Choosing the best bank account in Australia for international students felt like picking a mobile phone plan in a language I didn’t fully understand. Everyone had an opinion. CommBank this, NAB that, someone’s cousin swore by HSBC, and half the Facebook groups recommended banks I’d never heard of.
I’m finishing my Master’s at the University of Melbourne, and I’ve now had accounts with three different Australian banks. The first one I opened was based on a recommendation from an education agent who probably got a commission. The second one I opened because the first bank’s app was terrible and their ATM ate my card twice. The third one I actually researched properly, and it’s been fine for over a year now.
So here’s everything I know about the best bank accounts for international students in Australia, based on what actually matters when you’re living here. Not what the banks say in their marketing, but what works in real life when you need cash at 10pm or when your card gets declined at Coles for no apparent reason.
Why Your Bank Choice Actually Matters
Let me be honest. Most Australian banks offer similar basic services. You get a debit card, an app, the ability to deposit and withdraw money. On paper, they all look fine. In practice, the differences show up in annoying ways that compound over time.
The wrong bank means paying $2.50 every time you use an ATM that’s not theirs. It means getting charged $4 monthly fees because you didn’t maintain a minimum balance or couldn’t prove your student status properly. It means waiting three days for international transfers from family when you need money for rent, or getting terrible exchange rates that cost you $30 per transfer. These small frustrations add up to real money over a year or two.
I calculated once. My first bank cost me about $180 in unnecessary fees during my first semester. ATM fees, monthly account fees (because I didn’t know I qualified for a waiver), and one particularly painful foreign transaction fee when I used my card overseas during a trip home. That’s money I could have spent on actual food instead of bank administration. The cost of living in Melbourne is high enough without throwing away money on bank fees.
The right bank makes daily life slightly easier. You find ATMs everywhere. The app works properly and shows transactions instantly. Customer service actually helps when something goes wrong. Setting up things like contactless payments and Apple Pay happens in three minutes instead of three phone calls.
The Big Four vs Everyone Else
Australian banking is dominated by four major banks: Commonwealth Bank (CommBank), NAB, Westpac, and ANZ. Everyone calls them the Big Four, and they control about 75% of the market. Then you have smaller traditional banks like HSBC and Bankwest, plus newer digital banks like Up and Macquarie.
The Big Four have massive ATM networks, physical branches everywhere, and established systems for dealing with international students. They’re the safe, boring choice that everyone recommends because they work. The downside? Their apps can feel dated, customer service is hit-or-miss, and they’re not particularly innovative. They’re like the major carriers in phone plans. Reliable but not exciting.
Digital banks like Up have better apps, modern features, and usually lower fees. The catch? No physical branches, smaller ATM networks (or they reimburse ATM fees instead), and sometimes trickier processes for international students who don’t have established Australian ID yet. They’re the budget carriers of banking. Great if you know what you’re doing, potentially frustrating if you need hand-holding.
HSBC sits somewhere in between. It’s a massive international bank with physical branches but fewer than the Big Four. Its main advantage is handling multiple currencies well, which matters if your family sends money from overseas regularly.
Most international students I know end up with one of two setups. Either they pick one Big Four bank and stick with it for everything, or they have a Big Four bank for daily transactions plus a digital bank or HSBC for specific purposes like international transfers or savings. I’m in the second group, and it works better than trying to find one perfect bank that does everything.
Commonwealth Bank (CommBank)
CommBank is the biggest bank in Australia, and you’ll see their yellow logo everywhere. They have more branches and ATMs than anyone else, which was genuinely useful when I first arrived and didn’t know where anything was. Their student everyday account has no monthly fees if you’re under 30, which most international students are.
The CommBank app is solid. Not amazing, but it works consistently. You can see transactions almost instantly, transfer money easily, and lock your card if you lose it. They also have a feature where you can set up your account before arriving in Australia, which some students find helpful. I didn’t use this because I didn’t know about it, but my flatmate did and said it saved some stress during his first week.
The downsides? Their customer service can be slow. I once waited 40 minutes on hold to ask about a blocked transaction. Their interest rates on savings accounts are mediocre at best. And their foreign exchange rates for international transfers are worse than specialist services like Wise. If you’re planning to send money home to Australia regularly, CommBank’s fees will hurt.
