You've just landed in Australia on a student visa, and you need to open a bank account. But you don't have an Australian address yet, you don't know which bank to choose, and you're not sure what EFTPOS even is. This is one of the first practical hurdles every international student faces, and getting it wrong can leave you without access to your money for weeks.

The good news: opening a bank account as an international student in Australia is straightforward once you know the steps. Most major banks welcome student visa holders, and you can often open an account online before you arrive or within days of landing. EFTPOS (Electronic Funds Transfer at Point of Sale) is simply the system that lets you tap or insert your card to pay for anything from a coffee to groceries, and it works everywhere in Australia.

This guide walks you through the exact process: what documents you need, which banks accept international students, how to set up EFTPOS, and how to stay safe with your money while you study.

Step 1: Gather Your Documents Before You Apply

Australian banks require proof of identity and proof of address. As an international student, you'll have the identity part sorted, but the address part is trickier because you may not have one yet.

Bring these documents with you:

  • Your passport (original)
  • Your student visa approval letter or visa grant notification
  • A letter from your university or college confirming your enrolment and student status
  • Your home country driver's license (if you have one)

For proof of address, you have two options. If you've arranged accommodation before arrival, bring a lease agreement or a letter from your landlord or university accommodation office. If you haven't, many banks will accept a temporary address (such as your university's address or a hostel) and let you update it once you've found permanent housing. Some banks even let you use your home country address initially and change it later.

Commonwealth Bank, Westpac, ANZ, and NAB all have specific processes for international students and are used to this situation. They won't reject your application because you don't have an Australian address on day one.

Step 2: Choose a Bank and Open Your Account

You have two main options: open an account online before you arrive, or do it in person once you're here.

Opening online before arrival: Commonwealth Bank, Westpac, and ANZ all allow international students to open accounts online using their passport and student visa details. This takes 10 to 15 minutes. You'll get a temporary card number immediately, which you can use for online shopping and bill payments. Your physical card arrives by post within 5 to 10 business days. This is the fastest route if you want money access from day one.

Opening in person after arrival: Walk into any branch with your passport, student visa letter, and university enrolment confirmation. You'll complete a form, show your documents, and walk out with a temporary card the same day. Your full card arrives by post within a week. This approach works well if you prefer to ask questions face to face or if you want to discuss which account type suits you best.

Most international students choose one of the "Big Four" banks: Commonwealth Bank, Westpac, ANZ, or NAB. These have the most branches, the most ATMs, and the best online banking apps. Smaller banks like Macquarie or ING also accept international students and often have lower fees, but they have fewer physical branches, which matters less now that most transactions are digital.

When you open your account, ask about student accounts. Many banks offer fee-free accounts for full-time students, which means no monthly account-keeping fees and no fees for standard transactions. This can save you $100 to $200 per year.

Step 3: Understand EFTPOS and How to Use It

EFTPOS is the payment system used at almost every shop, cafe, restaurant, and service in Australia. When you see a card reader at a checkout, that's EFTPOS. You tap your card (contactless payment), insert it and enter your PIN, or swipe it depending on the terminal.

Here's what you need to know:

  • Contactless (tap) payments are the default in Australia. Most terminals accept taps for amounts under $250 without needing a PIN.
  • For amounts over $250 or at terminals that don't support contactless, you'll insert your card and enter your 4-digit PIN.
  • EFTPOS works at supermarkets, cafes, restaurants, petrol stations, pharmacies, and most small shops. Cash is becoming rare.
  • You can also use EFTPOS to withdraw cash at supermarket checkouts (called "cash out") without paying ATM fees.
  • Your bank app shows every transaction instantly, so you can track spending in real time.

When your card arrives, you'll receive a PIN by post or SMS. Memorise it and never share it with anyone. If you forget it, you can reset it through your bank's app or by calling their customer service line.

One common surprise for international students: Australia is almost entirely cashless. You'll rarely need notes or coins. Even small cafes and street vendors accept cards. This makes budgeting easier because every purchase is recorded in your app, and you can set spending alerts.

Step 4: Link Your Account to Online Services and Set Up Safety Features

Once your account is open, download your bank's mobile app immediately. This is where you'll manage your money day to day. The app lets you check your balance, transfer money, pay bills, and lock your card if it's lost or stolen.

Set up these safety features:

  1. Enable notifications for every transaction so you spot fraud instantly.
  2. Set a daily spending limit in your app (many students set $500 to $1,000 per day as a safety net).
  3. If your card is lost or stolen, you can lock it in the app within seconds. No need to call the bank.
  4. Use two-factor authentication (2FA) for your online banking login. This means a code is sent to your phone every time you log in from a new device.
  5. Never share your PIN, card details, or one-time passwords with anyone, even if they claim to be from your bank.

