If you’ve come to Australia from overseas to study, we can help you set up a new bank account and transfer your money from overseas.
Opening a student bank account with the Commonwealth Bank offers a range of benefits. You’ll be with Australia’s largest banking network with access to over 1,000 branches and 4,000 ATMs nationwide, including more on university campuses than any other bank in Australia.
Some other great benefits of banking with the Commonwealth Bank include:
To assist you in moving to Australia, the Commonwealth Bank offers overseas students a unique Migrant Financial Service Centre. Our team of professional, multilingual service officers can help you set up your new student banking relationship with the Commonwealth Bank in Australia while you're studying.
Best of all, you can now apply for a student bank account online with the Commonwealth Bank before you arrive in Australia. Once submitted, your application will be processed and you’ll be contacted by the Commonwealth Bank Migrant Financial Services team who will provide you with your bank account details. They’ll also let you know which branch you’ll need to visit when you arrive in Australia to provide your identification so you can access your account.
If you’d like to deposit funds into your student bank account before you leave your home country, we can also provide you with the Commonwealth Bank's SWIFT code for international money transfers.
When you first arrive, money from other countries can be exchanged at Commonwealth Bank branches across the country. We accept and exchange travellers cheques and more than half of the world's currencies. When you visit a branch for the first time, bring in your passport and proof of enrolment in your study course.
If you have been in Australia for less than six weeks, your passport is the only identification we need to open a transaction account for you. To have the normal monthly account keeping and withdrawal fees on your transaction account waived, bring in your proof of enrolment as a student (including your course start and end dates).
We can open your transaction account for you immediately, and you will be able to deposit and withdraw money from the account straight away. We will also provide you with your account number so you can arrange for transfers of money to or from your home country.
Alternatively, while you're in Australia you might want to put your money into a savings account that offers you a great rate of interest. NetBank Saver is a flexible, high interest online savings account.
When you’re transferring or receiving money, you can use our foreign exchange calculator anytime to find out the current exchange rate.
Australian currency is the only legal tender in Australia. Australia uses a system of decimal currency with 100 cents in the dollar.
The notes in use are $5, $10, $20, $50 and $100. Coins used are the silver 5 cent, 10 cent, 20 cent and 50 cent and the gold $1 and $2.
Banks in Australia generally charge monthly account keeping fees and transaction fees on their bank accounts. These fees can add up to $10 or more per month. The Commonwealth Bank waives withdrawal and monthly account fees with our Everyday Account with Smart Access for students.
Australian banks generally charge fees for using the ATMs (automatic teller machines) of another bank, so it is wise to choose a bank that operates a lot of ATMs of its own. The Commonwealth Bank operates more ATMs and branches than any other Australian bank.
Many department stores, supermarkets and specialist shops have electronic transfer terminals (EFTPOS) where, at the merchant's discretion, cash withdrawals can also be made in addition to purchasing goods when using your Commonwealth Bank keycard.
We also offer internet banking and telephone banking 24 hours a day, 7 days a week from anywhere in the world.
If you require further assistance, please contact our Migrant Financial Services team:
Phone: +612 9762 0920
Free call from Australia: 1800 188 888
Free call from Canada: 1866 547 0817
Free call from China: 00 800 3368 8866
Free call from Fiji: 00 800 2526
Free call from Hong Kong: 001 800 3368 8866
Free call from India: 000 800 610 3122
Free call from Indonesia: 001 803 0612 128
Free call from Malaysia: 1800 181 018
Free call from New Zealand: 0800 229 888
Free call from Philippines: 1800 1612 0131
Free call from Singapore: 800 6162 219
Free call from South Africa: 0800 980 339
Free call from South Korea: 0079 8612 1062
Free call from Taiwan: 0080 1232 429
Free call from UK: 0808 234 8969
Free call from United States: 1800 793 4199
Free call from Vietnam: 1800 1507
Fax: +612 9151 8399
* Access fees apply to all transactions (including balance enquiries) using non-Commonwealth Bank and non-Bankwest ATMs here and all ATMs overseas and EFTPOS transactions overseas.