The main types of financial institutions in Australia offering financial services are banks, credit unions and building societies. Banks are your most logical choice for handling your money transfers. Besides transferring money, banks are set up to make money, so be aware that banks may ask a fee for many different services.

The four main banks are:

Business hours for most banks are from 9.30 am to 4.00 pm, Monday to Thursday, and 9.30 am to 5.00 pm on Fridays (excluding public holidays).

 

To open a bank account in Australia, you will need: your passport, your visa and evidence of residency (usually a letter that has your name and your address on it).

When choosing an account, make sure you ask about the transaction fees and charges. Often you will need to pay between $50 and $80 a year just for the use of the account. Than there are several other fees as for example some banks will make you pay a penalty if your balance falls below a certain amount. The good news is that most banks have free discount accounts specifically for students that are free of any transaction fees, just make sure you show your student ID when opening your account.

 

A general bank account allows you to deposit and withdraw cash. With the bankcard that will be offered to you, you can get money from any automated teller machine (ATM). They are all around town and available 24/7. If using your bankcard from your home country, you will be withdrawing money from a different currency: check the exchange rate and possible fees before your transaction. It may benefit to withdraw large amounts at ones. You cannot pay online with a regular bankcard, for that you will need to ask for a credit/debit card.

EFTPOS (electronic funds transfer at point of sale) lets you pay for goods or services, including petrol and groceries, directly from your bank account. You use the same PIN (Personal Identification Number) for both ATMs and EFTPOS, leaving you with only one number to remember. Normally you are given a limited number of free ATM and EFTPOS transactions. If you exceed that amount, banks make you pay, but often this does not apply to the special student card. All bank charges and transaction fees should appear on your bank statement, which you can access online. Regardless of which bank you choose, you can usually withdraw your money from another bank’s ATM, although in most cases you pay a fee that can go up to a few dollars per withdrawal. 

 

Australia offers many different options for checking your accounts and paying your bills:

The easiest facilities for you to do your banking is probably over the telephone or by using internet banking. While telephone or online banking you use something called `BPay`. This is a universal method of paying bills. Look for the BPay logo on a bill, usually on the bottom or back of the invoice. For example if you want to pay your electricity bill, you type in the Bpay number on the bill and the bank will automatically find all the account information from the electricity company. All you need to do is type in your reference number and the amount to pay the bill. You can pay any number of bills at one time - 24hours a day, 7 days a week. Remember to keep a record of your receipt numbers after making payments.

 

 

Money transfer: Clearing an overseas bank draft can take anywhere from from one to six weeks. Shorter when money is transferred in Australian dollars. You can use a money transfer service provider or Australia Post. For this method, you will need to know your bank’s name, BSB number (branch code) and your account number. Some banks charge a fee for the transfer. Some banks allow immediate payment on drafts as long as you complete an indemnity form. You do not need to have an account with the bank that receives the draft. However, some banks charge approximately A$ 10 if you do not have an account with them. You will need to fill in an application form and present proof of identity. Electronic or telegraphic transfer are generally the quickest option but can also be the most expensive.

 

Traveller’s Cheques are a safe way to bring large amount of money and you can exchange the cheque in Australian banks or exchange agents to Australian Dollars. 

 

Some Australian banks like Commonwealth Bank, ANZ, National and Westpac, now have branches overseas. They may be able to help you set up a bank account in Australia and transfer money before you leave home. International credit cards, such as Mastercard, Visa, American Express, Diners Club and JCB, can be used in Australia. Their acceptance varies from extensive (Mastercard and Visa) to limited (JCB), but repayments to most accounts can only be made in the country in which the card is issued. It is very difficult to get a credit card once you are in Australia.