Moving to a new place means various things need to be kept in mind. One of the important things which often come in mind of people is related to opening the Australian bank account. In this guide, we have shared the things which should be kept in mind before you open a bank account.
So, you have decided to pursue higher studies in Australia. Well, in that case, your most important priority should be the money should be accessible and safe. This will make the student’s life easier when they want to get the money transferred.
Make sure that you take the help of the migration agent as they help you understand the key features and let you know the different steps. In case you were searching on your own and you are not sure what to do next then hire the best migration consultant to clear all your doubts.
- What bank account you are looking to open?
In Australia, international students studying do not have only the option of a deposit account. Ultimately, everything depends on financial goals. Even if you want to open a savings account or transaction account different advantages you will get are determined by the account & bank provider you choose.
- Does each account have service fees?
In Australia, some banks offer student bank accounts with zero fees for one year. Also, the students get the offer of transactions in an unlimited number. You should look out for ATM fees, overdrawn fees, and transaction fees.
- Is the ATM easily accessible?
Well, this depends on the bank you are going to sign up with. This means making sure to check the total number of ATMs they have around. With some banks, the students also get additional features. For example:
– National Australia Bank (NAB) provides a feature that you are allowed to print mini bank statements at the NAB ATM machine.
– Commonwealth Bank gives a selection of ATMs that are used audio-enabled.
- How much is the interest rate on deposit accounts?
You must look at the interest rates because in the long run your finances are got be benefited. Depending on the account balance, you are going to earn a different interest rate.
- Is the bank offering student account and other deals?
In Australia, most of the banks are offering low bank fees on the international-student account. Make sure you also look for the added benefits for student accounts given by some banks. For example: Opening the student account with Bankwest provides different student deals and discounts at Apple, Mcdonalds, Chatime, and many more.
Do proper research and then open the bank account by taking the help of the experts to make your life easier in Australia.
