia. It ranks fourth in terms of market capitalization and second in terms of assets in Australia.
Advantages of Using ANZ
Pay bills and make transfers straight from your ANZ Plus Flex Saver account, while earning a great rate for balances up to $5,000.
Application and Benefits
- Apply for a Student Access Advantage bank account online before you get to Australia
- Activate your account at one of the in-store branches once you arrive
- To open an ANZ student account, you must be a full-time student and show your valid student ID to the ANZ bank agent at the beginning of every academic year
- Limitless transactions, no threshold balance, no withdrawal fees, and an Access Visa Debit card
- With an ANZ international student account, you can use your debit card to make overseas withdrawals (take note of a 3% foreign exchange commission and a $5 ATM fee)
- The ANZ Progress Saver account has no monthly account service fee and can be linked to your Access Advantage account, making the process of transferring funds seamless
- ANZ Progress Saver account helps your savings while you study, should you work part-time
- Earn bonus interest when you make at least one deposit of $10 into your account and don’t withdraw any balance each month (relevant T’s & C’s apply)
Read Also: Trusted Websites for Student Jobs in Melbourne Australia
5. Bankwest
Bankwest is an Australian bank based in Perth, Western Australia. It was established in 1895 as the Agricultural Bank of Western Australia and was later renamed the Rural and Industries Bank by the Western Australian Government. Bankwest is owned by Commonwealth Bank.
Advantages
- No monthly maintenance or account-keeping fees
- No foreign transaction fees when spending online or in person
- No Bankwest ATM fees domestically or overseas
- 24/7 Zero Liability Protection against fraudulent transactions
- Option to set up low-balance or scheduled payment alerts
- Capacity to create up to 10 linked accounts for easier budgeting and saving
- Easy account management via the Bankwest App
6. HSBC (formerly Hongkong Bank of Australia Limited)
As a key player in Australia’s financial landscape, HSBC Bank Australia leverages the global strength of the HSBC Group to deliver a broad spectrum of services. Their 36 branches and offices nationwide support clients with retail and commercial banking, tailored financial planning, specialized trade finance, and advanced treasury and securities services.
Here are some reasons why it is among the best banks in Australia for international students in 2025.
- $0 account, transaction, or ATM fees
- 2% cashback for purchases under $100, up to $50 in cashback earned per month with Everyday Extras
- Pay on-the-go with a digital Visa debit card, Visa payWave (for contactless payments under $100), Google Pay, and Apple PayGuaranteed protection for up to $250,000 of your money
- No international transaction fees or HSBC transfer fees
- Competitive exchange rates
- Currency conversion via the HSBC Australia app in 10 major currencies
7. St. George Bank —- Top 10 Best Banks in Australia for International Students
St.George Bank, headquartered in Sydney, is a division of Westpac, following a 2008 merger and its subsequent deregistration as an independent entity in 2010. While its primary service areas are New South Wales and the Australian Capital Territory, St.George has expanded its industry and business presence in Queensland and Western Australia.
Features/Benefits
- Fee-free everyday banking for students and apprentices with
- No minimum monthly balance is required.
- No monthly account service fee. As a St. George customer, you can access ATMs in the Global ATM Alliance without incurring fees.
- No fees for everyday banking transactions.
- The St. George Complete Freedom account comes with a Visa Debit Card, allowing for convenient transactions.
- Access a range of discounts and benefits on popular lifestyle brands through the My Offers Hub.
- You can earn bonus interest if you grow your account balance by at least $50 each month (or any amount if all account holders are under 21).
8. Bendigo Bank
The Bendigo Bank Student Account is an everyday transaction account for full-time students, apprentices, or trainees. It provides easy access to your balance, charges no account-keeping fees or ATM fees, and offers unlimited free EFTPOS transactions within Australia.
What are the features and benefits of this Bendigo Bank student account
- Pay no account-keeping fees or ATM fees in Australia
- Linked Debit Mastercard
- 24/7 access to funds via the Internet and mobile banking
- Apple Pay, Google Pay, and Samsung Pay are available
- Personalize your debit Mastercard with an image or colour of your choice
Eligibility
- Minimum age. In order to apply for this account you must be at least 12 years old.
- Student status. You must be enrolled in school full-time, or be an apprentice or trainee. The status of your ongoing studies will be checked annually to ensure that you are still eligible for this account.
9. ING
ING Australia, a direct bank and subsidiary of the Dutch ING Group, operates under a full Australian banking license. Originally known as ING DIRECT, it rebranded as ING in 2017, focusing on digital-first banking services. Their Australian operations are structured through various entities, encompassing mortgages, savings, everyday banking, and a broad range of other financial products. ING also provides services within consumer lending, superannuation, insurance, and both wholesale and commercial banking segments.
Features
- You could get 1% cashback on your utility bills, and pay no ING international transaction fees or monthly fees with an Orange Everyday bank account from ING.
- Up to 5 eligible ATM withdrawal fees are rebated each month, both in Australia and overseas (excluding international ATM operator fees).
- You can save money with the Everyday Round Up feature, which rounds up your transactions and transfers the difference to your savings account.
- Combined savings balances of up to $250,000 per customer are guaranteed by the Australian Government.
- ING’s Savings Maximiser account offers a high variable interest rate (up to 5.40% p.a.) on balances up to $100,000.
- You can use your ING debit card for transactions with the convenience of Visa.
10. Suncorp
For international students in Australia, Suncorp Bank’s Everyday Options Account offers benefits like no monthly fees, zero foreign currency conversion fees on Visa Debit card purchases, and the ability to open up to nine sub-accounts for budgeting and saving.