CommBank is the default recommendation for a reason. It’s like buying the most popular laptop. It won’t be the cheapest or the best, but it’ll work and there’s support available everywhere. For your first Australian bank account, especially if you’re arriving with limited local knowledge, CommBank is hard to fault.
I opened my first account with CommBank at their Melbourne Central branch. The whole process took about 30 minutes, they verified my passport and student ID, and I walked out with a temporary card that worked immediately. My permanent card arrived a week later. The experience was smooth enough that I didn’t think about changing banks for months.
NAB (National Australia Bank)
NAB positions itself as the friendly, customer-focused alternative to CommBank. Their Classic Banking account has no monthly fees and a reasonable ATM network. They have a dedicated section for international students on their website that actually explains things clearly, which is rarer than it should be.
I switched to NAB for about six months after getting frustrated with CommBank’s customer service. NAB’s app felt slightly more modern, and their phone support answered faster. They also have a feature where you can withdraw money at certain retailers (like some supermarkets) without finding an ATM, which came in handy a few times.
The problem I had with NAB? Their ATM network is smaller than CommBank’s, and I kept finding myself in suburbs where the nearest NAB ATM was a 15-minute walk away. Melbourne’s CBD has plenty of NAB ATMs, but once you’re in places like Footscray or Bundoora, they’re less common. This wouldn’t matter if you use your phone for everything, but I still prefer having cash as backup.
NAB’s international student onboarding is genuinely good though. They have clear documentation about what ID you need, they understand student visas, and their staff actually know how to process applications for people who just arrived. If you’re looking for a Big Four bank that feels slightly less corporate, NAB is a solid pick.
One specific advantage: NAB lets you see pending transactions in their app more clearly than some other banks. This helped me track my spending better because I could see exactly what had been charged even before it officially cleared. Small detail, but useful when you’re trying to budget carefully.
Westpac
Westpac targets international students explicitly with their Choice account. They advertise it directly to students, allow some pre-arrival setup, and waive monthly fees if you’re under 30 or a full-time student. On paper, it looks like NAB with slightly better marketing to international students.
I never actually banked with Westpac myself, but enough of my friends have that I can share their experiences. The general consensus: it’s fine. Not amazing, not terrible, just fine. Their app works, their ATM network is decent (third-largest of the Big Four), and their customer service is average.
The one complaint I heard multiple times: their verification process for student fee waivers can be annoying. You need to prove your student status every year, and if you forget or the proof expires, they start charging monthly fees without much warning. One friend got hit with three months of fees ($15 total) before she noticed and sorted it out. The bank refunded it eventually, but it was hassle she didn’t need during exam period.
Westpac’s main advantage over CommBank or NAB is their willingness to work with students who want to set things up before arriving. If you’re organised and want to have banking sorted before you land, Westpac makes that easier than most. For students who arrive and figure things out as they go (like I did), that advantage doesn’t mean much.
They also pair well with a savings account if you want to use one bank for everything. Their savings account bonus interest rates are competitive if you jump through the monthly hoops of depositing money and making purchases. I personally find these requirements annoying, but some people don’t mind.
ANZ
ANZ is the fourth of the Big Four, and honestly, it’s the one I hear about least among international students. Their Access Advantage account has fee waivers for full-time students, and their ATM network is decent. The bank itself is fine, but there’s nothing that makes it stand out from CommBank, NAB, or Westpac.
The main reason I’m mentioning ANZ at all is because some students end up with them through specific university partnerships or because they’re the closest branch to campus. If you end up at ANZ, you’ll probably be fine. But if you’re actively choosing between banks, I’d pick one of the other three Big Four instead.
ANZ does have a reasonably good app and their online banking works properly. Their customer service is about average for the Big Four, which means sometimes good, sometimes frustrating, depending on who you get. They’re the banking equivalent of eating at a chain restaurant. You know exactly what you’re getting, and it’ll be adequate.
One area where ANZ is actually decent: their international student documentation is clear, and their branch staff generally understand student visas. If you walk into an ANZ branch with your passport, student visa, and COE, they know what to do with them. This sounds basic, but I’ve heard stories of smaller banks getting confused about international student documentation.
