Opening a Bank Account

Banks are the largest financial institutions in Australia. All are authorised to operate by the Australian Government. There are four major banks in Australia. They are:

• Australia and New Zealand Bank (ANZ)
• National Australia Bank
• Westpac Bank
• Commonwealth Bank

Credit Unions are a popular alternative to banks, there are a number of branches in Canberra, some of the more common ones are:

• Service One Members Banking
• Credit Union Australia  
• CPS Credit Union Co-Operative

On Campus we have two major banks and one credit union. They are:

• Commonwealth Bank, building 17
• Service One Members Banking, building 17 
• National Australia Bank, building 10C 

The nearest branches from the ANU campus of the other two major banks are:

• Westpac Bank at 53 Alinga Street, Canberra City
• ANZ Bank at 25 Petrie Plaza, Canberra City

Investigate whether you can  open a bank or credit union account online before you arrive in Australia. Visit the website of your preferred bank/credit union for more details

Ideally you should open a bank account as soon as possible. If you have been in Australia for less than six weeks, your passport will be enough identification to open a bank account. If you have been in Australia for longer than six weeks, you will need some further identification. The bank, building society or credit union will advise you about necessary identification.

Remember to compare interest rates, charges on cheque books, and ask if you can receive any account fee waivers or reductions for being  a student. Most students open an account that has access to an automated teller machine (ATM) via a card. Cash is then accessible 24 hours a day, seven days a week.  Although most banks charge very similar fees on everyday bank accounts, some differences exist with Term Deposit accounts for larger balances.

Most supermarkets and petrol stations have facilities to purchase goods with your ATM card, known as Electric Funds Transfer at Point of Sale (EFTPOS) facilities.

Normal banking hours are:

It will not be necessary to enter a bank branch for your everyday banking. Almost all your withdrawals and deposits can be done through the ATM, over the telephone or via the Internet.

Transferring Money
There are two ways of transferring money from your home country to Australia—bank drafts/cheques and telegraphic transfer (TT). Credit cards are also a convenient way of transferring funds. Check on the interest rates that will be charged. Bank drafts/cheques from overseas will take some time to get to you and can take up to 3 weeks to clear through an Australian bank. Telegraphic transfers usually take only a few days, but usually cost more than other methods.

If you have to pay tuition or any other fees by a certain date, it is your responsibility to ensure the necessary funds are received in time to pay such fees. Normal delays in transferring funds, as outlined above, are not acceptable excuses for missing the fees deadlines. We strongly advise you to investigate the exact money transfer procedures between your new bank in Australia and the bank in your home country. Bpay is commonly used to pay bills, tuition fees etc.

Exchange of currencies
You can change your foreign currency into Australian Dollars at the airport, any of the major banks, or Travelex Foreign Exchange. Travelex is located at the Canberra Centre in Civic.