How to open bank accounts in the most popular study abroad destinations in 2025

For many, banking is confusing, even in your home country where you’re already familiar with how things work. So, it is no surprise that many international students are unsure about creating a bank account in a foreign country. 

Opening a foreign bank account, understanding transaction fees, and ensuring you’re avoiding hidden charges can be nerve-racking. Oftentimes, you’ll find that there are many banks to choose from and various steps you must take before setting up your account.

That’s why taking the time to research your options and reach out to your university’s international student office for advice can be crucial to avoid running around like a headless chicken.

Opening a bank account at a local bank will ensure your money is safe and easily accessible. Source: AFP

Why you should open a bank account while studying abroad

When studying abroad, opening a local bank account can make managing your money safer and more convenient. 

Many foreign banks charge you extra fees every time you make a withdrawal or transaction abroad — something completely avoidable if you use a local bank card instead. Having a local bank account makes giving and receiving money from others easier as well, especially if you start working part-time. 

Plus, if you lose your card, getting a replacement in the country you’re living in is much simpler. Many universities worldwide have banking services or ATMs on campus, so you won’t have to worry too much about where to go if a problem ever arises. 

Having a bank account in the country’s currency would mean you won’t have to constantly calculate exchange rates or worry about how fluctuating rates might affect your budget too. Many banks also have apps that allow you to manage your money, check your balance, and set up alerts to keep you on track.

How to open a bank account in the top study abroad destinations 

Here’s a list of documents you have to prepare and all you need to know before opening a bank account in one of the top study abroad destinations in 2025. 

UK

In the UK, most banks offer students a “student account,” with no monthly fees and sometimes even extra perks like interest-free overdrafts.

Opening an account can take a few days and up to a couple of weeks, so it’s best to get started early. You can do this by booking an appointment online, making the process smoother. Your debit card and PIN will be sent to you via post, so you will need a confirmed UK address.

Here’s how to open a bank account in the UK:

1. Provide proof of your identity with a passport or national ID card
2. Bring along your visa if you need one to study in the UK
3. You will need proof of your UK address, which can be a letter from your university confirming your student status and where you’re living
4. Some banks may also require proof of funds or a letter from your bank back home

Australia 

In Australia, international students can open student bank accounts that have no monthly fees. Many banks even let you open an account online before your arrival so you can have everything ready as soon as you land.

Here’s how to open a bank account in Australia:

1. Provide proof of your identity with a passport
2. Provide proof of your student status with your Confirmation of Enrolment (CoE) or a letter from your university
3. If you’ve already arrived in Australia, you’ll also need proof of your local address, which could be a rental agreement or a letter from your university
4. Some banks may ask for your Tax File Number (TFN) for tax purposes

Canada 

Many bank accounts in Canada will waive monthly fees for students and offer perks such as reward points or shopping discounts.

We advise choosing a bank with ATMs on campus or near the university, as you will be charged a transaction fee every time you use an ATM from a bank that is not your own. It’s a good idea to research options and choose a bank branch close to your campus or residence for convenience.

Here’s how to open a bank account in Canada:

1. Provide proof of your identity with a passport
2. Provide proof of your study permit
3. Bring your acceptance letter to provide proof of your enrolment at a Canadian educational institution. 
4. Ensure that all documents are up-to-date and easy to access, as this will help speed up the process

US

As an international student in the US, it would be best to first research the different types of accounts available, as some US banks offer student accounts with lower or waived fees.

Consider opening a bank account with a national bank, such as Bank of America or Chase, instead of state-specific banks. This will ensure that you can use ATMs located across the country.

Be sure to choose a bank close to campus or one with convenient online and mobile banking options. Many banks allow you to do this process online, which will give you a headstart on setting up your bank account before you arrive. 

Here’s how to open a bank account in the US:

1. Provide proof of your identity with a passport
2. Bring your student visa 
3. An I-20 (certificate of eligibility for non-immigrant student status) or I-797 approval notice
4. Get a letter of acceptance from your university to provide proof of your enrolment 
5. Many banks will also ask for proof of your US address, like a lease agreement or a utility bill

New Zealand

New Zealand banks often offer student accounts with no monthly fees and let you begin the account opening process online.

However, although it is possible to open a bank account over the phone or online, it might be easier to open your account in person in case there are any complications. Be sure to ask about any fees or minimum balance requirements, as these can vary across different banks and account types.

Here’s how to open a bank account in New Zealand:

1. Provide proof of your identity with a passport
2. Don’t forget your student visa
3. Provide proof of your enrolment at a New Zealand institution
4. You’ll also need proof of a local address, such as a rental agreement or a recent utility bill
5. Some banks may ask for additional identification, like your home country driver’s license, so check with your chosen bank before your appointment