Top 9 Banks for International Students in Australia – Fees & Features Compared!
Best Banks in Australia for International Students (2025 Comparison)
Moving to Australia as an international student comes with many challenges, and choosing the right bank is crucial for managing finances efficiently. This guide compares the top Australian banks, their features, fees, and required documents to help you make an informed decision.
Comparison Table: Best Banks for International Students
| Bank | Type | Bank Card | Estimated Annual Cost | International Transfer Fees | Online Account Opening | Key Advantages |
|---|---|---|---|---|---|---|
| Commonwealth Bank | Big 4 Bank | Debit Mastercard | $0 (Student Account) | 30 (SWIFT transfers) | ✅ Yes | – Largest ATM network – Great mobile app – No monthly fees for students |
| ANZ Bank | Big 4 Bank | Visa Debit | $0 (Student Account) | 30 (SWIFT transfers) | ✅ Yes | – Access to ANZ Plus – No foreign transaction fees on selected accounts |
| Westpac | Big 4 Bank | Debit Mastercard | $0 (Student Account) | 32 (SWIFT transfers) | ✅ Yes | – Free transfers with Westpac Global Alliance partners |
| NAB (National Australia Bank) | Big 4 Bank | Visa Debit | $0 (Student Account) | 30 (SWIFT transfers) | ✅ Yes | – No monthly fees – No minimum balance |
| HSBC Australia | International Bank | Visa Debit | $0 (if conditions met) | Low-cost global transfers | ✅ Yes | – Global account access – Competitive forex rates |
| Macquarie Bank | Online Bank | Debit Mastercard | $0 | Free international transfers | ✅ Yes | – High-interest savings – No international fees |
| ING | Online Bank | Visa Debit | $0 (if conditions met) | Free international transfers (with conditions) | ✅ Yes | – No ATM fees worldwide – Great savings rates |
| Wise | Digital Bank | Debit Mastercard | 10 one-time) | Low, transparent fees | ✅ Yes | – Best for multi-currency accounts – Mid-market exchange rates |
| Revolut | Digital Bank | Debit Mastercard/Visa | $0 (Standard plan) | Free up to limits, then fees apply | ✅ Yes | – Great for travel & spending abroad – Cryptocurrency support |
Required Documents for Opening a Bank Account
To open a student bank account in Australia, you typically need:
Passport (mandatory)
Visa (Subclass 500 for students)
Proof of Enrollment (e.g., Confirmation of Enrollment - CoE)
Australian Address (can be temporary initially)
Tax Identification Number (TFN) – Optional but recommended to avoid higher tax on interest
Some banks allow you to start the process online before arriving in Australia (e.g., Commonwealth Bank, ANZ, NAB).
Best Practices for International Students
Choose a Fee-Free Student Account – Most major banks offer $0 monthly fees for students.
Avoid International Transaction Fees – Banks like ING and Macquarie offer fee-free international transactions.
Use Wise or Revolut for Transfers – Often cheaper than traditional bank transfers.
Set Up a High-Interest Savings Account – Banks like Macquarie and ING offer competitive rates.
Monitor Exchange Rates – Use tools like XE.com to track AUD fluctuations before transferring money.
Enable Mobile Banking – Australia is cashless; apps like CommBank, ANZ, and Westpac are highly rated.
Keep Track of Your TFN – Providing your Tax File Number prevents higher withholding tax on interest.
Final Recommendation
Best Overall: Commonwealth Bank (best app, largest ATM network)
Best for International Transfers: Macquarie or ING (lowest fees)
Best for Global Banking: HSBC (if you have an HSBC account in your home country)
Best for Multi-Currency & Low-Cost Transfers: Wise or Revolut
By selecting the right bank and following best practices, you can save money and manage your finances efficiently while studying in Australia.
Join us today and take the first step toward achieving your global education goals with Menazor. Together, let’s turn your aspirations into achievements!
Menazor - Your Study Abroad Companion.
The journey of a thousand miles begins here !