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Bank Accounts

In Australia, the four largest banks are: National Australia Bank (NAB), Commonwealth Bank (CBA), Australia and New Zealand Banking Group (ANZ) and Westpac (WBC). Of these four banks, CBA and WBC have branches at Monash

University Clayton and allow you to open a bank account up to 3 and 12 months respectively prior to your arrival in Australia. Thus we recommend opening a bank account with them.

COMMONWEALTH BANK

Up to 3 months prior to your arrival in Australia, you can open an Everyday Account with Student Options online.

  • Takes under 10 minutes
  • Get your bank details straight away
  • Allows you to:
    • Immediately transfer money into your new account
    • Check your balance online
    • Access other student discounts on your banking
  • No monthly account fees while you’re a student

Note: There is limited account access until your ID has been checked at a branch:

  • Unable to withdraw money from the account
  • Unable to transfer money from the account to any others

If you have tax residency outside Australia, you’ll also need to provide your Tax Identification Number (TIN) for each country of foreign tax residency

  • Click for more information
  • Once you arrive in Australia, visit the CommBank branch listed in your welcome letter to finish setting up your account

You’ll need the following:

  • A copy of your welcome letter
  • Your passport
  • Your student ID or proof of enrolment
  • Australian mobile number if you have one

Once the above has been checked, your Debit MasterCard will be ordered and you’ll be able to download the CommBank app and withdraw immediately using Cardless Cash

WESTPAC

Up to 12 months prior to your arrival in Australia, you can open a Westpac Choice Account online

  • Takes under 3 minutes
  • No Australian address needed when opening from overseas prior to arrival
  • Allows you to:
    • Deposit money into your account by using international payments
    • Register for online banking and easily transfer money to other accounts
  • No monthly account fees while you’re a student

Note:

  • A deposit needs to be made within 6 months
  • An identity check needs to be completed within 12 months, until which you’ll be unable to make withdrawals
    • Once you arrive in Australia, visit a Westpac branch to complete your ID verification after which you’ll be allowed to make withdrawals.

You’ll need the following:

  • Passport/Driver’s Licence (with photo and full name) OR
  • Birth Certificate/Citizenship Certificate AND University ID Card/Drivers Licence (with no photograph)/Tenancy Agreement/Lease Agreement
  • Click here for a more comprehensive list

Note:

  • Foreign documents not in English need to be accredited by the National ACCREDITATION Authority for Translators and Interpreters (NAATI)
  • If you are a tax resident of a country(ies) other than Australia, you will need to provide your country(ies) of tax residency and associated Foreign Tax Identification Number
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