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Managing your finances

Banking in Australia

While you study in Australia, keep your money safe and secure with an Australian bank account.

Australia has a range of choices when it comes to managing your money, from banks that cover the whole country to local credit unions and building societies. Big Four banks in Australia are:



Here are some important things to remember:

  • With an Australian bank account the Government guarantees up to $250,000 of your money if anything happens to the bank.

  • Some banks allow you to open a bank account even before you arrive in Australia. For opening a bank account online, all you need is - a passport, valid email address, and the date of arrival (three months before) in Australia.

  • When you open a bank account your bank will need to identify you – take your passport into a bank branch to do this.

  • Most banks in Australia offer specialist products or discounts for students -– take your student ID or letter of enrolment with you when you visit the bank branch to access these offers.

  • Mobile banking is widespread in Australia. You can pay your friends using their phone number (PayID), or pay in shops by simply tapping your mobile.


We can guide you on how to set up your finances before you leave.

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