Features of Suncorp
- Access your account and banking features 24/7 through the Suncorp App.
- Spend overseas without incurring extra charges on your Visa Debit card purchases.
- Earn higher interest rates on money you don’t need to spend in the short term with flexiRates.
- You won’t incur any monthly fees for maintaining the account.
- Benefit from security measures like real-time fraud monitoring, secure encryption, and 2-factor authentication.
What Do I Need as an International Student to Open an Australian Bank Account? —- Requirements
In addition to your personal details ( your full name, date of birth, and residential address), to open a bank account in Australia here’s a list of documents you’ll need:
- Passport (Australian or foreign)
- Australian driver’s license or foreign driver’s license with full name and photo
- National identity card
- Australian proof of age card
- Australian or foreign birth certificate
- Australian citizenship certificate
- Centrelink pension card
Note: For your account opening, you’ll need One primary photographic identification document OR, one primary non-photographic identification document AND one secondary identification document.
Others Requirements Include:
- A notice issued by the Australian Taxation Office including your name and residential address (e.g. a taxation notice)
- Medicare card
- Utilities notice including your name and residential address
- Australian marriage certificate
- Current tenancy or lease agreement
- Student identification card including a photo and signature
Note: All documentation must be either an original or a certified copy certified by an authorized certifier.
How To Open Bank Account In Australia For International Students — Step-by-step Guide
Did you know that you can open your bank account in Australia without being physically present there? It’s actually true—Before you move to Australia, you can open a student bank account online in the nation you are currently residing in. Rather than standing in long queues to submit your documents, you can start the procedure in the comfort of your own home.
The very first step in opening your student bank account is to research and choose the bank with which you desire to use (if you are still contemplating on which one to choose, check out our previous section on factors to consider and the best banks in Australia for international students, they will guide you).
Then look through their page to ensure you have all the required documents handy. When you’ve done that, here’s a step-by-step guide on how you can open your bank account.
Step 1. Start Your Online Application
Log in to your chosen bank’s website and locate the student account application part of the website. Once you’ve done that, the application form will pop up on your screen, begin filling out the online application form.
Step 2. Provide Personal Information
Now, you’ll need to be careful when inputting your details in order to avoid mistakes. Hence, accurately enter your personal details, including name, address, and contact information—double and triple-check to ensure there is no error or miscommunication. Thereafter, provide your visa details and student identification information.
Step 3. Upload Required Documents
Upload digital copies of your identification documents as requested. Make sure that all your documents are clear and legible.
Step 4. Submit and Verify
Review your application for accuracy before submission. There might be further online verification steps, for example, some banks may require a video call to verify identification, so be prepared.
A successful video call/interview requires thorough preparation. Our video here provides critical insights and practical tips on how to prepare for virtual interviews to help you make a strong impression.
Step 5. Account Confirmation
Upon approval, you’ll receive account details via email or online portal.
Follow the bank’s instructions for accessing your account and receiving your debit card.
Note: After the online application, to receive your debit card, you may need to visit a branch to verify identification.
Once your account is open, make sure to set up online banking. This will make it easier for you to manage your finances, make payments, and transfer money internationally from the comfort of your home or on the go.
Types of Bank Accounts for International Students in Australia
As an international student in Australia, understanding the types of bank accounts available to you is essential for managing your finances effectively. Here are the main types of bank accounts you can consider:
1. Everyday Transaction Accounts
These accounts are designed for daily banking needs. They allow you to make deposits, withdrawals, and electronic transfers. Features typically include:
- Debit cards—for easy access to funds.
- Online and mobile banking options.
- Low or no monthly fees.
2. Student Bank Accounts
Many banks offer accounts specifically tailored for students, which often come with perks such as:
- No monthly account fees.
- Access to discounts and special offers.
- Lower charges for international transactions.
- Budgeting tools and financial education resources.
3. Savings Accounts
A savings account is ideal for students looking to save money for future expenses. Key features include:
- Higher interest rates compared to everyday accounts.
- Limited withdrawal options to encourage saving.
- No or low fees, depending on the bank’s policies.
4. Term Deposits
If you have a lump sum of money you won’t need for a certain period, consider a term deposit. This type of account allows you to earn a fixed interest rate over a specified term. Benefits include:
- Higher interest rates than regular savings accounts.
- Guaranteed returns, as the interest rate is fixed for the term.
5. Foreign Currency Accounts
If you plan to receive funds from your home country in a foreign currency, a foreign currency account might be beneficial. Features include:
- Ability to hold multiple currencies.
- Lower fees for currency conversions.
- Convenient for managing money transfers from abroad.
What You Need to Know About The 100 Point System
Before you open an account in Australia as an international student, it is important to learn about the 100-point system. Australian banks use the 100-point system to confirm your identity when you open an account. You must show documents like a passport or driver’s license, which each have a point value. These points must add up to 100. This system helps prevent fraud and keeps banking safe.
Some of the documents and their points are highlighted below:
- Passport (70 points)
- Australian driver’s license (40 points)
- Birth certificate (40 points)
- Citizenship certificate (40 points)
- Medicare card (20 points)
- Credit or debit card (10 points)
- Utility bill or bank statement (25 points)
Note: Ensure to complete your research and carefully consider your banking requirements in order to process your new student account.
Conclusion
In conclusion, the top 10 best banks in Australia for international students in 2025 include the Commonwealth Bank, Westpac, NAB, ANZ, Bankwest, HSBC, St. George Bank, Bendigo, ING, and Suncorp—-all of which we have extensively discussed in this article. Our criteria for choosing these banks are that they allow you to easily access your money, do not charge extravagant fees, offer competitive interest rates, and have online and app-based banking.
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