1. The “Big Four” Banks for SACM Students

While Australia has many banks, SACM students typically choose one of the “Big Four” due to their extensive branch networks and dedicated international student support.

2. Step-by-Step SACM Stipend Setup

Step 1: Open Your Account (Onshore or Offshore)

You can open your account online up to 3 months before you land in Australia.

• Offshore: Apply via the bank’s website. You will receive your BSB (Bank State Branch) and Account Number immediately.
• Onshore: Visit a branch with your Passport and COE (Confirmation of Enrolment).
  
  

Step 2: Collect Your “Proof of Account”

SACM requires a specific document to verify your account. It is not enough to just send a screenshot. You must request a Bank Account Confirmation Letter or an Initial Statement that clearly shows:

• Your full name (matching your passport).
• The BSB Number (6 digits).
• The Account Number (8–9 digits).
• The Bank’s official logo and stamp.
  
  

Step 3: Upload to the Safeer Portal

Log in to your Safeer account and navigate to the “Financial Services” section.

1. Enter your Australian bank details.
2. Upload the PDF of your Bank Confirmation Letter.
3. Submit your Financial Guarantee (FG) for the current semester to ensure your tuition and stipend are aligned.

3. Critical 2026 SACM Requirements

Note on “Joint Accounts”: If you are moving to Australia with a spouse (dependents), SACM generally prefers stipends to be paid into an account in the primary student’s name. While you can open a joint account later for bills, your Safeer profile should list your individual account first.

The “100-Point” ID Check

To fully activate your account (and withdraw cash), you must complete an ID check at a branch. You will need:

• Passport: (70 points)
• Student Visa: (Copy of your VEVO check or grant letter)
• Student ID Card: (Once issued by your university)
• Australian Phone Number: You need this for 2FA (Two-Factor Authentication) on your banking app.

4. Tips for Managing Your Stipend in 2026

• Avoid International Transfer Fees: Use STC Pay or Al Rajhi apps to send money from Saudi Arabia to Australia. Most Australian banks charge $15–$30 for incoming international wires, but “fintech” apps are often cheaper.
• Download the App Immediately: Australian banking is 99% digital. You will use Apple Pay or Google Pay for almost everything, including public transport in Sydney and Melbourne.
• TFN (Tax File Number): Once your account is open, give the bank your TFN. If you don’t, the bank will automatically take 47% of any interest you earn as “Withholding Tax.”