Part-time work in Australia for students: rules, pay and tips
Educational
Opening a bank account in Australia: a student guide
Educational
27 Oct 2026
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Your first bank account in Australia.
We updated this guide on 15 October 2026.
A local bank account makes daily life simple.
You pay rent. You receive your pay. You buy groceries without conversion fees.
We've answered the questions students ask most about banking in Australia, so you can set up your account with confidence.
Why do I need an Australian bank account?
Most of daily life in Australia runs through a bank account.
Rent and bills. Landlords and providers usually expect bank transfers.
Pay. Employers pay wages into a bank account.
Everyday spending. Card payments are common everywhere.
Lower costs. You avoid conversion fees on every purchase.
Budgeting. Banking apps help you track your spending.
Can I open an account before I arrive?
Yes. Many Australian banks let you apply online before you arrive.
You get your account details once your application is approved. Your family can then transfer money into it.
There's one step to plan for. You usually can't use the money until you verify your passport in person at a branch.
After that, you receive your debit card and set up online and phone banking.
You can also open your account after you arrive. Your institution may help with either option.
What documents do I need?
Have these ready:
Your passport. This is your main form of identification.
Your offer letter or Confirmation of Enrolment (CoE).
Your Australian address, once you have one.
Your Tax File Number (TFN), if you have one. You can add it later.
Each bank sets its own requirements. Check them before you apply.
What type of account should I open?
Most students start with two accounts:
An everyday (transaction) account. For daily spending, with a debit card.
A savings account. For money you don't need straight away. It usually earns interest.
Some banks offer accounts designed for students. Others waive fees for people under a certain age, or for full-time students.
Compare a few banks before you choose. Look at credit unions and digital banks too.
What fees should I watch for?
Check these before you open an account:
Monthly account fees. Many accounts have none. Look for low-fee or no-fee options.
ATM fees. Using another bank's ATM may cost a fee. The ATM warns you first and lets you cancel.
International transaction fees. These can apply when you pay in another currency.
Incoming transfer fees. Some banks charge to receive money from overseas.
Small fees add up over a year. Read the fee schedule.
Is my money safe in an Australian bank?
Australian banks are regulated.
The Financial Claims Scheme protects deposits up to AUD 250,000 per account holder, per bank. It covers banks, credit unions and building societies incorporated in Australia.
Check that your bank is covered before you open an account.
What is a Tax File Number and why does it matter?
A Tax File Number (TFN) is your personal reference number for tax in Australia.
You need one to work. You can apply online through the Australian Taxation Office (ATO). It's free.
Give your TFN to your bank and your employer.
Without it, your employer must withhold tax at the highest rate. Your bank may also withhold tax on the interest you earn.
Keep your TFN private. Only share it with people who need it, such as your employer, your bank and the ATO.
How do I use my account day to day?
Once your account is active:
Pay by card. Tap-and-go card payments are common.
Add your card to your phone. Most banks support digital wallets.
Use your banking app. Pay bills, transfer money and check your balance.
Set up alerts. Get notified when money comes in or goes out.
Most bank branches open on weekdays, roughly from 9:30 am to 4:00 pm. Some also open on Saturday mornings.
How do I protect myself from banking scams?
Scammers often target new arrivals.
Do:
Keep your PIN, passwords and one-time codes private. Your bank will never ask for them.
Check your statements. Report anything unusual to your bank straight away.
Use your bank's official app or website. Type the address yourself.
Don't:
Don't click links in unexpected messages. Contact your bank directly instead.
Don't pay callers who claim to be from the government. Government agencies don't ask for payment by gift card or cryptocurrency.
Don't let anyone else use your account. You could be drawn into crime.
If you think you've been scammed, contact your bank immediately. You can also report it to Scamwatch.
How do I bring money from home?
Plan how money reaches you before you fly.
Tuition fees usually go straight to your institution.
Living costs can go to your own Australian account.
Cash of AUD 10,000 or more, or the foreign currency equivalent, must be declared when you arrive.
Our guide to paying tuition from Bangladesh explains student files, international cards and transfer costs.
How can STUDYNET help?
Your counsellor helps you plan your money before you fly, including at your pre-departure briefing.
We also help you pay your tuition through Flywire.
Official sources.
A clear plan for your money gives you room to focus on your studies.
We guide you from first question to first day.