International students are a common target for scams. Scammers pose as bank staff, university staff, or government officials and ask you to "verify" your details or "confirm" a payment. Real banks and government agencies never ask for passwords, PINs, or card details by email, text, or phone call. If in doubt, hang up and call the official number on the back of your card or on the official website.

Step 5: Manage Money Transfers From Home

Most international students need to transfer money from their home country to Australia. Your Australian bank account has a unique identifier called a BSB (Bank State Branch) number and an account number. You'll need these to receive international transfers.

You can find your BSB and account number in your bank app or by calling your bank. Give these details to your family or friends back home so they can transfer money to you.

International transfers typically take 3 to 5 business days and cost between $10 and $30 per transfer depending on your bank and the amount. Some banks charge a percentage fee (around 1% to 2%) on top of a flat fee. Compare rates before you transfer large amounts.

Alternatively, use a money transfer service like Wise (formerly TransferWise), OFX, or Remitly. These often have better exchange rates and lower fees than banks, especially for large transfers. However, they take 1 to 2 extra days because the money goes through an intermediary.

Never use informal money transfer methods or ask someone to carry cash for you. This is risky and can create tax and visa complications if authorities question where the money came from.

Step 6: Avoid Common Mistakes and Stay Safe

Here are the pitfalls international students commonly hit:

  • Delaying account opening. Open your account before you arrive or within your first week. Without a bank account, you can't get paid for work, can't pay rent, and can't access your money.
  • Using a temporary address and forgetting to update it. Banks send important documents by post. Update your address in your app as soon as you move.
  • Ignoring transaction notifications. Check your app daily. If you spot an unfamiliar transaction, report it to your bank immediately. You're usually protected from fraud, but speed matters.
  • Sharing your card details online with unfamiliar websites. Stick to major retailers and use secure payment methods like PayPal or Apple Pay when possible.
  • Withdrawing large amounts of cash. Australia is cashless. Carrying large amounts of cash is unsafe and unnecessary. Use your card instead.
  • Not setting up a PIN or using a weak PIN. Your PIN is your main security. Make it random (not your birthday or sequential numbers) and change it every few months.

If your card is lost, stolen, or compromised, contact your bank immediately through the app or by calling the number on the back of your card. Most banks can issue a replacement card within 5 to 7 business days.

Useful Official Sources

Frequently Asked Questions

Can I open a bank account in Australia before I arrive as an international student?

Yes. Commonwealth Bank, Westpac, and ANZ allow you to open an account online using your passport and student visa details. You'll get a temporary card number immediately and your physical card arrives within 5 to 10 business days.

What documents do I need to open a bank account as an international student?

You need your passport, student visa approval letter, and a university enrolment confirmation letter. For proof of address, you can use a temporary address (like your university or hostel) and update it later once you've found permanent housing.

What is EFTPOS and how do I use it in Australia?

EFTPOS is the card payment system used at shops, cafes, and restaurants. You tap your card (contactless), insert it with your PIN, or swipe depending on the terminal. Most payments under $250 don't require a PIN. Australia is almost entirely cashless, so you'll use EFTPOS for nearly every purchase.

How do I transfer money from my home country to my Australian bank account?

Give your family your BSB number and account number (found in your bank app). International transfers take 3 to 5 business days and cost $10 to $30 per transfer. Money transfer services like Wise often have better rates than banks for large amounts.

What should I do if my card is lost or stolen?

Lock your card immediately in your bank app or call the number on the back of your card. Your bank will cancel it and issue a replacement within 5 to 7 business days. Report any fraudulent transactions right away.

Are there fees for student bank accounts in Australia?

Many banks offer fee-free accounts for full-time international students, with no monthly account-keeping fees and no fees for standard transactions. Ask your bank about student account options when you open your account.

Can I withdraw cash without paying ATM fees?

Yes. Use the 'cash out' option at supermarket checkouts when you pay with your card. This is free and available at Coles, Woolworths, and other major supermarkets.

How do I protect myself from banking scams as an international student?

Never share your PIN, card details, or passwords with anyone. Real banks never ask for these by email, text, or phone. Enable transaction notifications in your app and report any suspicious activity immediately. Check Scamwatch for common scams targeting students.

This is general information only. It is not legal, migration, financial, tax, medical, or professional advice. Always check official sources before acting.