Top Banks to Open an Account in Australia: A Guide for International Students
Choosing the right bank in Australia is an important decision, especially for international students. With a variety of banks and ethical options, this guide aims to help you make an informed decision. Let's explore the best banks, focusing on their features, benefits, and how they meet your needs.
ING Bank
ING is a popular choice among Australians and international students alike. Known for its outstanding customer service and quick response times, ING is particularly praised for its international-friendly card services. Although there are some requirements to meet for no fees at ATMs, this bank offers a simple method to reach the necessary conditions. For instance, you can deposit money by sending it to a friend or spouse, making it a convenient option. However, if you have a mortgage or other significant financial commitments, it might be best to stick with the Big 4 banks—NAB, ANZ, CBA, and Westpac—which have more extensive physical branch networks. Despite ING's limitations in terms of branch locations, it excels in providing free access to ATMs both in Australia and overseas.
Ethical Behavior and Fairness
For those who prioritize ethical behavior and fairness, two banks stand out:
Bendigo Bank
Bendigo Bank is recognized for its transparent practices and commitment to fairness. This bank offers a great environment for customers who value ethical standards in banking. However, it’s essential to conduct your own thorough research to ensure the bank aligns with your personal values and needs.
BANK Australia
BANK Australia has been developed to meet the specific needs of Australians who demand more ethical banking practices. This bank stands out for its commitment to fairness and transparency, making it a great choice for those who care about moral values in finance.
Conclusion: While the concept of a best bank is subjective and varies from individual to individual, NAB is often cited as a top choice. Other notable banks like Commonwealth Bank, ANZ, and Westpac are also excellent options due to their flexibility in loan approvals, lower fees, and excellent customer service. Each major bank has similar interest rates and deals, so the best choice depends on your specific needs and the current deals available.
Key Banks to Consider
For comprehensive guidance, here is a brief overview of the four major banks supported by the government's four pillars policy:
Westpac Bank (formerly Bank of N.S.W)
Westpac is a well-established bank with a long history. It offers a wide range of financial products but is known for its somewhat rigid loan policies.
Commonwealth Bank (formerly completely Government owned)
Commonwealth Bank is the largest retail bank in Australia. Like others, it offers competitive rates and is known for its solid and reliable services.
ANZ Bank Australia (Australia and New Zealand Bank)
ANZ offers competitive rates and flexible loan approvals, making it a preferred choice for many. Its customer service is highly rated, and it has a strong presence across Australia.
National Australia Bank (NAB)
NAB is often considered one of the best due to its flexibility in loan approvals and lower fees on most accounts. Its strong customer service makes it a reliable choice for many customers.
Note: It is essential to research and compare the current offers from each bank to determine which one suits your unique circumstances best. Building societies, such as one in Newcastle that often wins national awards for the best mortgage rates, can also be a great option for specific needs and benefits.