07 Aug 2024
Around half a million Indians are living in Australia to earn a living. They offer financial support back home through every money transfer from Australia to India as they cannot find sustainable jobs in their native country. Of these, several Indians are students who are studying in Australia. Living in Australia helps you in:
· Easily getting a job with a reasonable income
· Studying at globally ranked educational institutions and getting to work and earn too
Whether you are an Indian student in Australia or a migrant, you need to open a bank account when you live there. Reading this blog till the end will help you choose the right bank for you!
Have you ever wondered how you would manage your finances and money when reaching Australia or any other developed country? As mentioned earlier, the need to have a bank account as a student or a migrant in Australia cannot be overemphasised.
Furthermore, what is more confusing is that the presence of several banks and financial institutions makes it extremely challenging and confusing for you to choose a bank that corresponds to your financial needs. Some of the major and most common financial needs are as follows:
Ensure efficient financial management
Online money transfer from Australia to India if you cannot find a better alternative
Save money
Of all these needs, remember that banks are not suitable for online money transfers. Therefore, consider the following Australian banks for opening an account for other financial objectives, including savings and better financial management.
As an Indian student in Australia, the first bank you can consider to open a bank account is the Commonwealth Bank of Australia (CBA). This bank is also known as CommBank. This bank was established under the Commonwealth Bank Act 1911 and offers comprehensive financial services, including retail, premium, institutional, and business banking. You can open a SmartActive transaction account catering to your financial needs as an Indian student along with getting the following few benefits.
Zero monthly fees if you are under 30 years of age
You get immediate access to a Debit Mastercard allowing online shopping, bill payments, and so on
Mobile monetary management through the CommBank smartphone app
The ANZ is a multinational banking and financial services company headquartered in Melbourne, Victoria, Australia. By assets, it is the 2nd largest Australian bank while 4th largest by market capitalization. As an Indian student in Australia, you can easily open two different types of accounts: the ANZ Access Advantage Account and the ANZ Plus Account.
ANZ Access Advantage Account
This account type offers you the following few benefits as a student:
Unlimited financial transactions
Fee-free ATM cash withdrawals
Cashback rewards
Personalised financial reports
This account type comes with the following benefits for students:
No monthly account maintenance fee
Access to digital wallets
Earning interest on savings
Fee-free cash withdrawals at eligible ATMs
It is one of the top 5 financial institutions in Australia. The National Australia Bank (NAB) came into existence in 1982 as a result of a merger between the National Bank of Australia and the Commercial Banking Company of Sydney. This bank caters to the financial needs of customers hailing from Australia, New Zealand, and from around the world. As an Indian student in Australia, you can open a NAB Classic Banking Account offering the following features:
No monthly account maintenance fee
Fee-free cash withdrawals at upwards of 7,000 Australian ATMs
Effective financial management through NAB’s banking app
Interest-free online purchases and shopping
Sending money online through a bank – any bank – is not a suitable option, but since you are a student, some of the banks listed here can make an arrangement for you to send money online to India from Australia in a cost-effective way.
Headquartered in Westpac Palace in Sydney, the Westpac Bank is also known as the Westpac Banking Corporation. It was originally founded in 1871 as the Bank of New South Wales, it went on to become one of the major banks in Australia after it underwent a significant transformation around 1981. The benefits you can get from this account as an Indian student include:
Getting a Debit Mastercard for online shopping
Compatibility with Apple Pay
Quick response to block cards or hold payments
Global money transfers
The Bank of Queensland was named the Brisbane Permanent Benefit Building and Investment Society (BPBBIS) between 1874 and 1970. It is now one of the top-ranking retail Australian banks situated in Brisbane, Queensland. This bank offers students financial services and products with competitive interest rates in addition to the following:
Getting competitive interest rates across a long range of financial services
Effective tracking of your expenses as a student
Efficient customer care service to attend to your banking requirements
There are certain challenges that banks still grapple with. You can learn more about those by clicking here.
This Australian bank caters to an array of financial needs and requirements of millions of its customers. If you open an account with this bank in Australia as an Indian student, you will get the following:
Cost-effective online savings account with zero monthly fee
Opening an account within a few minutes
Instant phone and email notifications
Transactions are classified
Additional security through the bank’s authentication app
This bank is also known as Bendigo and Adelaide Bank. Established in 1858, it is one of the top commercial banks operating in Australia, offering services in several financial areas. It is located in Brisbane, Queensland. It was originally established as the Bank of New South Wales, went on to become the Commercial Bank of Australia in 1981, and ended up being rebranded as the Bendigo Bank in 1982.
For international students, Bendigo Bank presents the Student Account specially designed for their financial needs and requirements. Students, apprentices, and trainees can have access to this account with the following few features:
No monthly fee
Available to students of over 12 years
Internet banking and payments through a mobile app
Earning high interest rates
Before starting your search to find the best bank for Indian students in Australia, you must know whether you need one to send money to India from Australia or not. Banks are never suitable for online money transfers. Particularly when you have alternatives commanding respect and a reputation of global resonance, offering you cost-effective money transfer deals. As a student, financials are your biggest concern after your studies and education.
Therefore, make sure to find a service provider that offers you live and market-competitive currency exchange rates with speed and safety that will compensate you for the small fee that you will pay your service provider.
When you travel to developed countries like Australia, you will realise that people mostly use digital ways to process funds. It means that the reliance on cash is less as compared to developing countries, which you may be accustomed to. Therefore, opening a bank account in Australia is essential to manage your money and financials effectively and digitally.
Some of the best Australian banks are the Commonwealth Bank of Australia (CBA), Australia and New Zealand Banking Group (ANZ), National Australia Bank (NAB), Westpac Bank, Bank of Queensland, Macquarie Bank, Bendigo Bank, AMP Bank Limited, Suncorp Bank, and the Bankwest.
While choosing a bank as a student, you must consider the monthly fee, account maintenance fee and the amount of money you need for the initial deposit. You should also consider ease and access to the financial services and products of the banks you are choosing and the rate of interest.
No. Regardless of the name and reputation of a bank in Australia, banks have not yet become fit and ideal for online money transfers. The advent of service providers for online money transfers from Australia to India has also reduced banks to insignificance in this context as they take days to transfer funds, charge a high fee, charge currency conversion fees, and also offer uncompetitive and static currency exchange rates.
The best way to send money online is to find an online remittance transfer service provider whose services are specially designed to transfer funds across borders. Some of these companies, therefore, offer live and market-competitive currency exchange rates, deliver funds swiftly and safely, can be accessed 24/7 and also charge a low fee.
