Australia Money

FINANCES DOWN UNDER

As an International Student studying in Australia you will need to have some understanding of how to access money in Australia. So the good news is, is that it should not be to different from where you come from if you come from another developed economy. Australia’s mercantile institutions are as old as the country itself and all money in Australian banks are insured by the federal government. So your money is very safe in Australian banks and it is simple to access your funds any time day and night via ATM or eftpos (Electronic Funds Transfer at Point of Sale) at the venue you are at.

As an International Student you can bring in $10 000AU undeclared and any amount after that after being declared to Australian Customs at the airport. And if you are bringing in promissory notes, travellers cheques, money orders and postal orders you will be asked by a customs officer at the airport to fill in a Bearer Negotiable Instruments (BNI) form. But apart from these minor legal requirements that you will have to satisfy you can bring any amount of money into Australia. And as a holder of a student visa and if you have a residential address you can get an ATM card within a few days of arrival so you can access all the financial services in the country like an Australian resident by the end of the first week of being in Australia. Although the law does require that if you do not get an Australian bank account within the first six weeks of arrival in Australia you will need more proof of identification (ID) lie a passport, birth certificate, or international drivers license with a photograph to satisfy the bank you will be trying to get an account with.

That aside! The ‘Pacific Peso’ (aussie slang for our currency) is not what it once was and competes favorably with foreign currencies, nevertheless the cost of everyday living in Australia is relatively cheap and the big cost that you will encounter will be in relation to travel.

Australia is a big country and if you want to see it you will have to fork out some ‘dosh’ to see all those interesting places that you saw in the advertisements.

Traveling in Australia will be a major expense but there are multiple ways to get to your destination and it is very possible to find a way of getting somewhere that is in keeping with your budget. It will cost you at least $400AU to get by a week in Australia and with an 8105 Student visa you can work 20 hours a week in Australia during semester and full time when you are on hiatus. Public transport is also very good in Australia and there are usually different types of passes you can buy that can knock those costs right down as well.

ANZ, Commonwealth, National and Westpac banks are found all over Australia and they are linked in with the international financial system. These banks have ATM’s in almost every suburb and in many country towns throughout Australia. You can access the ATM’s of these and affiliated banks 24hrs a day, and most venues and stores you go to will be linked in with these four major banks and their affiliates, so it is possible to access money at your local garage or corner store.

Australian banking is thoroughly electronic and the convenience of this heavily electronic financial system is that you can get to your finances whenever. Most pubs and clubs in Australia have their own ATM’s in the pub and our foyer itself and are affiliated with all banks, although they charge a small fee when you access them and if you have had a few drinks the temptation to have a spending spree might be a bit too much. So take your money with you and leave the ATM card at home is a good strategy when out on a Friday or Saturday night with friends. Credit cards like Master Card and VISA are accepted for most things in Australia including use in ATM’s and getting cash advances over the counter from banks throughout the country.

While American Express is not as widely accepted in Australia and you do not want to find you cannot access funds when you need them the most. Australian currency belongs to the decimal system of currencies and is widely known throughout the world for the technicolor design of its denominations. Those denominations are as follows: 5c, 10c, 20c, 50c, $1coin, $2coin, $5, $10, $20, $50, $100. So when purchasing good and services in Australia the sale of that item is rounded off to the nearest zero.

Australia also has a flat rate GST (Goods & Services Tax) of 10% that is put on top of all items except household necessities like bread and milk and other base items. And if you buy items in Australia from one wholesaler or store with a minimum value of $300 you can be refunded the GST under the TRS (Tourist Refund Scheme) no more than 30 days before leaving Australia. So that is a basic guide to getting your financial house in order in Australia.