Setting Up a Bank Account

There are many different banking options available in Australia, with the main ones being Australia and New Zealand Bank (ANZ), Commonwealth Bank, National Australia Bank (NAB) and Westpac Bank.

Many banks now allow you to set up an account online while still overseas. However, if you prefer to do it in person, remember to bring your passport, student visa and proof of your address in Australia. It’s a good idea to open a Transaction Account (for everyday banking) and a Savings Account (for accumulating interest on your savings). It’s not compulsory to provide a Tax File Number, but doing so will ensure that the tax you pay to the Australian government will eventually be returned to you.

After registering, you should receive a bank card in the mail within two weeks. You can use this card to withdraw money from ATMs or to use EFTPOS. Be sure to set up your bank account within six weeks of your arrival, or the process becomes much more complicated.