BANKING

When it comes to managing your money in Australia, you have a variety of options, from national banks to local credit unions and building societies.

 

Here are a few pointers on how to set up your bank accounts.

 

Before or after you arrive, you can open a bank account.

 

You'll need your Electronic Confirmation of Enrolment (eCoE), passport, Letter of Offer, and other forms of identification to establish an account.

 

An Australian Tax File Number may also be required (TFN). The Australian Tax Office has information on obtaining a TFN on their website.

 

Your institution or college's financial or student assistance officials will be able to provide you with information on how to open a bank account.

You may also consult the Moneysmart website of the Australian government for help.

 

AUSTRALIAN CURRENCY

The dollar is Australia's fundamental unit of money (AUD). One dollar ($1) is made up of 100 cents. There are five different denominations of Australian dollar notes: $5, $10, $20, $50, and $100. The denominations of the coins are 5c, 10c, 20c, 50c, $1, and $2.

 

In stores and supermarkets, prices are rounded up or down to the closest 5 cents. For example, an item listed at $1.97 would cost $1.95, yet an item listed at $1.99 would cost $2.

 

Getting access to your funds

Automatic teller machines (ATMs) may be located all throughout Australia and may be used to withdraw money. Withdrawing money from an ATM affiliated with your bank institution is usually free.

You should be aware that using an ATM from another provider will almost always result in a cost. At the time of withdrawal, the ATM will inform you of the cost.

Even if you don't have a bank account set up before you arrive, most ATMs accept foreign cards, so you'll be able to use your credit or debit card from home.

Always keep in mind that there are expenses involved with withdrawing money from your home account, such as transaction fees and the currency conversion rate. These differ depending on the supplier, so verify with your local bank institution before you travel to Australia.

Getting money out of the country or to Australia

Australian banks provide a variety of options for transferring money in and out of the country. Fees and charges will apply to all of these services. These may be found on the websites of financial institutions.

 

You can have monies electronically transferred from abroad banks into your Australian bank account. If you want to send money to someone in another nation, you'll need to submit their banking information. The monies will subsequently be electronically transferred from your account to theirs by your bank provider.

 

Financial complaints

The Australian Financial Complaints Authority (AFCA) aids people and small companies in resolving complaints about all bank financial services. For instance, you may discover that money has been removed from your bank account without your permission.

 

Visit https://www.afca.org.au/ or contact 1800931678 for further information.