Choosing an Australian Bank Account as an ANU Student: Commonwealth Bank, ANZ, and NAB Features Compared

26 April 2026 3 min read

As of 2025, Australia’s four major banks (Commonwealth Bank, ANZ, NAB and Westpac) together hold around 78% of the country’s retail deposit market (Australian Prudential Regulation Authority, APRA, 2025, Monthly Authorised Deposit-taking Institution Statistics). For international students about to enrol at the Australian National University (ANU), choosing the right bank account affects not only day-to-day spending convenience but also the efficiency of tuition payments and the cost of cross-border transfers. According to the Department of Home Affairs’ 2024 Student Visa Guidelines, holding an Australian bank account is a common supporting document for demonstrating fund liquidity and meeting the Genuine Student requirement of the visa conditions. Based on official fee schedules and campus partnership information, this article systematically compares the account types, fee structures, branch networks and digital services that Commonwealth Bank, ANZ and NAB offer to ANU students, giving international students an actionable decision-making reference.

Bank account types and basic opening requirements

Accounts designed for international students

All three banks offer zero-monthly-fee transaction accounts for international students. Commonwealth Bank’s Smart Access Account waives the $4 monthly account-keeping fee for students, provided the holder is under 21 or studying full-time (a CoE is required). ANZ’s ANZ Access Advantage also waives the monthly fee for full-time students, but requires a minimum monthly deposit of $2,000 to waive the $5 monthly fee — a condition that can be a hurdle for students with irregular part-time income. NAB’s NAB Classic Banking account charges no monthly fee at all and has no minimum deposit requirement, making it the lowest-barrier option of the three.

Documents required and the opening process

Under Australia’s Anti-Money Laundering and Counter-Terrorism Financing Act 2006, banks must complete 100-point identity verification before opening an account. International students can typically combine a passport (70 points), an Australian visa (70 points) and a university offer letter (40 points) to meet the requirement. Commonwealth Bank lets applicants pre-fill the application online and complete identity verification at any branch within 14 days of arrival; ANZ supports fully online account opening, with the account activated after identity verification by video call; NAB also offers a digital onboarding process, but requires customers to visit a branch to complete final activation within 30 days. All three banks have branches or campus service points on or near the ANU campus (Acton and Civic).

Account fees and waivers

Monthly fees and waiver conditions

Commonwealth Bank’s Smart Access Account has a standard monthly fee of $4, which full-time students can have waived, but they must resubmit proof of enrolment every year. ANZ’s Access Advantage costs $5 a month, waived if you deposit $2,000 each month or hold an ANZ home loan or credit card. NAB’s Classic Banking has a $0 monthly fee with no waiver conditions; the policy has been in place since 2018 and it remains the only permanently fee-free transaction account among the big four.

International transactions and ATM fees

Commonwealth Bank charges $5 per overseas ATM withdrawal and a 3% currency conversion fee on overseas card purchases. ANZ charges $5 for overseas ATM withdrawals and the same 3% conversion fee. NAB charges no fee for overseas ATM withdrawals (though local banks may add their own fees) and a 3% conversion fee. Within Australia, all three banks take part in the ATM Fee-Free alliance: Commonwealth Bank’s ATM network covers around 4,000 machines; ANZ and NAB share part of their ATM networks (through a “no surcharge” agreement), but NAB customers pay a $2.5 fee when withdrawing from Commonwealth Bank ATMs.

Campus branches and ATM coverage

Coverage on and around the ANU campus

The ANU main campus (Acton) has a Commonwealth Bank campus branch in the Union Court precinct, open Monday to Friday 9:00-17:00, with 2 ATMs. ANZ has a branch in the City West shopping centre, about an 8-minute walk from campus. NAB has no physical branch on campus, but its Civic branch on London Circuit is about a 12-minute walk away. According to the ANU website’s 2025 Campus Services Directory, Commonwealth Bank is the only institution with a campus banking partnership agreement with ANU, and its ATMs have 4 locations on campus (including at Kambri and the Chifley Library entrance).

Digital banking and mobile support

All three banks offer iOS/Android mobile apps. The Commonwealth Bank CommBank App supports real-time transaction notifications, Cardless Cash and the Lock feature (temporarily freezing a card). The ANZ App offers similar features and supports Apple Pay and Google Pay. The NAB App adds NAB Now Pay, an instant transfer feature that lets users send money to any Australian bank account using a mobile number or email address, usually arriving within 30 seconds. According to Canstar’s 2024 Digital Banking Satisfaction Survey, app satisfaction scores were 4.2/5 for Commonwealth Bank, 3.9/5 for ANZ and 4.0/5 for NAB.

