Closing a Revolut Australia account
No longer utilising your Revolut account? Or perhaps you’re planning to switch to an alternative provider for your international finances? No matter your...
There are a lot of things to organise when moving countries. For anyone moving to Australia to study, opening a local bank account should be high on their priority list. Australia and New Zealand Bank or ANZ, is one of Australia’s big 4 banks and allows international students to open an account.
This article will explore what accounts are available with ANZ, the steps to open an account and introduce you to Wise, an alternative way to store and move money internationally.
💸 Hold over 50 currencies in your account and spend at the mid-market rate with the Wise card while studying abroad. |
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Wise Account
There are plenty of reasons why you will need to open a local bank account as an incoming student. These reasons include:
Opening a local account can make your life easier, and in many instances, can help save you from international transaction fees that your local bank may charge you if you use your account frequently in Australia.
ANZ offers two banking products to those moving to Australia to study including:
This account is ANZs version of an everyday transaction account. Domestic or international students can benefit from a monthly fee waiver if they can prove they undertake full time study with an Australian institution¹.
The ANZ Plus account is a new branchless banking product offered by ANZ. ANZ plus operates in separation to all other ANZ products, and has its own app. Customers that open an ANZ Plus account get an ANZ Plus everyday transaction account and a multi-goal savings account at the same time.²
Let’s differentiate the features and benefits of the ANZ Access Advantage account and the ANZ plus account as these are comparable options available to international students that have arrived in Australia.
Some benefits that come with the ANZ Access Advantage account include²:
With an ANZ Plus account you’ll get access to a range of benefits including²:
ANZ Plus customers also get smart features such as spend categorisation, upcoming payment predictions, custom tagging of payments and detailed spending reports.⁴
Let’s now take the opportunity to compare how these accounts compare by going through some of the fees that you may run into. We’ll compare these fees with an alternative service called Wise, that specialises in international transfer services.
Fees* | ANZ Advantage Access - Student Account | ANZ Plus - Student Account | Wise Account |
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Account monthly fees | Monthly fee waived¹ | No monthly fee² | Free to hold up to $23,000 AUD per month. 0.00437% daily holding fee for any amount over $23,000 AUD |
International transfer fee (for a sample amount of $1,000 AUD to GBP) | Can only access through internet banking. Send: Fee from $0 to $18 depending on destination + potential correspondent fees⁵ | Can only receive money from abroad. Anything over $300 will incur a $15 AUD fee⁷ | Small payout fee + 0.45% variable conversion fee (e.g. for a transfer of $1,000 AUD to GBP paid by bank transfer to Wise, the total fee charged is $5.14 AUD). You can make a fee calculation here. |
ATM withdrawals in Australia and abroad | No ATM fees with Australian ATMS Abroad = $5 AUD + potential fee from specific ATM operator + 3% overseas transaction fee⁶ | No ATM fees with Australian ATMS Abroad = $5 AUD + potential fee from specific ATM operator + 3% overseas transaction fee⁷ | You can take out money for free twice a month — as long as the total amount is under $350 AUD. After that, there is a $1.50 AUD per transaction fixed fee. If you take out over $350 AUD in one month, there is a 1.75% on the amount exceeding that. See card fees here. Note: Wise will not charge you for these withdrawals, but some additional charges may occur from independent ATM networks. |
*As seen on 10 February 2023
Please see Terms of Use for your region or visit Wise Fees & Pricing for the most up-to-date pricing and fee information. |
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Read more: ANZ international transfers. All you need to know |
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Only customers that are already in Australia can open an ANZ Access Advantage account or an ANZ Plus account.¹ They should also meet these requirements:²
The difference for these accounts is the process on how to open an either account.
The ANZ Access Account can be opened online or through a local branch. If you apply online, you’ll need to³:
This account can be managed through the ANZ banking app or through the ANZ online banking portal.
The ANZ plus account can only be opened through the ANZ Plus App. Once you download the app, you'll need to⁸:
It is important to note that Australian numbers are only accepted.⁷
To open an ANZ Access Advantage Account, you’ll need to have handy³:
To open an ANZ Plus account, you’ll require²:
ANZ may ask you to provide further documents at any time.
Read more: International student bank accounts in Australia |
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For either account option, you will not require to deposit any money to open or activate the accounts.
The ANZ plus app is only compatible with iOS 15.0 or Android 7.0 operating systems or higher⁴.
Read more: International student working hours in Australia |
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You can contact the team at ANZ by:
ANZ isn’t the only financial provider to allow students moving to Australia to open an account. You can find other account options at the other major banks such as Westpac, National Australia Bank (NAB) or CommBank.
The Wise Account is suitable for international students, especially if they need to make international transfers frequently to and from their home country.
You can use a Wise Account to easily pay tuition fees while saving money on currency conversions as Wise uses the mid-market rate, just like the one you see on Google.
With the Wise Account, you can get your own local AUD account details (with other popular currency account details too). This makes it easy to be sent money from home, or convert and send your money back home as well.
You can also order your own Wise debit card to be linked to your account, so you can spend your hard earned cash anywhere Visa is accepted.
Wise can also be used to send and be sent money internationally, at the mid-market rate and with low fees shown upfront.
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Please see Terms of Use for your region or visit Wise Fees & Pricing for the most up-to-date pricing and fee information. |
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Sources:
*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.
This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.
We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.
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