Banking and Currency

Australian money is composed of dollars and cents. It comes in $100, $50, $20, $10 and $5 notes, $2 and $1 gold-coloured coins, and 50, 20, 10 and 5-cent silver-coloured coins. Compare exchange rates.

There is a bank branch, or at least an ATM, on nearly every tertiary institution campus. Trading banks are open 9.00am to 4.30pm Monday to Friday. Banking is very advanced in Perth, with a huge network of ATMs, and EFTPOS (electronic funds transfer at point of sale) in most shops. Telephone and Internet banking are very popular.

Automatic teller machines, travellers' cheques

If you're planning to be in Perth for only a few months, it is simple to use your credit card to get Australian dollars at automatic teller machines (ATMs). If the account is in credit, there is not usually a charge for cash withdrawals. If your bank has international links, you can use your EFTPOS card from your home country at ATMs. All major credit cards are accepted in shops and at ATMs. Traveller's cheques are a good option too.

Daily limits

There is a limit to the amount of cash you can take out of an account using an automatic teller machine, so if you want to pay a big bill by cash, you have to go to a bank branch.

Opening a bank account

If you're staying in Perth more than a few months, it is worth opening your own bank account. All Perth education institutions offer support services to help students open a bank account.

Bank fees

A fee is charged for every transaction, including EFTPOS. Fees can be very high, so make sure you get advice from the bank's staff about which account and fee structure will be best for you. Most banks offer special cheaper packages for full-time students taking a full-year course.

Foreign currency

You can bring as much foreign currency as you like into Australia, but if it is more than AUD$10,000 in value, please tell a customs officer so that you can sign the relevant form. Most overseas currencies are easily exchanged at Australian banks.

If you lose your wallet

Make sure you contact the bank immediately and cancel credit and EFTPOS cards. Also let the police know - sometimes lost property is handed in to them. It's a good idea to keep a separate list of the contents of your wallet, with the numbers of all the cards.