Cross-border transfers and tuition payments

International transfer fees and exchange rates

Commonwealth Bank charges a flat $10 fee for international transfers over the SWIFT network, with an exchange rate markup of about 3%-4% (over the mid-market rate). ANZ charges $15 for international transfers with a markup of about 3.5%. NAB charges $9 with a markup of about 2.8%, the best rate of the three. For large tuition payments (ANU international students pay on average $45,000-$55,000 AUD per year), exchange rate differences can add hundreds of dollars in extra cost. When paying tuition across borders, some families use dedicated channels such as Flywire tuition payments for currency conversion, gaining more transparent rates and faster arrival times.

Receiving overseas transfers

Commonwealth Bank usually takes 2-5 business days to receive SWIFT transfers, ANZ 1-3 business days and NAB 1-3 business days. All three banks support the BSB+Account Number format for domestic Australian transfers, which arrive instantly via the Osko system. For remittances from banks such as Bank of China or ICBC, it is advisable to write the student’s full name and CoE number accurately in the transfer reference to avoid delays caused by mismatched information.

Student discounts and add-on services

Credit cards and rewards programs

Commonwealth Bank offers the Low Rate Credit Card to customers with student accounts: $59 annual fee, 20.99% interest rate, and 1 Flybuys point per $1 spent. ANZ’s ANZ Frequent Flyer credit card has a high bar for students (requiring annual income above $15,000), a $89 annual fee, and points that convert to Qantas miles. NAB does not offer a dedicated student credit card, but its NAB Rewards credit card has a $59 annual fee (waived in the first year) and earns 1.25 points per $1 spent, redeemable for gift cards or cash back.

Savings account rate comparison

Commonwealth Bank’s NetBank Saver has a base rate of 1.80% p.a. (February 2025 data), rising to a bonus rate of 2.50% p.a. if you deposit $200 each month and make no withdrawals. ANZ’s ANZ Online Saver offers a base rate of 1.60% p.a. and a bonus rate of 2.20% p.a. (same conditions). NAB’s NAB iSaver has a base rate of 1.90% p.a. and a bonus rate of 2.60% p.a., with no minimum deposit requirement. For students planning to stay in Australia for more than 2 years and build up living savings, NAB’s savings account wins on both rate and flexibility.

Closing accounts and switching banks

The account closing process

Commonwealth Bank requires customers to close accounts in person at a branch or by calling customer service, with processing taking 1-3 business days. ANZ supports online closure (via NetBank or the app), usually processed within 24 hours. NAB also supports online closure, but the account balance must be zero before the request can be submitted. According to ASIC’s 2024 Banking Account Operations Guidelines, banks may not charge a fee for closing accounts, but customers must ensure there are no uncleared transactions (such as pending cheques or transfers that have not arrived).

Switching banks and migrating accounts

If a student decides to move from one bank to another, the Australian Bank Account Switching Service (BACS) can automatically migrate direct debits and recurring payments. Commonwealth Bank, ANZ and NAB all participate in the service, but an authorisation form is required and the transfer takes 5-10 business days. It is recommended to complete any switch at least 4 weeks before the semester starts, to avoid tuition payment failures or delayed scholarships caused by account changes.

FAQ

Q1: As an ANU international student, how long after opening an account will I receive my bank card?

Commonwealth Bank and ANZ usually mail debit cards to the ANU campus address within 3-5 business days of identity verification. NAB issues cards on the spot at branches, so the wait is shortest. For express postage, Commonwealth Bank charges an extra $15 courier fee and ANZ $12. All three banks let you use a virtual card in their mobile apps for Apple Pay/Google Pay payments before the physical card arrives.

Q2: Which of the three banks has the lowest monthly fee for student accounts?

NAB’s Classic Banking account has a $0 monthly fee with no waiver conditions at all. Commonwealth Bank’s Smart Access Account is fee-free for students but requires proof of enrolment to be resubmitted every year. ANZ’s Access Advantage costs $5 a month, waived only when you deposit more than $2,000 each month. According to Finder’s 2025 Banking Account Fees Report, NAB is the only transaction account among the big four with a permanently waived monthly fee.

Q3: If I return to China while studying at ANU, can I keep using my Australian bank account?

Yes. All three banks keep accounts active with no transaction activity, but Commonwealth Bank requires at least one transaction (deposit or withdrawal) within 12 months or it charges a $5 dormancy fee. ANZ’s dormancy period is 15 months and NAB’s is 12 months. It is recommended to set up an automatic transfer (such as $1 from savings to the transaction account each month) before leaving, to keep the account active.

References

Australian Prudential Regulation Authority (APRA), 2025, Monthly Authorised Deposit-taking Institution Statistics
Australian Government Department of Home Affairs, 2024, Student Visa Guidelines
Canstar, 2024, Digital Banking Satisfaction Survey
Finder, 2025, Banking Account Fees Report
UNILINK Education, 2025, Australian International Student Bank Account Database