HSBC Everyday Global Account
HSBC is where things get interesting if you deal with multiple currencies. Their Everyday Global Account lets you hold and spend in up to 10 different currencies with no monthly fees. For international students who receive money from family overseas or travel frequently, this is genuinely useful.
I opened an HSBC account specifically for international transfers after getting annoyed with CommBank’s terrible exchange rates. When my family sends money, HSBC processes it faster and with better rates than the Big Four. I then transfer what I need to my CommBank account for daily spending. This two-account system sounds complicated, but it saves me probably $50-80 per transfer compared to receiving money directly into CommBank.
The downside of HSBC is their physical presence in Australia. They have branches in major cities, but nowhere near as many as the Big Four. Their ATM network is small, so you’ll often use other banks’ ATMs and potentially pay fees. This is fine if you mostly use your card or phone for payments, which most students do now anyway.
HSBC’s app is modern and works well. Their customer service is decent, though phone support can have long wait times. The account opening process took slightly longer than the Big Four because they needed to verify international documents more thoroughly. But once set up, it’s been reliable for over a year.
If you’re mainly receiving money from overseas and want to minimise currency conversion losses, HSBC makes sense as either your primary bank or a secondary account specifically for international transfers. If you rarely deal with foreign currency, the Big Four are simpler. For more details on moving money internationally, I’ve written about international money transfer options in Australia.
Bankwest Easy Transaction Account
Bankwest is owned by CommBank but operates separately. Their Easy Transaction Account has no monthly fees, no ATM fees at any Australian ATM, and no foreign transaction fees on card purchases overseas. On paper, it looks fantastic.
I considered opening a Bankwest account but never followed through because my current setup works. Several friends use Bankwest as their main account and report no major issues. The appeal is obvious: genuinely no fees for most basic banking activities. This matters when you’re trying to stretch every dollar.
The catch is that Bankwest has limited physical branches. Most of their banking happens through the app or phone support. If you’re comfortable with digital banking and don’t need to visit branches, this isn’t a problem. If you like having the option to walk into a branch and speak to someone face-to-face, Bankwest might feel limiting.
Their ATM fee policy is interesting. They don’t have many of their own ATMs, but they don’t charge you for using other banks’ ATMs. The ATM owner might still charge you (usually $2-3), but Bankwest doesn’t add an additional fee on top. This makes ATM access less convenient than the Big Four but cheaper than some alternatives.
For students who are confident with online banking and want to eliminate as many fees as possible, Bankwest is worth considering. It pairs well with a Big Four account if you want backup branch access.
Up (Digital Bank)
Up is a digital-only bank that international students either love or haven’t heard of. No physical branches, no physical cards when you first sign up (you get a digital card immediately and can order a physical one), and everything happens through their app. The app is genuinely excellent, probably the best banking app I’ve used.
Up has no monthly account fees and no fees on international card purchases. They have features like automatic savings “savers” where you can create separate savings pots for different goals, and the app shows your spending by category automatically. For someone who struggles with budgeting, Up’s interface makes it much easier to see where money goes.
The problem for international students is the signup process. You need an Australian mobile number and Australian ID to verify your identity. This means you typically can’t open an Up account until after you’ve arrived and opened a bank account with one of the traditional banks first. Up works better as a second account after you’re established, not as your first account when you land.
I use Up for savings and budgeting. I keep my main daily spending money in CommBank where I have easy ATM access, and I transfer planned savings to Up where it sits in different “savers” for rent, emergency fund, and holiday money. The visual separation in the app helps me not spend money I’ve already allocated. For details on budgeting strategies, check out my guide on how much money you need per month as a student in Australia.
Up also has no foreign transaction fees, which means if you use your Up card while travelling, you get decent exchange rates. Better than the Big Four, though not quite as good as specialist services like Wise for actual transfers.
What Features Actually Matter
After trying multiple banks, here’s what I’ve learned about what features matter in practice versus what sounds good in marketing.
ATM access matters if you use cash. I thought I’d go fully cashless when I arrived, but cash is still useful for splitting bills with flatmates, buying from market stalls, and having backup when your card fails. If you use cash even occasionally, having ATMs nearby saves money and stress. The Big Four win here clearly.
