Choosing a Bank Card for Studying in Australia: Application Procedures and Recommended Banks

Studying in Australia is not only an opportunity to enter the academic world, but also a challenge of independent financial management. In Australia, choosing a reasonable bank card is particularly crucial for managing daily expenses and tuition fees. Choosing an Australia bank that provides comprehensive services and reasonable fees can ensure that your financial transactions in study and life can be smoother and enhance your study abroad experience.

Overview of Australia’s Banking System

Australia’s banking system is one of the most robust in the world, renowned for its high standards of regulation and extensive service network.

In Australia, the main banks include the four major banks: ANZ Bank, National Australia Bank, Westpac Bank, and Commonwealth Bank. These banks offer a variety of financial products including savings accounts, checking accounts, credit card services, online banking services, etc., to meet the needs of different customers.

In addition to these large banks, Australia also has several regional and international banks that offer unique services and competitive rates, providing more choices for international students in Australia.

Factors to consider when choosing a bank card

When choosing a bank card during your study in Australia, you need to consider multiple factors to ensure it meets your personal needs.

• Account type : Choose the appropriate account type based on financial needs, savings accounts are suitable for saving money and daily expenses, checking accounts are suitable for frequent transactions and paying bills.
• Banking Services : Evaluate online banking, mobile applications, 24-hour Client Server, etc. to improve the user experience.
• Accessibility : Choose a bank with convenient branches and ATMs near your school or residence.
• Student Benefits : Many banks offer students benefits such as waiving monthly fees, waiving minimum deposit requirements, or providing free international student identity verification services.
• Bank fees : Understand various fees, such as monthly fees, transaction fees, withdrawal fees, and international remittance fees, and choose banks with transparent and relatively low fees to reduce economic burden.

Detailed account opening process for international students

In order to successfully open a bank account in Australia, international students need to follow a series of specific steps and prepare corresponding documents. The following is a detailed explanation of the account opening process.

Understand the student accounts offered by different banks

Research banking options :

• Before choosing a bank, learn about the characteristics and benefits of student accounts offered by major banks through the bank’s official website, the school’s financial advisor, or other recommendations from students in Australia.
• Compare the fees, services, and student-exclusive discounts of different banks to find the bank that best meets your needs.

Prepare the necessary documents and materials

• Passport: as proof of identity and nationality.
• Student visa: Proof of your legal residence status in Australia.
• Admission letter: Proof of your study plan in Australia.
• Proof of Address: Some banks may require proof of address to complete the account opening process.

Choose an account opening method

Online pre-account opening :

• Many banks offer online account opening services, allowing you to submit an application through the bank’s website before arriving in Australia.
• Fill in personal information and upload necessary documents such as copies of passport and visa.

Open an account in person at the branch :

• If you prefer face-to-face service, you can bring all necessary documents to the selected bank branch to complete the account opening after arriving in Australia.

Activate account and obtain bank card

Activate account :

• After completing the account opening, the bank usually notifies you of the activation status of your account via email or mobile phone.
• Received the bank card and need to enable it by setting a PIN code and other security settings.

After opening an account in Australia, you can conduct cross-border remittance to meet the needs of studying abroad. Here, we recommend a tool to enjoy more convenient remittance by binding a new offshore account, namely BiyaPay . It supports real-time exchange rate inquiry and exchange of more than 20 legal currencies and more than 200 digital currencies, integrates local transfer methods, has low handling fees, fast arrival speed, unlimited amount, and can make your study abroad life more convenient.

Recommended by Australia Bank

In Australia, there are multiple banks available for international students to choose from, each with its unique services and benefits. Here are some popular banks among international students and their main advantages:

ANZ Bank

• Features: Provide easy-to-manage student accounts for international students, with no monthly fees and low minimum balance requirements. In addition, ANZ Bank’s ATM network covers the entire Australia, making daily withdrawals and transactions convenient for students.
• Services: including online banking, mobile applications, etc., making account management and international transfers easier.

Commonwealth Bank

• Features: Provide a wide range of financial products and services. Their student accounts are usually free of monthly fees and provide excellent online and mobile banking experiences.
• Services: Student accounts support instant payments and international remittances, making them ideal for international students.

Westpac bank

• Features: Provide special international student accounts, competitive exchange rates, and low remittance fees.
• Services: Provide multilingual customer service support and a comprehensive online and mobile banking platform.

National Australia Bank

• Features: Offers a student account with no monthly fee and no minimum deposit limit, making it an ideal choice for students on a budget.
• Services: It also provides an extensive ATM network and efficient Client Server.

Conclusion

Choosing the right Australia bank and account is extremely important for the daily financial management of international students. For further guidance, you can consult the bank or school financial advisor. I wish you all a smooth learning journey!