As soon as you arrive in Australia, try to open a bank account to deposit any money that you bring in cash. Banks offer excellent options for international students. The card will allow you to do payments on purchases in shops and on-line, make transactions over the internet and if you work, your wages or salary will be deposited directly in to your account.
Step 1:
Choose the financial institution. It will be a plus if they have ATMs (Automatic Teller Machines) in various places in case you need to deposit or withdraw cash.
Step 2:
Take with you the following documents:
- Passport
- Student Card (if you do not have it yet, you can present your Confirmation of Enrolment (COE) or your electronic visa)
- Proof of place of residence
Step 3:
Make sure to choose an account that suits you the best and that
includes:
- “Debit Credit card” within a savings account or cheque accounts that allows you to make purchases or to make payments on the internet
- Does not charge a monthly fee
To remember:
All major banks have branches in cities and regional centers around Australia which operate from 9am – 4pm Monday to Friday (some banks remain open until 5pm on Fridays). If you have a Commonwealth Bank account, you could also make transactions (mainly deposits) at any Australia Post branch which also operates on Saturday mornings.
FINANCIAL SERVICES
There are a lot of choices to open your bank account. All banks offer comparable services to the international students.
24 Hour Automatic Teller Machines (ATMs) are available throughout Australia for your convenience.
Many department stores, supermarkets and specialist shops have EFTPOS terminals where cash withdrawals can also be made in addition to purchasing goods.
Currency
100 cents = $1 dollar
Coins = 5c, 10c, 20c, 50c, $1, $2
Notes/Bills = $5, $10, $20, $50, $100
You can find more information about opening accounts and banking in Australia on these websites:
- ANZ Bank
- Bank of Queensland
- Bendigo Bank
- Commonwealth Bank
- National Australia Bank (NAB)
- Westpac
- Uni Credit Union
TIPS
- Automatic Teller Machines (ATMs) are available throughout Australia for your convenience.
- Many department stores, supermarkets and specialist shops have EFTPOS terminals where cash withdrawals can also be made in addition to purchasing goods.
- Notify the Bank as soon as possible when you change your address.
- Sign new credit/debit cards immediately upon receipt.
- Memorise your PIN (Personal Identification Number) do not keep it with your card.
- Report lost/stolen cards, cheque books or passbooks immediately .
- Ensure that no one can observe you entering your PIN when using the ATM. To protect your PIN details, cover your hand when entering your PIN at an ATM.
- When using your credit card to make purchases via the internet, only deal with well known/reputable companies. Make sure that a padlock symbol appears in the right hand bottom corner of the web site indicating a secure operating environment.
- Be aware of other scams, such as spam e-mails, chain letters and persons purporting to be representatives of government departments, financial institutions or other businesses.
- Do not give or send your name, bank account details, copies of your passport, birth certificate or any other personal details to anyone other than for legitimate purposes