Money Matters for International Students

Moving to Australia brings plenty of excitement, but let's be honest—managing your finances in a new country can feel overwhelming at first.

We get it. Between student visa requirements, opening bank accounts, and understanding local payment systems, there's a lot to figure out before you even start classes.

This isn't about complex investment strategies or corporate finance theory. It's about practical help with the everyday money questions international students actually face when they arrive in Australia.

International students reviewing financial documents together

Student Visa Financial Requirements

Before you even land in Australia, there's paperwork. Specifically, you need to prove you can support yourself financially during your studies.

As of 2025, the Australian government requires evidence of access to AUD $29,710 per year for living costs—that's separate from tuition fees. If you're bringing family members, those amounts increase substantially.

Most students show this through bank statements from the past three months. Some use official financial sponsorship letters from parents or guardians. Others combine scholarships with personal funds.

The tricky bit? Different visa officers interpret "sufficient funds" differently. We've seen cases where students had the exact required amount but were asked for additional documentation because they couldn't explain the source of a large deposit.

Keep records of everything. Where did the money come from? Can you prove it's legitimately yours or your sponsor's? Having a clear paper trail matters more than you might think.

Documentation Checklist

Bank statements (3 months minimum)
Proof of income sources
Sponsorship letters if applicable
Scholarship award documentation
Exchange rate calculations
Tuition payment receipts
Health insurance evidence

Setting Up Your Australian Bank Account

One of the first things you'll need to sort out after arriving is banking. It's easier than it used to be, but there are still some quirks to navigate.

Opening Your Account

Most major Australian banks let international students open accounts before arriving, which is genuinely useful. You'll need your passport, student visa, and enrollment confirmation. Some banks waive monthly fees for students—always ask about this upfront.

Getting Your TFN

Your Tax File Number is separate from banking but equally important if you plan to work part-time. Apply through the Australian Taxation Office website within your first weeks. Without it, you'll pay higher tax rates on any income you earn.

Understanding Fees

ATM fees can sneak up on you. Using another bank's ATM often costs between $2-$3 per transaction. International transaction fees on cards typically run 2-3% of the purchase amount. If you're frequently transferring money internationally, compare dedicated services against your bank's rates.

Payment Methods

Australia has largely moved to tap-and-go payments. Many places barely accept cash anymore. Your debit card will have PayWave or similar contactless technology. Mobile payment apps like Apple Pay and Google Pay work everywhere that accepts cards.

Money Transfers Home

Banks charge hefty fees for international transfers. Services like Wise, OFX, or similar platforms often offer better exchange rates and lower fees. Just make sure any service you use is properly regulated—there are plenty of less reputable options out there.

Building Credit History

Australia doesn't have a credit score system quite like the US, but your banking history still matters. Late payments, overdrafts, and defaults get recorded. This becomes relevant if you ever want to rent an apartment or apply for future financial products.

Real-World Money Questions

These are the actual situations students ask us about—the stuff that doesn't make it into official university guides but matters when you're living here.

Rental Bonds and Rent

When you rent in Australia, expect to pay a bond (typically four weeks' rent) plus two weeks' rent upfront. That's a big initial outlay. The bond gets lodged with a government authority, not held by the landlord. You get it back when you move out, assuming no damage. Rent is usually paid fortnightly, not monthly like many other countries.

Transport Costs

Public transport varies wildly by city. Sydney and Melbourne have decent systems with student concessions—but you need to apply for a concession card separately from your student ID. Brisbane, Perth, and Adelaide are more car-dependent. Budget around $30-50 weekly for transport if you're using public options regularly.

Phone and Internet

Mobile plans in Australia are reasonably priced compared to many countries. You can get decent prepaid plans for $20-40 monthly. For home internet, student accommodation often includes it, but if you're renting privately, budget $60-80 monthly for a reliable connection.

Groceries and Eating

Food costs catch many students off guard. Weekly groceries for one person typically run $80-120 if you're cooking at home. Eating out is expensive—a basic lunch easily costs $12-18, and dinner can be $20-30. Learning to cook and meal prep makes a noticeable difference to your budget.

Someone Who Actually Understands

Henrik came to Australia as an international student himself back in 2018. He remembers the confusion of trying to open a bank account with a temporary visa, the stress of calculating whether his savings would last the semester, and that moment of panic when he realized his home country's debit card wasn't working at Australian ATMs.

After graduating with his finance degree, he decided to help other international students navigate the same challenges he'd faced. Not through generic advice, but by actually sitting down and looking at individual situations.

He runs regular drop-in sessions at our South Nowra office—usually Wednesday afternoons and Friday mornings throughout the semester. No appointment needed. Bring your questions, your bank statements, your visa documents, whatever's confusing you about money in Australia.

"Most students just need someone to explain things in plain language without making them feel stupid for asking. That's what I try to do—answer the questions you're too embarrassed to ask your university advisor."

If you can't make the drop-in times, you can schedule a specific appointment. We also offer video consultations for students in other cities, though Henrik finds face-to-face conversations work better for going through documents together.

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