App quality matters more than you expect. You’ll use your banking app multiple times per day. A slow, confusing app becomes genuinely annoying. You want instant transaction notifications, easy transfers, clear balance displays, and quick card locking if needed. Up has the best app I’ve used, followed by HSBC, then the Big Four (CommBank and NAB are roughly equal, Westpac is slightly behind, ANZ is adequate).
Fee waivers are great if they’re automatic. Monthly account fees of $4-6 sound small but add up to $50-70 per year. Most banks waive these for students, but some require you to prove student status annually or maintain minimum balances. Pick a bank where the fee waiver is automatic or easy to maintain. Don’t pay monthly fees if you don’t have to.
International transfer costs matter if you’re receiving money regularly. The Big Four are expensive for international transfers. Their exchange rates include hidden margins, and they charge transfer fees. If your family sends you money for rent or living expenses, using HSBC or receiving transfers through Wise into your Australian account saves significant money over time.
Customer service quality is unpredictable. Every bank has good staff and useless staff. You’ll get lucky or unlucky depending on who answers your call. The Big Four have more support options (phone, branch, app chat), which increases your odds of finding someone helpful. Digital banks have smaller support teams, which means longer wait times but sometimes better quality when you finally reach someone.
Branch access is nice for specific situations. I rarely visit branches, but when I needed to deposit a large cash payment from a freelance client, having a branch nearby was necessary. When my card got damaged and I needed a replacement immediately, CommBank printed me a temporary card at a branch in 10 minutes. These situations are rare, but when they happen, branch access is valuable.
My Recommended Setup
Based on actual experience living in Melbourne as a student, here’s what I’d recommend for different situations.
If you’re arriving soon and want simplicity: Open a CommBank or NAB student account. Pick whichever has more ATMs near your campus and accommodation. Use it for everything at first. Once you’re settled after a month or two, you can add other accounts if needed. Don’t overthink it initially.
If you receive money from family overseas regularly: Open CommBank or NAB for daily spending, then add HSBC Everyday Global for receiving international transfers. This two-account system saves money on exchange rates and transfer fees. I compared this directly. Receiving $1,000 AUD equivalent from my family costs about $30-40 less through HSBC compared to CommBank, every single time.
If you want to minimise all fees and are comfortable with digital banking: Bankwest or Up as your main account, keeping minimal cash in CommBank or NAB for ATM access when needed. This setup eliminates most fees but requires more organisation.
If you’re a budgeting nerd or trying to save money: Any Big Four bank for daily spending, plus Up for automatic savings and spending tracking. Transfer your savings to Up each week and let their app’s visual interface help you budget. This is my current setup and it works well for keeping spending under control.
If you travel internationally more than twice a year: Keep HSBC or Up as your main spending card for travel because they have no foreign transaction fees. Spending on a Big Four debit card overseas will cost you 2-3% extra on every transaction, which adds up fast on flights, accommodation, and daily expenses.
The simplest setup is one Big Four account for everything. The optimised setup is one Big Four account plus one specialist account (HSBC for international transfers, Up for budgeting, or Bankwest for fee minimisation). I’ve never met anyone who needed more than two accounts.
Common Mistakes to Avoid
I’ve watched dozens of international students navigate Australian banking, and the same mistakes keep happening.
Opening accounts with random small banks because someone recommended them. Unless you have a specific reason to use a smaller bank, stick with established ones that have infrastructure and proper student services. I heard about a friend who opened an account with some regional bank and then couldn’t find any ATMs in Melbourne. Don’t be that person.
Not asking about student fee waivers explicitly. Banks won’t always volunteer that you qualify for fee waivers. Ask specifically when opening the account, and make sure the fee waiver is noted on your account. Check your monthly statements for the first few months to confirm you’re not being charged fees. I got charged for three months before noticing.
Using your home country bank card for everything. Yes, it works initially, but the foreign transaction fees will destroy your budget. Open an Australian account within your first week. Even if you don’t have much money to deposit initially, having the account ready means you can use it as soon as you need it. I covered this process in detail in how to open a bank account in Australia step by step.
