Money Matters for International Students in Australia
Moving to Australia for your studies is exciting. But the financial side? That's where most students hit unexpected bumps. You've sorted your visa and enrolled at uni — now you need to handle Australian banking, tax requirements, and budgeting in a completely different currency system.
Our team has walked hundreds of international students through the practical side of managing money here. We'll help you set up the right accounts, understand your tax obligations (yes, even students have them), and build habits that keep you financially stable through your degree and beyond.
Talk With Our Team
What You Actually Need to Know
Banking Setup
Australian banks work differently than what you're probably used to. You'll need a local account within six weeks of arriving to avoid extra paperwork hassles.
- Opening accounts before you land (yes, you can do this)
- Understanding fees and which accounts suit students
- International transfers without losing money on exchange rates
- Mobile banking setup and security
Tax File Numbers
You need a TFN even if you're not working yet. Without one, any income gets taxed at nearly 50%. We'll walk you through the application and what comes after.
- When and how to apply for your TFN
- Understanding your work rights on a student visa
- What happens at tax time each July
- Keeping records even for casual work
Budget Planning
Australian living costs surprise most students. Rent, groceries, transport — it all adds up faster than you'd expect. We help you build a realistic budget from day one.
- Real costs for different cities and suburbs
- Student discounts and concession cards
- Managing part-time work income effectively
- Emergency fund strategies that actually work
Your First Three Months: A Practical Timeline
Before You Arrive
Start your banking application from home. Most major Australian banks let you do this online, and having it sorted before arrival saves you stress during orientation week.
What to prepare: Passport copy, CoE from your university, proof of overseas address, and your Australian address (even if it's temporary accommodation).
Timing note: Applications can take 5-7 business days, so start at least two weeks before your flight.
Week One in Australia
Apply for your Tax File Number immediately. The ATO typically processes these in 28 days, and you'll need it before starting any work or opening certain investment accounts.
Application process: Online through the ATO website. Have your passport, visa details, and Australian address ready. Free service — never pay someone to do this for you.
Common mistake: Students wait until they find work. Don't. Apply now even if you're not job hunting yet.
First Month
Set up your everyday banking properly. Link accounts, arrange regular transfers from home if needed, and understand how EFTPOS and mobile payments work here.
Smart setup: Most students benefit from having a transaction account for daily spending and a savings account for rent and larger bills. Some banks offer bonus interest if you deposit regularly and don't make withdrawals.
Month Two to Three
Track your actual spending patterns and adjust your budget. The first month rarely reflects reality because you're buying setup items. By month three, you'll see your true ongoing costs.
What we see: Students usually overestimate food costs and underestimate transport. Review your statements together and we'll help identify where adjustments make sense.
Work considerations: If you've started casual work, make sure your employer has your TFN and you're tracking your hours properly.
Understanding Australian Tax as a Student
"Most international students think they don't need to worry about tax until they're earning serious money. That's the biggest misconception I deal with. Even if you work ten hours a week at a cafe, you've got tax obligations — and opportunities."
What Actually Applies to You
The Tax-Free Threshold
You can earn up to $18,200 per year before paying any tax. But here's the catch — your employer still withholds tax from each pay. You get it back when you lodge your tax return after June 30th. This trips up students who don't realize they need to file even if they're under the threshold.
Superannuation (Super)
Your employer must pay an additional 11.5% of your wages into a super fund. As an international student, you can claim this back when you leave Australia permanently. Most students don't know this exists and leave thousands behind. We help you set up tracking from the start.
Working Holiday vs Student Visa Tax
Student visa holders get much better tax treatment than working holiday makers. You're taxed as a resident, which means that tax-free threshold applies. Make sure your employer has you set up correctly — we've seen cases where students were taxed at backpacker rates by mistake.
Record Keeping That Matters
Keep every payslip. Screenshot your bank statements. Save receipts if you're claiming any work-related expenses (yes, students can claim these too). Come tax time in 2025, you'll thank yourself. We provide a simple tracking system that takes about five minutes per week.
Real Students, Real Financial Progress
Priya Chatterjee
Priya arrived in Sydney in February 2023 with typical worries about Australian costs. She connected with us during orientation week and we helped her set up proper banking and understand her visa work limits. Within a month, she had a clear budget and started part-time retail work.
Established emergency fund of $2,000, learned to manage casual work income, filed first tax return and received $890 refund.
Built savings to $5,500, started investing small amounts through micro-investing app, increased work hours during summer break without exceeding visa conditions.
Now in final year with $8,200 in savings, helped two friends set up their finances, working as student ambassador for financial literacy on campus. Plans to apply for graduate visa and has financial buffer to support job search period.
Wei Lin
Wei struggled initially with understanding Australian banking fees and lost money on poor exchange rates sending funds home. After our first session in March 2023, he switched to better international transfer services and optimized his account structure.
Saved $3,400 in first year through better banking choices and part-time tutoring work. Set up automated savings transfers each fortnight.
Increased tutoring rates based on our advice, built savings to $7,800, started tracking super contributions properly, helped parents understand Australian education costs for his younger sister considering studying here.
Now has $11,600 saved, runs small tutoring business within visa conditions, teaching other international students about managing money in Australia. Confident about post-graduation financial transition.