What You Need Immediately
Two of the most important steps before or immediately after arriving in Australia are setting up a bank account and arranging Overseas Student Health Cover (OSHC). Both are required as a condition of your student visa, and getting them organised early means you'll have a bank account ready for your first pay cheque and full healthcare cover from day one.
Australian Bank Accounts for International Students
Australia has four major banks: Commonwealth Bank (CBA), ANZ, Westpac, and NAB, alongside digital-first alternatives like ING, Ubank, and HSBC. For international students, the features to compare are: monthly account fees, international transfer fees, ATM access, and you can open the account before arriving in Australia.
Bank | Student Account | Monthly Fee | Open Before Arrival? | International Transfers |
|---|---|---|---|---|
Commonwealth Bank ANZ Westpac NAB HSBC Wise (multi-currency) | Smart Access / Streamline Access Advantage Choice Account Classic Banking Everyday Global Multi-currency card | $0 (if < 25 or student) $0 (student waiver) $5/month (waivable) $0 $0 $0 account fee | Yes (3 months before) Yes (via app) Yes Yes (digital) Yes (global app) Yes | Yes (fees apply) Yes Yes Yes Free to 200 countries Lowest fees market |
Tip: Many Indian students open a CBA or ANZ account before departing India using the bank's international student program. This means your debit card arrives in Australia shortly after you do, a major convenience.
What Is OSHC and Why Is It Mandatory?
Overseas Student Health Cover (OSHC) is mandatory for all international students in Australia on a student visa. It provides access to subsidised medical services, including GP visits, some specialist consultations, hospital treatment, limited prescription medications, and emergency ambulance in most states.
OSHC must cover the full duration of your student visa. Most universities require proof of OSHC purchase before they issue a Confirmation of Enrolment (CoE).
OSHC Providers Comparison 2026
Provider | Single Annual Cost (est.) | Family Cover | Extras Cover | 24/7 Support |
|---|---|---|---|---|
Medibank Student Bupa Student Allianz Care AHM (Medibank subsidiary) nib OSHC | AUD $600–$680 AUD $590–$670 AUD $580–$650 AUD $570–$640 AUD $560–$630 | Yes Yes Yes Yes Yes | Optional Optional Optional Basic Optional | Yes Yes Yes Yes Yes |
Note: Costs vary by coverage level and policy length. Always purchase OSHC for the full duration of your student visa; renewals are more expensive than buying a continuous policy.
What OSHC Does NOT Cover
It's important to understand the limits of OSHC. It does not cover: dental and optical (unless you add extras), physiotherapy (limited), mental health services beyond a set number of sessions, pre-existing conditions in some circumstances, and cosmetic procedures. Students with ongoing health needs should consider purchasing a separate extras policy.
Medicare: Are International Students Eligible?
Students from countries with Reciprocal Health Care Agreements (RHCA) with Australia including the UK, Ireland, New Zealand, Italy, Belgium, Sweden, Netherlands, Norway, Finland, Slovenia, and Malta may access Medicare during their stay. Indian and Nepali students are not covered by Medicare and must maintain OSHC for the full visa duration.
Next step
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