Closing a Revolut Australia account
Learn how to close your Revolut Australia account. The steps, options and important need-to-knows before your begin.
Anyone embarking on a journey to Australia will face several challenges. For international students, processes like organising a visa, communicating with the university, finding accommodation, and all that's involved with getting settled in, can be really difficult.
One thing that can make the transition easier is learning how to open a local bank account. National Australia Bank or NAB, is one financial provider that allows students to open an account after they arrive.¹
Through this article, you’ll get to know what accounts are available with NAB, the steps to open an account and learn about Wise, an alternative option to send, receive and spend your cash like a local in Australia.
💸 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
Although you may be thinking that just using your local bank account from your home country may be easier, here are some good reasons for opening a local Australian bank account.
You can probably gather from our list of reasons that opening a local bank account just makes your life easier in Australia. With this in mind, let’s get to know what accounts NAB offers to international students.
Those moving to Australia are able to open a NAB Classic Banking account. This is only possible to do after they arrive in Australia. Unlike some other banks, NAB has stopped allowing individuals to open an account before they arrive in Australia.¹
The NAB Classic Account comes with a range of features including²:
It is possible to upgrade your card to a NAB Platinum Visa Debit card for $10 AUD a month when applying for the account. By choosing the NAB Premium Visa Debit card, you’ll get all the standard features that come with the classic NAB Visa Debit but also²:
Applicants can also choose to open a NAB iSaver or a NAB Rewards Saver account to help manage their savings during their initial application or later down the line through the online banking portal or through the NAB App.²
One of the challenges that international students face is being able to use their local account to send money to and from their home country.
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* | NAB Classic - Student Account² | Wise Account |
---|---|---|
Account monthly fees | No monthly account fees with NAB Visa Debit card $10 AUD per month with NAB Platinum Visa Debit card | 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) | To send an international transfer³ For transfers in foreign currency = $0 AUD fee + Potential overseas bank charges being deducted from the sent amount + NAB indicative currency conversion rate with margin⁴ Receiving international transfer into NAB account: up to $15 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. |
ATM withdrawals in Australia and abroad | ATMs within Australia: No ATM fees ATMs Abroad: $5 AUD per withdrawal + 3% of amount withdrawn³ | 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 8th 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: NAB international transfers. All you need to know |
---|
As mentioned, this account cannot be opened until after you arrive in Australia. This doesn’t mean you can’t get things organised though.
We’ll go through the requirements, documents needed and other information you need to know about opening a NAB classic account below.
Read more: International student bank accounts in Australia |
---|
To open a NAB Classic account, you must meet some standard eligibility requirements. These include⁵:
If are not a registered tax resident of Australia, you must visit a NAB branch with some required documents to set up and activate the account.⁶
When you visit a NAB branch, you should have these documents ready.⁵
NAB may ask for further documentation such as a residential address to get your new debit card sent to.
There is no requirement to deposit any money to open and use a NAB Classic account.²
It is possible to add either NAB Visa Debit cards to a digital wallet on your phone device and start spending prior to receiving the physical card.²
Read more: International student working hours in Australia |
---|
If you need to contact NAB for any reason, you can:
Phone lines are open 7 days, from 8am to 7pm, Monday to Friday and 9am to 6pm Saturday and Sunday. These times are AEST/AEDT timezone.
NAB is one of the four big banks in Australia. If NAB does not offer an account that suits your needs as an international student, you can try one of the other big banks including Westpac, CommBank and ANZ.
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: 09 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.
Learn how to close your Revolut Australia account. The steps, options and important need-to-knows before your begin.
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