Australia has many banks, building societies and credit unions. The larger banks include ANZ, Commonwealth Bank, National Australia Bank, St George and Westpac.
It is important to open a bank account as soon as possible. You will need your passport as proof of identification. Many banks have student account packages, so make sure you ask.
Banking hours are generally 9.00 am to 5.00 pm Monday to Friday. These hours vary from bank to bank - some banks are even open on Saturday mornings. Telephone enquiries are generally taken from 8am - 8pm Monday to Friday and internet banking is available 24 hours a day, 7 days a week.
Your bank will let you know what services they provide and how to use your ATM card and PIN around Melbourne.
You may need to provide a Tax File Number (TFN) to avoid paying too much tax on the money in your account, and especially if you intend to work part-time after you start classes. You can apply for a TFN during Orientation on campus, or in person at a branch of the Australian Tax Office.
Australia currency uses the decimal system (100 cents = $1.00).
Notes are in denominations of $5, $10, $20, $50 and $100.
Coins come in denominations of 5 cents, 10 cents, 20 cents, 50 cents, $1 and $2.
The following information is provided as a guide. Please check clearance times and fees with your own bank.
Telegraphic Transfer (TT)
Money sent by TT can take around 3 working days to be deposited into your Melbourne bank account.
Your Melbourne bank may charge you a fee, which will be paid out of the transferred funds. You may be charged a currency conversion fee.
Bank Draft or Bank Cheque
When you deposit an overseas bank draft into your account, it can take up to 30 days to clear. You may be charged a currency conversion fee.
Other ways to transfer money
There are organisations other than banks where you can send or receive money. For example, many Australia Post branches are agents for Western Union Money Transfer Services.