Not understanding the difference between everyday accounts and savings accounts. Your everyday transaction account is for daily spending and usually earns minimal or no interest. A separate savings account is for money you’re not spending immediately and earns better interest if you meet certain conditions. Some students keep all their money in everyday accounts and miss out on easy interest. Check out everyday account vs savings account differences if this confuses you.
Ignoring international transfer costs when receiving money from family. Your family sends you $1,000 AUD equivalent. The Big Four banks will clip $40-60 off that through poor exchange rates and fees. Do this monthly for rent money, and you lose $500-700 per year unnecessarily. Use better options or at least understand the costs.
Not setting up transaction notifications immediately. Every bank offers instant notifications for transactions. Enable them. They help you track spending, catch fraudulent charges immediately, and remind you how much you’re spending. I enabled this after getting shocked by my bank statement three times. Now I see every purchase within seconds.
Falling for bank signup bonuses without reading conditions. Banks occasionally offer $50-200 bonuses for opening accounts and meeting certain conditions. These can be legitimate, but read the conditions carefully. Some require you to deposit a minimum amount monthly, keep money in savings accounts with restrictive rules, or maintain the account for a specific period. Don’t restructure your finances for a $100 bonus unless you’d want that account anyway. More on this in student banking offers and conditions.
Understanding Different Card Types
One thing that confused me initially was the difference between different card and account types. Let me clarify quickly because this matters when choosing accounts.
Transaction/everyday accounts are for daily spending. Money goes in from work, goes out for rent and expenses. These usually come with a debit card that you use for purchases. The card is directly linked to your account balance. Most international students use everyday accounts for all their banking initially.
Savings accounts sit alongside everyday accounts and earn interest on money you don’t need immediately. You can’t usually get a card for savings accounts. You transfer money between your everyday and savings accounts through the app. The interest rates are low but better than nothing. Some banks have complicated conditions for bonus interest rates (deposit money monthly, make purchases on your everyday card, etc.). I find these annoying and ignore them.
Debit cards withdraw money directly from your account when you make purchases. No debt involved. Most students use debit cards for everything. They work for contactless payments, Apple Pay, and Google Pay the same as credit cards.
Credit cards are a separate topic entirely. You apply for them separately, they have their own limits and interest rates, and most international students shouldn’t get one immediately. I’ve written about credit card requirements and risks for international students if you’re curious, but focus on getting a good everyday account and debit card first.
Prepaid cards are cards you load with money in advance. Some students used these before digital wallets became common, but they’re mostly unnecessary now. If you want more details, I compared debit, credit, and prepaid cards in another guide.
How to Actually Open Your Account
The process of opening a bank account in Australia is straightforward once you know what to bring. I’ve written a complete step-by-step guide to opening a bank account, but here’s the quick version.
You need three things: your passport, your student visa (grant notice or visa label), and your Confirmation of Enrolment (COE) from your university. Some banks also want proof of your Australian address, but most will accept a university enrolment letter if you haven’t found permanent accommodation yet.
Book an appointment online or walk into a branch. The Big Four all have branches in Melbourne CBD, near major university campuses, and in most suburbs. Bring your documents, tell them you’re an international student, and they’ll walk you through the process. It takes 20-40 minutes typically.
You’ll get a temporary card or digital card immediately that works for online purchases and Apple Pay/Google Pay. Your physical card arrives by post within 5-7 days. Activate it through the app when it arrives.
Some banks let you start the process online before arriving in Australia. CommBank and Westpac both offer this. You fill in details online, then visit a branch within a few weeks of arriving to complete verification with your documents. This can save time if you’re organised, though I never used it myself.
Frequently Asked Questions
Can I open an Australian bank account before arriving in Australia?
Some banks allow partial setup before arrival, particularly CommBank and Westpac. You can fill in your details online and verify your identity remotely in some cases, but you’ll typically still need to visit a branch or complete verification shortly after arriving with your physical documents. NAB and ANZ generally require you to be in Australia. Digital banks like Up definitely require you to be in Australia with local ID and an Australian mobile number. I’d recommend waiting until you arrive unless you have a specific reason to set it up early.
Do international students pay monthly fees for bank accounts in Australia?
