Money Matters

Currency

Like the currency of the United States, Australian currency comes in the form of coins and bills – called notes. The notes are unusual because they are plastic, colorful, and highly durable. The basic unit of currency is the Australian Dollar.

Coins: 5c, 10c, 20c, 50c, $1, $2

Notes: $5, $10, $20, $50, $100

As Australia does not have 1c or 2c coins purchases are rounded to the nearest five cents Thus $2.99 becomes $3.00 and $2.92 becomes $2.90.

Banking

Australian currency is the only legal tender in Australia. When you first arrive, money from other countries can be changed at the exchange facilities located at international airports, banks and major hotels. Traveler’s checks are easier to use if already in Australian dollars, however, banks will cash traveler’s checks in virtually any currency. Major hotels and some shops, depending on individual store policy, will cash traveler’s checks.

It is a good idea to set up an Australian bank account. You will need to provide your visa and evidence of residency. Banking services in Australia are extremely competitive. Over 20 local and numerous international banking groups are represented in Australia. All major banks have a branch in cities and regional centers. Most shopping centers have Automatic Teller Machines (ATM) facilities. These machines can be used for deposits and, in many instances, withdrawals 24 hours a day. Many department stores, supermarkets and specialist shops have electronic transfer terminals (EFTPOS) where cash withdrawals can also be made in addition to purchasing goods.

Once a bank account has been established you can arrange for the international transfer of money from your U.S. bank account to your Australian bank account. There are generally fees associated with this type of transaction both from the Australian bank and the U.S. bank however it is a safe and a relatively easy alternative to carrying large amounts of cash or traveler’s checks.

Credit cards

Credit cards are widely accepted around Australia. The most commonly accepted credit cards are American Express, Bankcard, Diners International, MasterCard, Visa and their affiliates.

Tipping

Tipping is not the general custom in Australia and service charges are not added to accounts by hotels and restaurants. After receiving exceptional service in restaurants, it is appropriate to tip food and drink waiters up to 10 per cent of the bill for good service. However, at any time, tipping is a matter of individual choice.