Banking in Australia for International Students

Why You Need an Australian Bank Account

If you are studying in Australia on a student visa (subclass 500), you will need a local bank account almost immediately. Universities and TAFEs do not accept international bank transfers for day-to-day expenses, and most landlords, employers, and service providers expect payment from an Australian account.

An Australian bank account lets you:

• Receive wages from part-time or casual work
• Pay rent via direct debit or bank transfer
• Receive money sent by family from overseas
• Tap to pay with your phone or debit card at shops and public transport
• Access fee-free ATM withdrawals at your bank's network

Opening an Account Before You Arrive

All four major Australian banks — Commonwealth Bank (CBA), Westpac, ANZ, and National Australia Bank (NAB) — allow international students to open an account online before arriving in the country. This is worth doing because:

1. Your account will be ready and waiting when you land.
2. You can transfer funds ahead of time so you have money available from day one.
3. You avoid the stress of navigating branch visits during your first week.

To open an account online from overseas, you will need:

• A valid passport
• Your Confirmation of Enrolment (CoE) number or student visa grant letter
• An email address and phone number

Once you arrive, you will need to visit a branch within 30 days to verify your identity in person. Bring your passport and visa. After verification, all restrictions on the account are removed.

Which Bank Should You Choose?

There is no single best bank for every student. Consider what matters most to you:

Many students open an account with a major bank for convenience and later add a second account with a digital bank like Up or ING for higher savings interest and lower fees.

Understanding Your BSB and Account Number

When your account is set up, you will receive two numbers:

• BSB number — a six-digit code (format: XXX-XXX) that identifies your bank and branch
• Account number — a six to ten digit number that identifies your specific account

You will need to provide both numbers to anyone who wants to pay you — your employer, your university (for refunds), or family sending money from overseas.

Where to Find Your BSB

• Open your banking app and tap on your account — the BSB is displayed on the account details screen
• Check your internet banking under account settings
• Look at the top of any bank statement

If you know your bank and branch location but cannot access your app, you can search for it on BSBFinder.

Common BSB Prefixes for Major Banks

Knowing the prefix is useful for quickly identifying which bank a BSB belongs to — handy when verifying payment details from an employer or landlord.

Receiving Money from Family Overseas

Most international students receive regular financial support from family. There are several ways to receive money from overseas, each with different costs and speeds.

Bank-to-Bank Wire Transfer

Your family can send money directly from their bank to yours. They will need:

1. Your full name (exactly as it appears on your bank account)
2. Your BSB number and account number
3. Your bank's SWIFT/BIC code — find it using the SWIFT lookup tool
4. Your bank's name and address

Wire transfers typically take two to five business days and cost between $15 and $30 on the sending end. Your Australian bank may also charge a receiving fee (usually $10 to $15), and the exchange rate applied will include a margin.

Total cost per transfer: typically $30 to $60 AUD equivalent when you factor in fees and exchange rate margins on both sides.

Specialist Transfer Services

Services like Wise, OFX, and Revolut offer significantly lower costs than bank wire transfers:

• Wise charges a transparent fee (usually 0.5% to 1.5% depending on the currency) and uses the mid-market exchange rate with no hidden markup.
• OFX is better suited for larger transfers (over $1,000 AUD) and charges no fixed fees, making money on a small exchange rate margin.
• Revolut offers fee-free transfers up to monthly limits, with competitive exchange rates during market hours.

For a typical $1,000 AUD transfer, using Wise instead of a bank wire can save $20 to $40 per transfer. Over a year of monthly transfers, that adds up.

Setting Up Regular Transfers

If your family sends a fixed amount each month, ask them to set up a recurring transfer through Wise or their bank. This ensures your rent money arrives on time without anyone having to remember to initiate it manually.

Getting Paid for Work

On a student visa, you can work up to 48 hours per fortnight during the academic term and unlimited hours during scheduled breaks. When you start a new job, your employer will ask for:

• Your BSB number and account number
• Your Tax File Number (TFN)
• A completed Tax File Declaration form

Tax File Number

Apply for a TFN through the Australian Taxation Office (ATO) website as soon as you arrive. Processing takes up to 28 days. Without a TFN, your employer is legally required to withhold tax at the highest marginal rate (currently 47%) from your pay.

You should also provide your TFN to your bank. Without it, the bank withholds tax at the highest rate on any interest earned on your savings.

Superannuation

Your employer is required to pay superannuation (super) — currently 12% of your ordinary earnings — into a super fund on your behalf. You can choose your own fund or be assigned your employer's default fund.

When you permanently leave Australia after your studies, you can claim your super back as a Departing Australia Superannuation Payment (DASP). The ATO processes these claims online, though a tax rate of 35% to 45% applies to the withdrawal.

Managing Your Money Day to Day

Tap and Pay

Australia has one of the highest contactless payment adoption rates in the world. Almost every shop, cafe, and public transport system accepts tap-to-pay via your debit card, phone (Apple Pay, Google Pay, Samsung Pay), or smartwatch. Many students rarely carry cash.

Splitting Bills

When sharing meals or household expenses with housemates, Australians commonly use direct bank transfers. If you know someone's BSB and account number, you can transfer any amount instantly through your banking app. PayID makes this even easier — you can send money to a phone number or email address instead of asking for BSB details.

Opal, Myki, and Transport Cards

In most Australian cities, you can use your debit card or phone directly on public transport readers:

• Sydney — tap on with any Visa/Mastercard or use an Opal card
• Melbourne — Myki card required (debit cards not accepted on transport as of 2026)
• Brisbane — tap on with any contactless card or use a Go card
• Perth — SmartRider card or contactless debit card

Budgeting on a Student Income

A rough monthly budget for an international student in a major Australian city:

Setting up a separate savings account and automatically transferring a fixed amount each pay cycle is the simplest way to build a buffer for textbooks, flights home, and emergencies.

Avoiding Common Mistakes

Not Providing Your TFN

Without a Tax File Number on file at your bank, you lose almost half of any interest earned to withholding tax. Apply for your TFN in your first week.

Using Your Bank for International Transfers

Bank wire transfers are the most expensive way to receive money from overseas. Use a specialist service like Wise or OFX and keep the savings.

Ignoring Account Fees

Some student accounts revert to standard accounts (with monthly fees) after a set period or when you are no longer enrolled as a student. Check the terms when you open the account and set a reminder to review before the benefit period ends.

Sharing Your Account Details Carelessly

Your BSB and account number allow people to deposit money into your account, but they cannot be used to withdraw funds. However, you should still only share these details with trusted parties — employers, landlords, and close contacts. Never share your internet banking password, card PIN, or one-time passcodes with anyone, including people claiming to be from your bank.

Falling for Scams

International students are frequently targeted by scams, including:

• Fake ATO calls — the ATO will never call and demand immediate payment or threaten arrest
• Visa scams — the Department of Home Affairs will never ask for payment via gift cards or cryptocurrency
• Job scams — legitimate employers will never ask you to pay a fee to start work
• Banking scams — your bank will never ask for your password or full card number by phone or email

If something feels wrong, hang up and call your bank directly using the number on the back of your card.

When You Leave Australia

Before you depart, take care of these banking tasks:

1. Claim your superannuation via the ATO's DASP portal after your visa has expired or been cancelled.
2. Close unnecessary accounts to avoid dormancy fees. If you plan to return, you can keep one account open.
3. Update your contact details with your bank if you are keeping an account, so you continue to receive statements and security notifications.
4. Cancel direct debits for any subscriptions or services you no longer need — check your transaction history for recurring payments.

Your bank account will continue to function from overseas as long as it remains active. You can use internet banking to manage it remotely.