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...
Moving countries is a big deal, especially if you are an international student embarking on a journey to study in Australia. One way to make the transition easier is by getting acquainted with the local banking system and looking into opening an account.
The Commonwealth Bank, or CommBank as it is called locally, is one institution that allows those moving to Australia to open an account within 14 days of arriving, or up to 3 months after arrival.¹ This article will get to know what accounts are available at Commbank for international students and introduce an alternative option that also makes moving money internationally easy.
💸 Hold over 50 currencies in your account and spend at the mid-market rate with the Wise card while studying abroad. |
---|
Learn more about the
Wise Account
There are plenty of reasons why international students should consider opening a local bank account in Australia. Some reasons include:
These are just a few examples of how opening a local bank account can simplify life as an international student studying abroad in Australia.
CommBank offers international students the ability to open their SmartActive transaction account with student features.¹ Let’s have a look at what this account offers.
The **CommBank SmartActive transaction account **comes with a range of features and benefits that allow international students to manage their finances. These features include²:
The monthly account keeping fees associated with this account for students as long as they are under the age of 25, are undertaking full time study or an apprenticeship, or are over the age of 25 and deposit $2000 AUD into the account each month.²
It is common for International students to require an account that can send and receive money from their home countries. Unfortunately, international transactions can incur extra fees.
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* | CommBank Smart Active Transaction Account³ | Wise Account |
---|---|---|
Account monthly fees | $0 if conditions are met $4 AUD if conditions are not met | 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)⁴ | Sent from Commbank app or NetBank portal = $6 AUD Receiving funds into CommBan account in AUD = up to $11 AUD | 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. |
International transaction fee | 3% of transaction value | Variable fee as low as 0.41% depending on currency |
ATM withdrawals in Australia and abroad | Withdrawals at CommBank ATMs outside Australia or ASB ATMs New Zealand = $2 AUD International ATMs = $5 AUD per withdrawal + 3% of the withdrawn amount | 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 7th 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. |
---|
Read more: Commbank international transfers. All you need to know |
---|
There are some basic eligibility requirements that international students will need to meet to open an account. These requirements include¹:
For those who have been in Australia longer than 3 months already, you may be able to complete your application online.¹
Read more: International student bank accounts in Australia |
---|
Here are the steps to open a CommBank account as an international student.¹
It is important to note that the account will not be activated until you have visited a local branch with all the required documents.
There are a few important documents that you will need to come in handy for steps one and two of the application process. These documents include¹:
You will have 20 days to confirm these documents in branch from your specified arrival date if applying from outside Australia.
You do not need to deposit any money into this account to open the account.
If you arrive later than your specified arrival date and do not confirm your details in a branch, there is a chance that CommBank will close your account. You will be able to apply to a new account however, once you arrive in Australia by visiting a branch.¹
Read more: International student working hours in Australia |
---|
If anything is not clear or you have further questions for CommBank as an international student, you can contact Commbank by:
Phone lines are open between 8am – 8pm (AEST) 7 days a week.
If you are finding the account options offered by CommBank are not suitable to your needs, you can check out what account options are available to international students at the other major banks in Australia — like Westpac, ANZ Banking Group, and National Australia Bank (NAB) to find out more.
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.
Join over 13 million customers currently using 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. |
---|
Sources:
Sources checked on: 08 February 2023
*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.
No longer utilising your Revolut account? Or perhaps you’re planning to switch to an alternative provider for your international finances? No matter your...
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...
Coming into student life something you might not think to address straight away is your banking. Many Australian banks offer accounts designed for students,...
Depending on the bank, student bank accounts might have extra features or slightly better conditions for those studying, when compared to a standard account....
Here’s how to close your ME Bank account and options to move your money out correctly
Here’s how to close your Heritage Bank account and options to move your money out correctly