Money, Living Costs and Banking

Money

The Australian dollar (AUD) is accepted for all purchases in Australia. Australian currency 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

There are 100 cents in one dollar.

Most stores also accept credit cards and debit cards.

Large businesses, including telephone, gas and electricity companies, also allow you to pay bills directly from your Australian bank account, by telephone or internet.

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Living Costs

The Australian Government estimates that the average living costs for an international student is A$18,000 - A$20,000 per year ($A350 - A$400 per week). This pays for food, accommodation, telephone, gas, electricity, transport and entertainment.

Your living costs could be higher or lower than this, depending on where you study and the lifestyle that you live. It usually costs more to live in Sydney than in other cities or towns in New South Wales.

Guide to living costs for one week

Item	Weekly Cost Range (Australian dollars)
Accommodation (house or apartment shared with others)	$100 - $150
Food	$60 - $80
Utilities: telephone, electricity, gas (shared costs with others)	$20 - $40
Public transport	$20 - $50
Entertainment	$30 - $60
Total	$230 - $380

Estimates of common expenses

Item	Cost (Australian dollars)
Cinema/movie ticket	$15
Dinner (restaurant)	$25 - $35+
Lunch (cafe)	$12 - $15+
Coffee	$3 - $4
DVD hire	$5 - $8
Newspaper (local)	$1.50
Newspaper (international)	$4 - $7
Magazine	$5 - $8

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Banking

There are a large number of local and foreign banks and other financial institutions in Australia.

Banks are usually open between 10:00am and 4:00pm Mondays to Thursdays, and between 10:00am and 5:00pm on Fridays. Some banks open on Saturday mornings in suburban shopping centres.

You can withdraw cash at any time (24 hours a day, 7 days a week) from Automatic Teller Machines (ATMs).

Most banks also provide:

• Telephone and internet banking
• Savings and cheque accounts
• Credit cards and debit cards
• Foreign currency exchange and travellers cheques
• Other financial services such as loans, bank drafts and transfer of funds

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Opening a bank account

To open a bank account, you need your passport and other forms of identification (for example, a student identity card or birth certificate. The bank may also ask you for a Tax File Number which you can get from the Australian Taxation Office.

Advice when choosing your bank and bank account:

• Compare interest rates, fees and charges at different banks. Some banks provide students with accounts on which many fees are not charged
• Make sure that the bank account you choose provides what you need. For example, most students open a bank account that has access to an ATM using a credit or debit (EFTPOS) card. Most supermarkets and shopping centres allow you to buy goods using your ATM card; these are known as EFTPOS facilities
• Ask whether you can transfer money from your home country directly into your bank account by telegraphic transfer
• Ask what fee the bank charges for transferring or receiving funds

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