Financial Planning for International Students in Australia

Moving to Australia for your studies? Money stuff can feel overwhelming when you're adjusting to a new country. We help international students understand Australian banking, manage study budgets, and plan for living expenses — so you can focus on your education instead of stressing about finances.

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International student reviewing financial documents and budget plans

Understanding Your Financial Foundation

Before you arrive, there's groundwork to cover. Australian student visas require proof of funds — and that amount changes depending on whether you're bringing family. For 2025, single students need to show they have access to around AUD 24,505 annually, plus course fees and travel costs.

But here's what surprised most students I've worked with: the actual living costs often differ from official estimates. Sydney and Melbourne tend to run higher than regional areas. Your accommodation choice makes a huge difference too.

Start tracking your expected expenses three months before you arrive. Compare your home country's banking system with Australia's — the differences in transaction fees, international transfers, and account structures can catch you off guard if you're not prepared.

Essential Financial Steps

These are the practical elements every international student should address within their first month in Australia.

Opening an Australian Bank Account

Most banks let you apply before you arrive. You'll need your passport, student visa details, and proof of enrollment.

Commonwealth, NAB, and Westpac offer student accounts
Look for accounts with no monthly fees
Check international transfer costs carefully
Mobile banking apps make daily management easier

Managing Money Transfers

Sending money home or receiving funds from family involves fees and exchange rates that add up quickly.

Compare services like Wise, OFX, and bank transfers
Exchange rates fluctuate — timing matters
Set up regular transfers if you support family
Keep records for tax purposes

Tax File Number Application

If you're planning to work while studying, you need a TFN within your first weeks in Australia.

Apply online through the ATO website
Processing takes 28 days on average
Required for any paid employment
Affects how much tax you pay on earnings

Breaking Down Your Weekly Budget

Accommodation

Student housing ranges from AUD 200-400 weekly depending on city and room type. Shared apartments in suburbs cost less than CBD studios. Factor in bond deposits and advance rent when you first arrive.

Food and Groceries

Plan for AUD 80-150 weekly if you cook most meals. Aldi and Coles offer better value than eating out. Markets on weekends can save you money on fresh produce. Campus meal deals help stretch your budget.

Transport

Public transport costs vary by city. Melbourne's myki and Sydney's Opal cards offer student concessions. Budget AUD 30-50 weekly. Living closer to campus might cost more in rent but saves on transport.

Study Materials

Textbooks can hit hard at semester start. Check if your library has copies, buy secondhand from other students, or look for digital versions. Set aside AUD 300-600 per semester for course materials.

Emergency Fund Planning

Keep at least AUD 1,500 separate for unexpected situations. Medical appointments, urgent travel, or replacing broken electronics — things happen. This buffer prevents panic when surprises come up.

Ready to Build Your Financial Plan?

We work with international students arriving in February and July 2026 intakes. Our consultations help you set up banking, understand visa financial requirements, and create realistic budgets based on your specific situation and study location.

Budget Templates Banking Comparison Guides Visa Financial Checklists

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