Opening a bank account should be one of the first things you do after arriving—ideally within 48 hours. You need a local bank account to receive wages from part-time work, pay rent, and avoid foreign transaction fees on every purchase. Here’s how to do it efficiently.
Australia
Major Banks
- Commonwealth Bank (CommBank): Most popular with international students. You can open an account online up to 14 days before arriving; just visit a branch with your passport to activate it. The app is excellent—one of the best banking apps globally.
- ANZ: Similar pre-arrival account opening. Good for students who might later want a home loan (ANZ is strong in mortgages).
- Westpac: Also offers pre-arrival accounts. Westpac has a dedicated international student banking team.
- NAB: Offers a fee-free transaction account (no monthly account-keeping fee). Good for students who want to minimise banking costs.
What You Need
- Passport with valid student visa
- Confirmation of Enrolment (CoE)
- Australian residential address (temporary university accommodation address works)
- Australian phone number (get a prepaid SIM first)
Account Types
You’ll typically get two accounts linked: a transaction account (for daily spending, linked to your debit card) and a savings account (higher interest, for money you don’t need immediately). The debit card is usually a Mastercard or Visa debit that works for online purchases and Apple Pay/Google Pay.
Fees
Most student accounts are fee-free (no monthly account-keeping fees). International transfer fees still apply for receiving money from overseas—use Wise or OFX instead of receiving international transfers directly into your Australian account.
United Kingdom
Major Banks
- HSBC: Good for international students with family connections—HSBC operates in 64 countries and can make cross-border banking easier.
- Barclays: Popular student account with a good app. Offers a dedicated international student account.
- Lloyds: Similar to Barclays. Often runs student promotions (free railcard, cash incentives).
- Monzo / Starling / Revolut: Digital-only banks that are extremely popular with students. You can open an account through the app in minutes using your passport and a UK address. No physical branches, but the apps are excellent for budgeting and splitting bills. Strongly consider one of these as your primary account, with a traditional bank as backup.
What You Need
- Passport with valid visa vignette or BRP (Biometric Residence Permit)
- UK address proof (university accommodation letter or tenancy agreement)
- UK phone number
Document Challenge
UK banks are stricter than Australian banks about proof of address. If you’re living in university halls, the university will provide an accommodation confirmation letter—bank clerks are familiar with this format. If you’re in private housing, a signed tenancy agreement with your name on it works.
Pro tip: Apply for a Monzo or Starling account as soon as you have a UK address. Approval is typically instant, and you’ll have a working account and virtual card within hours. You can then set up a traditional bank account at your leisure.
New Zealand
Major Banks
- ANZ NZ: The largest bank in NZ. Good international student support.
- BNZ: Also strong for students. Similar offering to ANZ.
- ASB: Good app. Offers a tertiary student package.
- Kiwibank: Government-owned. Good ethical profile if that matters to you, but fewer branches.
What You Need
- Passport with valid student visa
- NZ residential address
- IRD number (you can open the account before receiving your IRD number, but provide it as soon as it arrives to avoid higher tax rates)
- NZ phone number
Student Banking Packages
New Zealand banks typically offer student packages with fee-free everyday accounts, no overdraft fees, and sometimes a free credit card with a low limit (AUD $500–$1,000 equivalent). Be careful with the credit card offer—it’s not free money, and international students without a credit history should treat credit cards as a tool for building a credit record, not for borrowing.
Universal Banking Tips
Open a digital bank account as your first account. Monzo, Revolut, Wise, Up (Australia)—these apps let you open an account from your phone with minimal documentation, often within minutes. They handle international transfers better than traditional banks and provide real-time spending notifications. Use a digital bank for daily spending and a traditional bank for receiving wages.
Set up a Wise multi-currency account. If your parents are sending money from overseas, Wise is almost certainly the cheapest way to receive it. You get local bank details in multiple currencies, and the exchange rates are close to mid-market.
Don’t close your home-country bank account too soon. Keep it active for at least your first year. You may need it for unexpected expenses, refunds that go to your old account, or proof of funds for visa renewal.
Learn about local banking norms. In Australia and NZ, paying by card or phone is near-universal. Cash is increasingly rare (some cafés in Sydney and Melbourne are card-only). In the UK, contactless payment is similarly dominant. In Ireland, cash is slightly more common but still declining.
UNILINK Education helps international students prepare for every aspect of studying abroad, including setting up finances. Ask us about pre-arrival bank account setup and money transfer strategies during your consultation.