Bank Account

Why is it important to have an Australian bank account?

Information Planet recommend you to open your Australian bank account during the first days of your trip not only because it could be a pre requisite for getting a job. But because it is the safer way to handle with your money.

Most banks in Australia do not charge any fees for opening and manage students’ bank accounts. For a zero fee bank account, you will need to prove that you are a student.

What do I need to open an Australian Bank Account?
You usually need to present:

• an evidence of your identity, for example passport, driver licence etc.
• a proof that you are a full-time student, for example Electronic Confirmation of Enrolment (E-COE) or a Letter of student status from your school
• deposit a minimal amount of money (around AU$50 depending on the bank)

How can I make use of my bank account?

Some banks, like St George Bank, provide your bank account card and set up your PIN as soon as you open your account. Others, like Commonwealth Bank, take usually one week to mail your bank card and you activate it using the provided PIN which you can change later.

With your bank card in hands you can use all the services specified on your contract. The services are usually money withdraw, deposits, balance display, etc.

You can also ask for internet banking as it is usually free of charge and extremely convenient.