Bankwest student account. What you need to know.

If you’re a student juggling study alongside work and social commitments, ensuring you have reliable and easy access to your money is essential.

Choosing a bank account that is geared towards the needs of students has the potential, among other benefits, to help you avoid banking fees and better manage your finances.

In this guide, we’ll take a closer look at one option available to students with Bankwest, covering its features and benefits, any associated fees and what is required to apply. Ensuring you can make the most informed decision about whether this account meets your needs as a student.

Learn more about the
Wise Account

What type of student account does Bankwest offer?

Currently, Bankwest advertises one account option as ideal for students – their Easy Transaction Account.¹ While not only available to students, this account offers several benefits that are well-suited to them.

What are the features and benefits of this Bankwest student account?

The Bankwest Easy Transaction Account comes with a variety of features and benefits that facilitate easier money management for students. These include¹:

• No monthly maintenance or account-keeping fees
• No foreign transaction fees when spending online or in person
• No Bankwest ATM fees domestically or overseas
• 24/7 Zero Liability Protection against fraudulent transactions
• Option to set up low-balance or scheduled payment alerts
• Capacity to create up to 10 linked accounts for easier budgeting and saving
• Easy account management via the Bankwest App

What can you do with the Bankwest debit card?

The Bankwest Easy Transaction Account debit card can be used just like most standard debit cards, including to¹:

• Withdraw cash from an ATM
• Shop online or in person both in Australia and overseas

You can use the provided debit card or set up a mobile wallet such as Apple or Google Pay to make transactions.²

Through the app or online banking, you can easily access your account and set up a maximum of 10 linked accounts. This can support you to more easily manage your funds, splitting them into categories such as holidays, bills, savings or similar.¹

It should be noted that while this account facilitates easier management of money through these linked accounts, no interest benefits are offered on any balances.² This makes it less well-suited to growing any savings you may have than a dedicated savings account.

Cost, running fees that come with this account

Below is a summary of the fees associated with Bankwest’s recommended option for students, the Easy Transaction account. For context, we have compared this account and its fees with an online non-bank option from Wise.

Additionally, so you can be prepared for any overseas holidays or international study trips, we have reviewed the costs of using the card both in Australia and abroad.

*Reference rate only - actual rate may vary. Information last checked on 13 May 2024

Please see Terms of Use for your region or visit Wise Fees & Pricing for the most up to date pricing and fee information.

Note! Wise is not a bank and features available with traditional bank accounts, such as interest rates, loans or protection under the Financial Claims Scheme (for deposits up to $250,000AUD), will not be available with the Wise Account. See how Wise safeguards your money.

What do I need to open an account? Requirements, documents and what to know.

If you’re a student looking to open a Bankwest Easy Transaction Account with Platinum Debit Mastercard access you’ll need to meet some basic eligibility requirements. You must¹:

• Be aged 16 years or over
• Be an Australian citizen, temporary or permanent resident
• Provide acceptable photo identification such as an Australian driver's license or passport
• Not be applying as a company or business

How to open a Bankwest student account

Opening the Bankwest Easy Transaction Account as a student is relatively straightforward and is recommended to be completed online.⁴

You should be prepared to provide personal details such as name, address and contact number and your Tax File Number (TFN).

When applying, you should also have your original or certified copies of the required identification to hand as these will be necessary to complete the application.

To apply online:

• Navigate to the Student Banking page on Bankwest’s website
• Select ‘Apply Now’
• Follow the prompts, enter your personal details and provide your identification for the electronic ID check
• Once approved, you’ll need to register for online banking or download the Bankwest app to access the account

While waiting for Bankwest to send you the physical debit card, if desired, you can begin making transactions by setting up a digital card in your chosen digital wallet app.

Which documents do I need to open an account?

As per Bankwest’s website, you need to provide at least one form of primary ID such as a passport or driver's license.¹

Where these are unavailable, you can use the following instead⁴:

• Two forms of primary ID without a photo such as a birth certificate and medicare card or
• One form of primary ID without a photo and one form of secondary ID such as a utility bill or tax notice issued by the ATO within the last 12 months

Should you have difficulties gathering the required identification documents outlined above, Bankwest’s customer care team can provide further guidance as needed.

Do I need to deposit money to open a Bankwest student account?

No, Bankwest does not require you to make an initial deposit or have a minimum balance when opening an account.²

What else do I need to know?

While Bankwest’s Easy Transaction account is recommended for students, it may not necessarily be the best fit for your needs. Before applying, we recommend keeping the following in mind:

• Bankwest is evolving into a purely digital bank and all branches are scheduled to close by the end of 2024, limiting support and service to online or phone methods⁵
• With no branches, cash deposits are only possible through the use of Bankwest-specific ATMs or via Bank@Post at participating AusPost offices⁶
• Unlike some dedicated student account offerings available on the market, this account does not offer an overdraft facility, which can make juggling any cash flow issues as a student more difficult²

You can find out more by contacting Bankwest here.

To speak with Bankwest about their student account recommendations or for details and support on making an application, you can contact them via:

• 13 17 19 24/7 within Australia or
• +61 8 9449 2840 24/7 from overseas

If preferred, Bankwest’s customer care team can also be contacted via direct message through their banking app or when logged into their online banking platform.

The Wise Account

If you’re 18 years and above, looking for an option that is great for daily spending in Australia and overseas, the Wise is worth a look.

You can open a Wise Account for free and hold money in 40+ currencies and send money to 160+ countries. You can also order local account details for 10 world currencies including AUD.

You can also use the Wise Debit card to spend money in 150+ countries without markups and hidden transaction fees. The mid-market rate is used when switching between currencies, helping to keep costs low when sending money internationally.

Join over 16 million customers currently enjoying Wise. It’ll only take a few minutes to register and see what’s inside.

Register your Wise account
in minutes 🚀

Please see Terms of Use for your region or visit Wise Fees & Pricing for the most up to date pricing and fee information.

Note! Wise is not a bank and features available with traditional bank accounts, such as interest rates, loans or protection under the Financial Claims Scheme (for deposits up to $250,000AUD), will not be available with the Wise Account. See how Wise safeguards your money.

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