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Banking

Banking Options

Australia offers a range of banking choices, including national banks, local credit unions, and building societies.

 

Setting Up a Bank Account

  • Opening an Account: You can open a bank account either before or after arriving in Australia.

  • Required Documents: You'll need your Electronic Confirmation of Enrolment (eCoE), passport, Letter of Offer, and other identification forms.

  • Australian Tax File Number (TFN): A TFN might be necessary, with details available on the Australian Tax Office website.

  • Assistance: Your educational institution's financial or student support services can guide you on opening an account. The Moneysmart website also offers helpful information.

 

Australian Currency

  • Basics: The Australian Dollar (AUD) is the currency, divided into 100 cents, with notes in $5, $10, $20, $50, and $100 denominations and coins in 5c, 10c, 20c, 50c, $1, and $2.

  • Pricing: Prices in stores are rounded to the nearest 5 cents.

 

Accessing Your Funds

  • ATMs: Available nationwide, withdrawing from an affiliated bank's ATM is usually free, while other ATMs may charge a fee.

  • Foreign Cards: Most ATMs accept them, but be mindful of transaction fees and currency conversion rates. Check with your bank before traveling.

 

International Money Transfers

  • Options: Australian banks offer various services for transferring money internationally, subject to fees and charges.

  • Process: Funds can be electronically transferred from overseas banks to your Australian account. For outgoing transfers, you'll need the recipient's bank details.

 

Financial Complaints

  • Support: The Australian Financial Complaints Authority (AFCA) helps resolve complaints about banking services, including unauthorized account transactions.

  • Contact: For more information, visit https://www.afca.org.au/ or call 1800 931 678.

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