Money Matters for International Students in Australia
Coming to Australia for your studies? Great choice. But here's something they don't mention in the glossy brochures: managing money in a new country is genuinely confusing at first.
I've worked with hundreds of international students since 2019, and the questions are always similar. How do I open a bank account before I arrive? Why is everything so expensive? What's this superannuation thing on my payslip?
You're not just learning about Australian culture and academics. You're figuring out a completely different financial system while juggling course deadlines and maybe working part-time. It's a lot.
What Actually Costs Money Here
Let's talk real numbers. Not the official estimates from university websites, but what students actually spend in 2025.
Accommodation Reality
Shared accommodation in Brisbane or Melbourne runs between $180-280 per week. Sydney and inner-city areas? Add another $100 to that. Your initial bond payment is usually four weeks' rent upfront, plus the first two weeks. That's a big chunk before you've even unpacked.
Food and Daily Living
Groceries cost around $80-120 weekly if you cook most meals. Eating out regularly? That budget doubles fast. A casual lunch near campus is $12-18. Coffee culture is real here, and those flat whites add up quicker than you'd think.
Transport Surprises
Public transport varies wildly by city. Gold Coast students might spend $35 weekly, while Melbourne students can easily hit $50. Living far from campus to save on rent? Factor in those extra transport costs before signing a lease.
Health Insurance Requirements
Overseas Student Health Cover isn't optional. For single students, expect around $550-650 annually. Family coverage jumps significantly. Compare providers carefully because benefits differ, especially for dental and optical.
Phone and Internet
Mobile plans start around $25-40 monthly for decent data. Home internet if you're renting runs another $60-80 monthly. Many students stick to mobile hotspots initially to avoid setup fees and contracts.
The Hidden Costs
Course materials, printing fees, social activities, emergency dentist visits, replacing things you couldn't bring from home. Budget an extra $1500-2000 annually for these unexpected expenses that definitely will happen.
Kasper Lindström
International Banking Specialist
Setting Up Your Banking
Most international students can open an Australian bank account before they arrive. Actually, you should. It makes the first week dramatically less stressful.
The major banks have streamlined processes for students. You'll need your passport, student visa details, and enrollment confirmation. Some banks waive monthly fees for international students, but read the conditions carefully.
Once you're here, visit a branch within six weeks to verify your identity. Bring your passport and proof of Australian address. Yes, even though you opened it online. Banking regulations require in-person verification.
- Before Arrival: Research banks offering student accounts with no monthly fees and good mobile apps. Commonwealth, Westpac, and NAB all have specific international student programs.
- First Week Actions: Activate your account in-branch, set up online banking, and organize a debit card. Consider getting a low-limit credit card after three months to build local credit history.
- Money Transfers: Compare transfer services like Wise or OFX against bank rates. The difference on large transfers from home can be several hundred dollars. Your parents will appreciate this research.
- Tax File Number: Apply for your TFN within days of arriving. Without it, you'll pay nearly 50% tax on any work income. The application is free through the ATO website and takes about 28 days to process.
Your Financial Timeline in Australia
Different financial tasks matter at different stages of your time here. Here's what to focus on when.
Months 1-3: Foundation Phase
Get your banking sorted, understand your budget, set up payment methods for rent and bills. This is survival mode financially. Don't make big purchases yet. Wait until you understand how money actually flows in your new life here.
Months 4-6: Adjustment Period
By now you know where money goes each week. Maybe you've started casual work. This is when students often realize their initial budget was optimistic. Adjust it based on reality, not hopes. If you're working, understand your superannuation and tax obligations properly.
Months 7-12: Optimization
You're a local now, financially speaking. Compare your bank fees and services. Look into student discounts you haven't been using. Consider whether your accommodation is still the right financial choice. Many students move after their first year to better balance cost and convenience.
Before Graduation: Exit Planning
If you're heading home after studies, plan your financial exit strategy. Cancel subscriptions and services, close accounts properly, and understand how to access your superannuation if you're leaving Australia permanently. These admin tasks take longer than you expect.