One of the most important things to consider when moving to Australia is opening a bank account that will be used as your everyday bank account and can be used for international money transactions, paying your bills, and managing your student accommodation in Australia. Figuring out the best student bank accounts in Australia is easy peasy if you know exactly what to consider.

Comparing student bank accounts, savings accounts, and credit cards features is exactly what you need to do, so here is a list of the banks that offer transactional accounts:

1. Westpac - Westpac Choice Student  

The Westpac Choice Student account suits full-time students looking for a fee-free account with a major bank.

Benefits? You can open your account online up to 12 months before your arrival, transfer money from anywhere around the world, shop securely online by using a Debit Mastercard linked to your Choice account, and manage your money on-the-go with award-winning mobile banking services.

You will also pay no withdrawal fee at any major bank ATM in Australia, like Westpac, Commonwealth Bank, ANZ, NAB, St.George, Bank of Melbourne and BankSA. You will enjoy unlimited free transactions online, over the phone, in-branch, or via BPAY.

The overseas ATM access is with $0 account fee. However, if you want to withdraw money overseas, it will cost you a $5 ATM fee and 3% foreign exchange commission.

2. ANZ - ANZ Student Access Advantage 

The ANZ Student Access Advantage account keeps your money secure while being easily accessible for everyday spending. It is the best bank account for a teenager in Australia, as it comes with a $0 account fee. To be eligible, you’ll need to be a full-time student and present a valid student card to an ANZ agent at the beginning of each year.

Your debit card could be used to make withdrawals at overseas ATMs, but consider that it costs $5 ATM fee and 3% foreign exchange commission.

3. Commonwealth Bank - Student Smart Access 

It is one of Australia's oldest and largest banks. It allows you to open an account if you are arriving in Australia within 3 months. Commonwealth Bank has a $0 monthly fee, which makes it perfect for students who want to use a day-to-day transaction account. You can securely use your debit card to shop in stores or online with free access to exclusive offers and competitions.

The bank grants a free health check that helps you figure out the best banking services that meet your needs. Also, you can track and organise your money from anywhere by using the CommBank app with the Spend Tracker to monitor your student budget.

4. NAB - NAB Classic Banking  

The NAB Classic Banking account is literally so: a classic everyday banking account. It has no monthly account fees, no overdrawn fees, and no direct ATM fees from any NAB or rediATMs. You can effortlessly access your account through the internet and phone banking services. At no extra cost, you can possess a VISA debit card to shop wherever Visa is accepted. It is noteworthy to mention that with the NAB classic account lets you do your ordinary banking from any Australia Post office.

This NAB student account has the foreign exchange commission of 3% and an overseas ATM withdrawal fee of $5. It also comes with NAB Defence security promise, letting you know that your account is shielded against fraud. You could always just link to a NAB isaver and transfer cash over whenever you need it. It is one of the best student savings accounts.

5. Citibank - Citibank Plus Everyday Account

It is one of the best banks in Australia with an extensive ATMs network across Australia. The Citi Plus account lets you enjoy fee-free banking in Australia with no monthly account fee and free ATM withdrawals within the Citi ATM network. Its Debit MasterCard is accepted anywhere MasterCard is accepted and it can be used for cash withdrawals at ATMs around the globe. Fee-free ATM withdrawals can be made in Australia through Citi, Westpac, St George, Bank of Melbourne, and Bank SA ATMs.

This Citi Plus Transaction account lets you transfer money from anywhere in the world to any bank account worldwide for free or to an overseas Citi account instantly.

Finally, here are some of the most common questions when it comes to student bank accounts in Australia

FAQs:

1. Can I open a bank account in Australia as a student?

Yes, definitely. All you need is a passport, an active email address, and your arrival date in Australia (three months beforehand). You must complete the form on the bank's website and provide information such as your passport number and expiration date.

2. When should I get a student bank account?

Before you enter university, it is sensible to open a student account, especially if you plan to apply for student loans, as the funds will be deposited straight into your bank account.

3. Why are student bank accounts good?

The benefits of a student bank account include that it is created exclusively to meet their needs and to make the financial aspects of university life less difficult. It will also aid them in managing their finances and reducing the cost of living in Australia.

There you have it! These are the best student banks in Australia that will help you manage your finances, your money, and your life in Australia!