A Complete Guide on Australian Money & Banking System for International Students

Understanding the Australian currency system and finding a bank are two most important tasks for those who are moving to Australia to study. Here we are going to give you information about several topics on money and banking, which can be very helpful for you to make yourself adjusted to studying and living in Australia. 

Australian Currency

The national currency of Australia is the Australian dollar (AUD). Much like the American dollar, the Australian dollar is also made up of 100 cents. There are different coins of 5c, 10c, 20c, 50c, $1, and $2, which are mainly used by the government for smaller currency forms. While in case of bills, notes of $5, $10, $20, $50, and $100 have been used. Apart from these, some other notes are also there that are used by the Treasury, not by individuals. 

Australian Banking system

  • Opening a local bank account is a pretty simple task providing students do it within six weeks of their arrival in Australia. If one does it during this particular period of time, he/she only has to provide their passport and a postal address for opening a bank account. In fact they can also apply for their bank account before they arrive in Australia, which helps them to set everything before they even step foot in this country. 
  • It is always advised that one should take care of any banking services that he/she may need, as soon as they can if they want to avoid any extra effort in getting an account. Those who do not open an account within initial six weeks following their arrival to the country, have to undergo other forms of protocol decided by bank or other financial institution that they are applying for an account with. 
  • International students can also set it up that they can link their account (or the account of the person who is financing their education) to their Australian bank account, even if the original account in question is from their home country. 
  • A number of banks will also offer monthly account keeping and withdrawal fee waivers for student’s transaction account if they provide the bank with their enrolment proof at a university or vocational school. They can provide these proofs in the form of a student ID, a schedule for the current semester, and/or a number of other items associated to their enrolment. The information you need on the topic of what you can do in order to get these waivers and any other related discounts, will be provided by the bank you are applying at. 

Those who are looking for a bank to bank with during their time in Australia can consider these three options that have reputable options for international students, these include

  • The Commonwealth Bank
  • The National Australian Bank
  • The Australian and New Zealand Banking Group Limited (ANZ) 

Australian Goods and Services Tax

One of another important thing that students need to understand before coming to Australia is what is called the Goods and Services Tax, or in simple words the GST. It is a flat 10% tax, which is applied throughout the country on almost all goods and services excepting basic foods items like fruit, bread, milk, and vegetables. The Goods and Services Tax (GST) is imposed so that the country can have reliable income for any of nationwide spending that might be essential.