Money, Living Costs and Banking
Currency
The Australian dollar (AUD) is the currency that is accepted for all purchases in Australia. Cash is available as plastic notes and coins in the following values:
- Notes: $5, $10, $20, $50, $100
- Gold coins: $1, $2
- Silver coins: 5c, 10c, 20c, 50c
100 cents make up one dollar.
Living Costs
You'll need between A$12,000 and A$20,000 per year for living expenses in addition to your tuition fees. The following table provides a guide to living expenses you might expect to incur.
| Expense | Monthly cost (Australian dollars) |
| Homestay (approx A$260 per week) | $1,040 |
| Stationery | $20 |
| Clothing | $85 |
| Public transport | $100 |
| Personal items and entertainment | $150 |
| Total | $1,395 |
Banking
There are a large number of local and foreign banks and other financial institutions in Australia. There is also a large network of Automatic Teller Machines (ATMs) that allow you to withdraw cash 24 hours per day, 7 days per week without going into the bank.
Most banks also provide:
- Telephone and internet banking facilities
- Savings and cheque accounts
- Credit cards and debit cards
- Foreign currency exchange and travellers cheques
If you need to visit a bank in person, opening hours are usually 10:00am - 4:00pm Monday to Thursday and 10:00am - 5:00pm on Friday. Some banks are open on Saturday mornings in suburban shopping centres.
Opening a bank account
- If you wish to open a bank account, you will need your passport and other forms of identification (e.g. student identity card, birth certificate). If you are under 16 years of age, your parent or guardian must accompany you to the bank and bring their driver's licence or passport with them.
- The bank may also ask you for a Tax File Number (TFN) which can be obtained from the Australian Taxation Office. You can apply for a TFN online at www.ato.gov.au/individuals
- You can arrange money from your home country to be transferred directly into your bank account. A telegraphic transfer takes 2-4 working days to be deposited into your account. Your Australian bank will charge a fee of between A$5 - A$10 for transferring funds.
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