5 things to consider before opening an Australian bank account
So, you’ve decided to study in Australia. One of your first priorities should be ensuring that your money is accessible and most importantly, safe!
We suggest you do your own research and compare banks by reviewing different key features. Here are some important questions to ask when starting your research.
1. What type of bank account do you want to open?
Even if you’re an international student studying in Australia, you’re not limited to an everyday deposit account. Ultimately, this will depend on your financial goals. Whether you’re looking to open an everyday transaction account or savings account, the account and bank provider you choose will determine the different benefits you get and conditions you need to meet.
2. Are there service fees attached to each account?
Some banks in Australia offer student bank accounts with zero fees and even offer unlimited number of transactions for students. Look out for international transaction fees, overdraw fees and ATM fees.
3. What are the interest rates paid on deposit accounts?
It’s important to review the interest rates, as this will benefit your finances in the long run. You’ll earn different rates of interest depending on the balance of your account and type of bank account (e.g. term deposits vs. savings account).
4. How accessible are the ATMS?
Depending on which bank you sign up with, it’s important to check how many ATMs are around your area. Some banks also offer additional features at their ATMs. For example, Commonwealth Bank has a selection of audio-enabled ATMs and National Australia Bank (NAB) has a feature where you can print mini bank statements at a NAB ATM machine.
5. Do they offer student bank accounts and other deals?
Most Australian banks offer international student accounts with low bank fees. It’s worth researching the added benefits some banks offer for student accounts.
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