Money matters
Introductory Snapshot
It's easy for visitors to Australia to access money. There are
automated teller machines (ATMs) in most Australian towns and all
cities, as well as banks that will cash travellers cheques. The
Australian dollar has become increasingly competitive against major
international currencies like the US dollar and the euro, so the country
is a less economical destination than it used to be. That said, daily
living costs such as food and accommodation are still fairly
inexpensive. The biggest cost in any trip to Australia if you want to
see a lot of the country will be transport, simply because it's such a
huge place.
Banks
Banking services in Australia are extremely competitive. More than 20
local and numerous international banks are represented in Australia and
all major banks have many branches in each city and regional centre.
Major banks in Australia include the Commonwealth Bank, ANZ, Westpac,
National Australia Bank (NAB) and St George. Normal trading hours are
9:30am to 4:00pm Monday to Thursday and 9:00am to 5:00pm on Fridays.
Most banks are closed on Saturdays and Sundays, however some
institutions are opening for short periods on Saturday mornings.
Establishing bank accounts
Opening a local bank account relatively simple for overseas students.
It is recommended you open an bank account within six weeks of arrival.
Simply present your passport and provide the bank with a postal
address. The bank will then open an account for you and send you an ATM
card allowing you to access your money.
After six weeks most banks require you to provide more
identification, such as a passport, a birth certificate or an
international driving licence with photo. Some banks will waiver monthly
account fees if you provide proof of enrolment as a full time tertiary
student.
It is recommended you visit the website of the bank where you want to open your account for more details.
Banking ombudsman
The Australian Banking and Financial Services Ombudsman assists
individuals and small businesses to resolve complaints concerning all
financial services provided by banks.
For example there may be an instance where you see that money has
been withdrawn from your bank account without your consent. In this case
it may be necessary to talk to the banking ombudsman to resolve the
issue.
Free interpreter services are available.
For more information on the banking ombudsman visit www.fos.org.au or call 1300 780 808.
ATMs, Eftpos & Credit Cards
Branches of the ANZ, Commonwealth, National, Westpac and affiliated
banks are found all over Australia, and many provide 24-hour automated
teller machines (ATMs). Most ATMs accept cards issued by other banks and
are linked to international networks. Most shopping centres have
automatic teller machines (ATMs). These can be used for deposits and
withdrawals 24 hours a day.
Eftpos (Electronic Funds Transfer at Point of Sale) is a convenient
service that many Australian businesses have embraced. It means you can
use your bank card (credit or debit) to pay directly for services or
purchases, and often withdraw cash as well.
Credit cards such as Visa and MasterCard are widely accepted for
everything, including getting cash advances over the counter at banks
and from many ATMs. Charge cards such as Diners Club and American
Express (Amex) are not as widely accepted.
Currency & Exchanging Money
Australia uses a dollars and cents system of decimal currency with
100 cents in a dollar. The bank notes in use are $5 (purple), $10
(blue), $20 (orange), $50 (yellow) and $100 (green). Coins used are
silver 5 cents, 10 cents, 20 cents and 50 cents, and gold $1 and $2
coins. Australian currency is the only legal tender in Australia.
Changing foreign currency or travellers cheques (see following) is
usually no problem at banks throughout Australia or at licensed
money-changers such as Travelex or Amex in cities and major towns.
Transferring money
Money can be transferred to Australia by bank drafts or cheques and
telegraphic transfer (TT). Bank drafts from overseas will take a few
days to arrive and can take up to 10 working days to clear through an
Australian bank. Telegraphic transfers usually take shorter time, but
cost more.
Taxes & Refunds
The Goods and Services Tax (GST) is a flat 10% tax on all goods and
services – accommodation, eating out, transport, books, furniture,
clothing etc. There are exceptions, however, such as basic foods (milk,
bread, fruits and vegetables). International air and sea travel to/from
Australia is GST-free, as is domestic air travel when purchased outside
Australia by non-residents.
If you purchase new or second-hand goods with a total minimum value
of $300 from any one supplier no more than 30 days before you leave
Australia, under the Tourist Refund Scheme (TRS), you are entitled to a
refund of any GST paid. For more details, contact the Australian Customs
Service on 1300 363 263 or 02 6275 6666 or you can visit the website
at: www.customs.gov.au
Travellers Cheques
The convenience of internationally linked credit and debit card
facilities in Australia means that travellers cheques are not used much.
Nevertheless, Amex, Thomas Cook and other well-known international
brands of travellers cheques are easily exchanged. You need to present
your passport for identification when cashing travellers cheques.
For security, record the numbers of your travellers cheques and keep
these numbers in a separate location from the cheques themselves.
Shopping Etiquette
Bargaining is not the norm in Australia, unless you're at a
second-hand market or buy a whole new wardrobe from one store, in which
case it probably wouldn't hurt to ask for a small discount.
Tipping is becoming more common in Australia, particularly in cafes
and restaurants in the bigger cities; a 10% tip is usual. However, you
won't cause offence if you don't tip. Taxi drivers are always grateful
if you leave the change.
Australia For Free
There are plenty of activities that cost nothing or next to nothing
for those on a budget. Appreciate Australia's stunning natural beauty
and native animals with walks through its pristine national parks –
there are more than 500. Enjoy endless walks along endless beaches; go
people watching at fantastic markets; learn about Australia's art and
heritage at excellent free galleries and museums (see the Culture
section); or attend some typically Australian festivals, like the surf
life-saving competitions on beaches all around the country during
summer. The list of free or cheap things to do is endless, so there's no
need to let a student budget come between you and good times.
Working while you study
People granted student visas on or after 26 April 2008 will receive
permission to work with their visa grant. If your student visa was
granted before 26 April 2008 however, you can still apply separately to
the Department of Immigration and Citizenship (DIAC) for permission to
work once you have started your course in Australia.
Permission to work allows you to work up to 20 hours a week on a
casual basis during course time and full-time during vacation periods.
Family members can also work up to 20 hours a week throughout the year.
In the case of students who have commenced a masters or doctorate
course, family members can work unlimited hours. Students and their
family members must not undertake work until the student has commenced
their course of study in Australia. For further information please visit
the Working while you study in Australia page.