This guide will help you understand what to expect when banking in Australia and provide helpful tips on how to open an account from overseas.
Takeaways:
In Australia, the official currency is the Australian Dollar (AUD), and it's what you'll be using for all your transactions. Banks typically operate from 9:30am to 4pm on weekdays, though some branches extend their hours and are also open on Saturdays.
Cash payments are becoming less common, so embrace the digital trend when Down Under!
There are 3 main types of accounts in Australia. It's important to research and choose the bank account that best suits your financial habits and goals.
Transaction accounts, also known as current or checking accounts, are used for daily purchases and expenses, including digital payments. They often come with debit cards for cash withdrawals, cashback, and online and contactless shopping.
A savings account helps you accrue interest over time. You wouldn't usually use this account for daily banking. The interest earned on a savings account is taxable.
Term deposits are a type of savings account. With these, you agree to keep your money tucked away for a period of time. This is usually between 1 month and 5 years. These accounts offer a fixed interest rate and may require a minimum deposit.
Once you have a local Australian bank account, you'll typically use it to:
In addition, many universities will only deposit your scholarship money into a local Australian account.
Around 80% of Australian consumers prefer cashless transactions to pay bills. Half of those surveyed use their mobile banking app for bill payments. Other cashless methods include direct debit services, prepaid cards, and online transfer services such as BPAY. BPAY provides a seamless payment option accessible to anyone with an Australian bank account.
It's common to pay fees directly through a payment portal on the university websites. You can also make a payment from your Australian bank account using BPAY.
If you're paying from an overseas bank account, the HSBC International Education Payment Service can simplify the process for you. Chinese students studying abroad can pay tuition fees in 5 primary education destinations: the US, UK, Canada, Australia, and Hong Kong. The system is applicable to all HSBC Premier and HSBC Advance customers who use the HSBC China Mobile Banking app and the HSBC China WeChat service account.
There are many ways to send and receive money, both within Australia and overseas.
To make domestic money transfers, you'll need both the recipient's Bank State Branch (BSB) and bank account number. BSB numbers are unique to Australia. They contain the bank code, branch and address information of any Australian financial institution. BSBs are the country's equivalent to a sort code in the UK, or Indian Financial System Codes (IFSCs).
Australia uses the BIC (Bank Identifier Code) and SWIFT (Society for Worldwide Interbank Financial Telecommunication) code system for incoming international money transfers. You can find the HSBC SWIFT code information and Australia branch listing on our Receiving money page.
According to the most recent FIS Global Payments Report[@fis-global-payment-report], Australia now ranks among the countries with the lowest usage of cash payments worldwide. While cash is still widely used, more and more people prefer the convenience of digital payments.
The Reserve Bank of Australia (RBA) monitors all of the country's payments, including cards, making it a safe and efficient system. Debit and credit cards are almost universally accepted throughout Australia. With contactless payments, just wave your card, smartphone or watch for tap and go purchases. There's no need to input your PIN for smaller transactions – usually AUD100 or less.
Major banks in the country offer a wide range of services that can be accessed through online portals or mobile apps. This includes tracking spending, making payments to friends and merchants, and transferring funds between accounts. Apple Pay, Google Pay and mainland China's WeChat Pay are also popular digital payment platforms.
You need to be at least 18 years old to apply for a credit card in Australia. You should also have a good credit rating. Salary and other requirements will depend on the type of card you're applying for. Alternatively, many credit card providers will issue supplementary cards free of charge.
Whether you're a parent or student, we'll provide the banking support you need for studying in Australia.
With an HSBC bank account you can:
With the right information and guidance, banking in Australia doesn't have to be complicated for international students.
