Banking in Australia

Banking in Australia

Banks in Australia

In Australia, you have a choice of different banks where you can open an account. It is best to do this as soon as you arrive, since the longer you wait, the more complicated necessary formalities can become. It is worth comparing the offers of the different banks - some banks offer particularly favorable conditions for students.

If you want to open a bank account in Australia, here are the most commonly used banks

  • Commonwealth Bank
  • Westpac
  • Australia & New Zealand Bank (ANZ)
  • National Australia Bank (NAB)
  • St. George

Banks are usually open Monday to Friday from 9 a.m. to 5 p.m., some also on Saturdays. If you choose an internet banking option, you will always have access to your account. Telephone banking is also common in Australia.

You can withdraw cash from ATMs around the clock. Credit cards such as Mastercard, Visa and American Express are generally accepted. If you use a credit card from your home country, additional fees may apply.

Transferring funds and International Payments.

Money can be sent to and from Australia using bank checks, checks, or wire transfers. Overseas bank checks take a few days to arrive and another 10 days to be processed by the banks.

The above mentioned methods can be pretty slow and costly, that's why we have partnered with TrasferWise who are leading a revolution in money transfers and international payments. TransferWise offers transparent pricing and you always get the real exchange rate, so no more hidden fees, EVER.

Alternative option to banks in Australia

We have partnered with TransferWise to provide you a more flexible and cheaper solution to banking whilst your stay in Australia. The TransferWise border account is a bit like having local accounts all over the world. It’s a multi-currency account that lets you keep money in 40+ currencies, and convert between them at the real exchange rate whenever you need.

When you open a border account you also get a TransferWise debit Mastercard, personal account numbers, and bank details for USD, GBP, EUR and AUD (with more currencies on the way). Share these details with your friends, companies or customers in the US, the UK, Australia and the Eurozone to receive money from around the world for free.

How does the borderless account work?
To get set up, you'll need to:

  1. Create your free account. We might need to verify your identity first to keep your account safe
  2. Select a currency. You can set up each currency with just a couple clicks
  3. Add money to your account. You can top up via debit card or bank transfer

Once you're all set up, you're ready to:

  • Convert money between your currencies in seconds whenever you need, at the real exchange rate with low conversion fees
  • Send money from any currency in your account to pay bills, send money to friends and family, and more
  • Spend money with your TransferWise debit Mastercard
  • Receive money with account numbers and IBANs. Get paid like a local in AUD, EUR, GBP or USD in your account and face no receiving fees

 

International students should note the following about opening a bank account in Australia

  1. Does the bank offer special “student accounts” with no account maintenance costs?
  2. How are ATM withdrawals calculated? Sometimes only a certain number of withdrawals are allowed and all further withdrawals cost a few cents.
  3. If you want to make transfers to and from Australia, there should be a direct connection between the banks in Australia and your bank. Otherwise, further costs are due.