Student Bank Accounts
If you are an overseas student travelling to Australia to study, you should certainly open an Australian bank account. It is far more cost effective than using an overseas debit card.
Student Bank Accounts:
There are several other advantages for students who have a student bank account in Australia, they are:
No foreign currency charges.
If you use an overseas bank card in an Australian ATM (Automatic Teller Machine) or to make purchases, you will be charged a foreign currency conversion fee. These will add up and will unnecessarily cost you money.
Easier to get a credit card or loan
If you require a student loan during your time in Australia, you are more likely to be approved for a Student Loan, or a Student Credit Card, if you have some form of 'banking history' and you are able to show past bank statements to the bank. Obtaining a basic savings account with a bank if your first step to obtaining credit.
Being paid for work is easier
If you work part time in Australia, by having an Australian bank account it will make it easier for an employee to pay you and an Tax refund to be returned to you.
No banking fees for students!
Most banks offer no account fees and no withdrawal fees for students, when you enquire, be sure to ask specifically about Student Bank Accounts and find out what their requirements are.
How to open an Australian bank account:
Research the banks & their fees:
Most banks allow you to partially open an account online, and certainly online you can research what each bank offers. The major Australian banks are: NAB, ANZ, St George and Commbank.
Visiting the bank - requirements:
Even if you start the process online you will still need to visit a bank branch in person with proof of identity such as a passport and drivers licence and possibly a opening deposit. For a student account you will need proof of enrolment. If you are interested in a Student Loan or a Student Credit Card, you may have to provide further information such as a banking history with another bank, or proof of enrolment.
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