Most banks waive monthly account fees for students under certain conditions. The Big Four typically offer fee waivers if you’re under 25 or 30 (varies by bank) or if you’re a full-time student and can prove it. You usually need to provide your student ID or Confirmation of Enrolment. Some banks require you to update this proof annually. Digital banks like Up and Bankwest charge no monthly fees regardless of student status. Always ask explicitly about fee waivers when opening your account and check your statements monthly to confirm you’re not being charged.
Which bank has the most ATMs in Melbourne for international students?
Commonwealth Bank has the largest ATM network in Australia by far, followed by NAB, then Westpac and ANZ. In Melbourne specifically, CommBank ATMs are everywhere: shopping centres, university campuses, train stations, CBD, suburbs. If you use cash regularly and want convenient ATM access, CommBank is the safest choice. That said, most students now use contactless payments for everything and rarely need cash, which reduces how much ATM access matters. Bankwest’s approach of not charging fees at any Australian ATM is interesting because you’re not locked into one bank’s network, though you might still pay the ATM owner’s fee.
Can I receive international money transfers into any Australian bank account?
Yes, technically all Australian banks can receive international transfers, but the costs and speed vary dramatically. The Big Four (CommBank, NAB, Westpac, ANZ) charge high fees and use poor exchange rates, which can cost you $40-60 per transfer compared to better options. HSBC Everyday Global is designed specifically for multi-currency transactions and processes international transfers faster and cheaper. Many students use services like Wise to send money to their Australian bank account, which gives much better exchange rates than bank-to-bank transfers. If your family sends you money regularly, research the total cost (transfer fees plus exchange rate margins) rather than just the advertised transfer fee.
Should international students get a credit card in Australia?
Probably not immediately. Focus on getting a good everyday account with a debit card first. Credit cards for international students have strict requirements: you need established credit history in Australia, proof of income, and often a minimum time residing in Australia. Most banks want you to have had an account with them for at least 6-12 months before approving a credit card. Debit cards work for online shopping, contactless payments, and everything else you need. The main advantage of credit cards is building credit history and fraud protection, but these aren’t urgent when you first arrive. I didn’t get a credit card until my second year, and I didn’t miss it.
What’s the best bank for international students who travel frequently?
HSBC Everyday Global or Up are the best options for frequent travellers because they charge no foreign transaction fees on card purchases. If you’re using your CommBank, NAB, Westpac, or ANZ debit card overseas, you’ll pay 2-3% extra on every transaction. This adds up fast. If you book a $1,000 flight on your CommBank card while overseas, you’re paying an extra $20-30 just in foreign transaction fees. Use HSBC or Up for all overseas spending, or get a specialist travel card. I keep HSBC specifically for international purchases and travel, and it saves me probably $100-150 per year compared to using my CommBank card for the same transactions.
Final Thoughts
Choosing the best bank account for international students in Australia isn’t about finding one perfect option that does everything better than alternatives. It’s about understanding what you actually need and picking the bank that handles those specific needs without annoying you or charging unnecessary fees.
For most students, the answer is surprisingly simple: open a Big Four account (CommBank or NAB recommended) when you arrive, use it for everything at first, then add a specialist account later if you need better international transfers or savings features. The two-account system sounds complicated but it’s really not. One account for daily life, one account for specific purposes.
I spent my first few months in Melbourne stressing about bank choices, reading comparison sites, asking in Facebook groups, and generally overthinking it. The truth is that once you have one decent everyday account set up, the rest falls into place naturally. You’ll notice what annoys you, what costs money unnecessarily, and what would make life easier. Then you adjust.
If you haven’t opened your account yet, start with CommBank or NAB and stop overthinking it. If you’re already here and frustrated with your current bank, now you know what alternatives exist and why you might want them. And if you’re happy with your current setup, congratulations, you got lucky or did better research than I did.
Want more practical banking information? Check out my guides on understanding bank fees, what to do if you lose your bank card, and choosing the right bank for your needs. Banking in Australia isn’t complicated once you understand the basics, and having the right accounts set up makes everything else about student life slightly less stressful.
The best bank account for international students in Australia is whichever one handles your daily needs efficiently without charging you fees you don’t need to pay. For most people, that’s one of the Big Four with good student policies, possibly paired with HSBC or Up for specific purposes. Set it up properly, enable notifications, understand the fees, and then forget about it and focus on the actual reasons you came to Australia.