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...
Australia is highly popular with students from around the globe, with over half a million international students enrolled in Australian educational facilities as of January 2023.¹
For this reason, international student bank accounts are very popular, and the Westpac Bank Choice everyday bank account is currently available to international students studying in Australia.
In this article, we’ll provide you with all the details on this international student account, including fees, features, and eligibility requirements.
We’ll also compare this account with the Wise Account, an electronic money alternative, showing how you can save money on international transactions.
💸 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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Learn more about the
Wise Account
It’s a good idea to have a local bank account as an international student studying in Australia for the following reasons:
The Westpac Choice everyday bank account is an everyday bank account suited for international students that are visiting Australia to study.
You’ll receive a Debit Mastercard with this account allowing you to shop online and in-store, as well as the ability to access cash via ATMs.²
This account has various features and benefits that you’ll find helpful as an international student in Australia.
The key features and benefits of the Westpac Choice everyday bank account are as follows²:
We’ve collated some information on potential costs and running fees with this bank account, comparing these with correlating information on the Wise Account — a hassle-free non-bank alternative.
We’ve displayed the information side-by-side to help you when comparing these two accounts:
Fees | Westpac Choice everyday bank account | Wise Account — Your non-bank alternative |
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Account monthly fees | $0 AUD for the first 12 months and while you are in full-time tertiary education, $5 per month thereafter² | 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) | International transfer fees are as follows³:
| Small payout fee + 0.45% variable conversion fee (e.g. for a transfer of $1,000 AUD to GBP, the total fee charged is $5.14 AUD) 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 | ATM fees are as follows² :
| 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 that additional fees may be charged by ATM service providers. |
Monthly card maintenance fees | No monthly card maintenance fees providing you’re in full-time tertiary education² | No monthly subscription fees. Free to hold up to $23,000 AUD per month. 0.00437% daily holding fee for any amount over $23,000 AUD |
*Reference rate only - actual rate may vary. Information last checked on 19/04/2023
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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If you’re a new customer to Westpac Bank, you’ll be required to complete a Westpac Customer Identification Standards form to open a bank account. This can be carried out in-branch or online.⁴
You can apply for this account online or in-branch, here’s a quick summary of what you’ll need⁵:
Ensure your mobile phone is nearby
Two of the following ID documents:
Medicare Card
Passport
Australian Driver’s License
Australian Birth Certificate
Tax File Number and foreign tax details if applicable
You’ll also be required to provide certain documents and information including the following⁴:
It’s worth bearing in mind also that this account is available to personal customers only.⁴
Read more: International student bank accounts in Australia |
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You can open a Westpac Bank international student account in-branch or online on the bank’s website~~.~~
You must have reached Australia before you can open this account. To withdraw funds from your bank account you will also be required to verify your identity within a Westpac Bank branch in Australia.²
You’ll need to provide the following documents to complete the ID verification process and open an account⁵:
Two of the following ID documents:
Australian Driver’s License
Medicare Card
Passport
Australian Birth Certificate
Tax File Number and foreign tax details if applicable
There is no minimum deposit amount for this providing that you’re in full-time tertiary education in Australia.²
To find out more about the requirements listed above, you can contact Westpac Bank using the following details:
Chat via Virtual Assistant
Phone - 8 am - 8 pm Sydney Time 7 days a week:
Australia: 132 032 for general inquiries or 1300 655 505, for online/mobile banking queries
Overseas: (+61 2) 9155 7700
See our reviews of alternative account providers to Westpac Bank abelow:
If you want to open one account as a student that allows you the benefits of a local currency account as well as a multi-currency account, the Wise Account is a non-bank alternative that offers many key features that are appealing to students.
The Wise Account allows you to hold, receive, spend, and send money from just one account, and you can hold up to $23,000 AUD for free. This makes it easy to pay for outgoings such as bills, rent, and tuition payments, plus you can pay online or in stores using the Wise debit card (debit card available for a one time fee of $10 AUD).
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. |
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Sources:
Sources checked on: 19th April 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.
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