Banking & Finance Guide

Essential information for managing your money in Australia

Opening a Bank Account

As an international student, opening an Australian bank account should be one of your first priorities after arriving. Most banks offer specialized student accounts with reduced fees.

Major Banks in Australia

Documents You Will Need

  • Passport
  • Student Visa
  • Confirmation of Enrollment (CoE)
  • Proof of Australian address (if available)

Types of Accounts

Transaction Account

For everyday banking, paying bills, and receiving your salary.

Savings Account

Earns interest on your balance, helping your money grow over time.

Student Account

Specifically designed for students with reduced fees and special benefits.

Understanding Banking Fees

Monthly Account Fee

Many banks waive this fee for students. Always check the terms.

ATM Withdrawal Fees

Using ATMs from your own bank is usually free, but other banks may charge a fee.

International Transfer Fees

Sending or receiving money internationally usually incurs fees. Consider using specialized services like TransferWise or OFX for better rates.

Online Banking & Mobile Apps

All major Australian banks offer comprehensive online banking services and mobile apps. These allow you to:

  • Check your account balance and transaction history
  • Transfer money between accounts or to other people
  • Pay bills using BPAY or direct debit
  • Set up recurring payments
  • Locate ATMs and branches

Banking Safety Tips

  • Never share your PIN or online banking password with anyone
  • Be careful of phishing emails or calls claiming to be from your bank
  • Regularly review your bank statements and report any suspicious transactions
  • If you lose your card, lock it immediately using your mobile banking app

Currency Exchange Options

When transferring money between Australia and your home country, consider these options:

Bank-to-Bank Transfer

Convenient but often with higher fees and less favorable exchange rates.

Money Transfer Services

Services like TransferWise, OFX, or PayPal often offer better rates and lower fees than banks.

Currency Exchange Shops

Convenient for cash exchanges but typically offer less favorable rates than online services.

Managing Your Expenses

Budgeting Tips

  • Track your expenses using budgeting apps like Pocketbook or MoneyBrilliant
  • Consider having separate accounts for savings and everyday expenses
  • Always ask about student discounts when shopping or dining out
  • Look for second-hand textbooks and household items to save money

Useful Resources

MoneySmart

Australian government website with financial advice for international students.

Visit Website

UNSW Financial Support

Information about scholarships, loans, and financial assistance available to UNSW students.

Learn More

Banking Apps Comparison

Compare features of different Australian banking apps.

View Comparison