Setting-up Bank Account in Australia

For all your financial needs in Australia you require a bank account. Many employers will not employ you unless you have a bank account as this is the most preferred way for payment. As an international student you will require a bank account for managing your finances on daily basis. If you are on a scholarship or getting any student discounts, then also you will be requiring a bank account.

As an international student, you must open a bank account as you arrive. Choose a bank that is near you and visit the premises for details. You will required documents like, photographic identification, proof of your Australian address and proof of enrollment with the educational institution. On verification of these, you will be provided access to an online saving account and a day to day account as well. Once you reach the age of 16 years, you will be provided a debit card as well.

Here is a comprehensive list of documents that you will require:

• Proof that you are enrolled with an Australian institution or employment proof
• Passport, Birth certificate
• Proof of Australian address (example -household bill)
• National Identity card (If you have)

What about Tax File Number?

For opening a bank account in Australia, Tax File Number is not necessary but in case you don’t have one a higher tax rate will be charged on your account.

Transferring Funds

Since you are living in Australia and have come for some purpose here it is obvious that you may need to transfer money, to and fro internationally. In order to do so make sure you have codes like WIFT, Sort and (for Europeans) IBAN and also correct account numbers of both receiver and sender. You can either go to a bank branch to make a transfer or do it online. The latter method is always preferred.

Getting Assistance

There are many tutorial videos available at bank’s website as well for customers. These can guide you through some general doubts easily. The assistance provided by banks, both in bank branch and online is multilingual and hence you can get assistance in the language of your choice. These websites and also apps of banks can be used to find the nearest ATM as well. The Automatic Teller Machines (ATMs) provide round the clock easy access to cash all the time. These are generally set up in college campuses and residential areas.

 

 

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