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How To Choose the Best Banking Options in Australia

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banking options in australia

Choosing the right bank is crucial for students studying abroad unless they intend to keep all of their money beneath their mattresses. The process of choosing which bank to open an account with, which account to apply for, and—above all—how to proceed with all of this can be a little confusing for students. In Australia, there are numerous banks. The states in which you will be studying will determine which banks are more frequently located. But when you are in Australia, you will undoubtedly see two banks: ANZ Bank and Commonwealth Bank.  In this article we will list some of the most popular Australian banks, along with information on how to apply for an account.

Types of Bank Accounts in Australia 

These are some of the bank account alternatives accessible in Australia; the best one for you will rely on your unique needs.

  • Everyday banking or transactional accounts: The purpose of transactional or everyday banking accounts is to provide you with easy access to your money for daily banking. They could be referred to as current accounts or checking accounts in different nations. Transaction accounts are probably the ones you use for cash withdrawals, online bill payments, direct deposits, and, if you’re employed, for salary payments from your job. 
  • Savings accounts: Savings accounts come in a variety of forms, they are often used for funds that you do not intend to spend right away. Money can be deposited into a savings account, and interest can be earned on the balance.
  • Term deposits, a long-term Savings Account: Another kind of savings account is a term deposit. The ability to lock money in an account for a predetermined period is the primary distinction between term deposit accounts and conventional savings accounts. As long as you don’t take the money out before the end of the defined period, interest is paid on the remaining amount.
  • Business bank accounts: It’s critical to maintain a clear separation between your personal and corporate bank accounts when operating a business. To manage company funds, directors, sole proprietors, and business owners can open a business bank account. 

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Top Banks for International Students in Australia

Here is a list of some top banks that you can choose as an international student: 

  • Westpac Student Bank
  • ANZ Bank
  • Commonwealth Bank
  • NAB – NAB Classic Banking
  • Citibank
banking options in australia

Factors to consider Banking Options in Australia

As an international student, what are some of the factors you should consider when choosing the right banking options in Australia? Ideally, you want to look for a bank that:

  • Type of Bank: There are various top banks offering various services to international students, such as ANZ, Commonwealth Bank, NAB, and Westpac—known for reliability and widespread accessibility. Evaluate the bank services offered and compare them to choose the right bank option. 
  • Type of Account: Student Account, Everyday Account, and Saving Account all have their advantages and disadvantages. Check fee waivers and competitive interest rates and look for other services. 
  • Fees & Charges: Monthly maintenance fees, ATM fees, overdraft charges, and foreign transaction fees.
  • Customer Support: Availability of 24/7 support, multilingual services, and quality of assistance.
  • Security Features: Ensure the bank offers strong fraud protection and two-factor authentication for online banking.

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FAQs 

Que1: Which bank account is best in Australia?

Four big banks dominate the Australian banking market: National Australia Bank, Australia & New Zealand Banking Group, Westpac, and Commonwealth Bank.

Que2: Does Australia have a good banking system?

Australia boasts a robust, lucrative, and well-capitalized banking system with robust liquidity coverage.

Que3: How many types of banks are there in Australia?

In Australia, the primary categories of financial institutions are: Institutions that are authorized to take deposits (ADIs) and financial institutions that are not ADIs. Fund managers and insurers.

This was all about how to choose the best banking options in Australia. If you want to know more about banking facilities in Australia, follow Leverage Edu and connect with experts for more information.

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