Building Your Financial Future in Australia
Moving to Australia for studies brings fresh opportunities — but also financial questions you probably haven't dealt with before. Currency conversions, visa requirements, superannuation accounts, tax file numbers. It's a lot.
You're not just learning your degree subject. You're also working out how money actually works here. And honestly? Most universities don't teach that part.
We created this resource because international students kept asking us the same practical questions about Australian finances. Not abstract theory — real stuff like "Can I open an investment account on a student visa?" or "What happens to my super when I leave?"
What You'll Actually Need
Valid Student Visa
Your visa subclass determines work hours and financial options. Most students have subclass 500, which allows 48 hours work per fortnight during semester.
Australian Bank Account
Open one within six weeks of arrival for easier verification. Bring your passport, CoE, and proof of Australian address — even a lease agreement works.
Tax File Number
Apply through the ATO website right after arrival. Without one, you'll pay 47% tax on any earnings. Processing takes about a month, so start early.
Proof of Funds
Keep bank statements showing living expenses coverage. Some investment platforms need proof of fund origin due to anti-money laundering requirements.
Your Path to Financial Confidence
These steps aren't complicated, but they need to happen in order. Skip one and you might hit roadblocks later.
Sort Documentation
Get your TFN, open your bank account, and set up your myGov access. This creates your financial identity in Australia and takes about two weeks total.
Understand Your Position
Work out your actual cash flow — income from family support, scholarships, part-time work. Then map your fixed costs: rent, utilities, food, transport, insurance.
Build Your Knowledge
Learn how Australian tax, super, and investment accounts actually work. Our resources cover the practical stuff universities assume you already know.
Students Who Figured It Out
Oskar Lindqvist
Sweden · Engineering Student
"Nobody told me about the TFN deadline. I earned money from casual work for three months before I realized I was paying nearly half in tax. Lumox's checklist would've saved me about $800."
Dimitri Vasiliou
Cyprus · Business Studies
"The superannuation system confused me completely. I thought I couldn't touch it, but Lumox explained how to claim it back when returning home. Small detail, but it's my money sitting there."
Fionn MacGrath
Ireland · Medical Science
"I wanted to start investing with spare scholarship money, but every platform rejected my visa status. Took weeks to find options that actually accept international students legally."