Banking in Australia
Australia has a modern and efficient banking system, which is accessible and easy to use. Students are given assistance with their banking needs on arrival and throughout the semester. It is advisable to set up a bank account during the first days of arrival and discuss with the bank ways to send money to and from Australia. Information on opening a bank account is provided for new students during the Post Arrival Program, when ISS-Connect volunteers can assist, and during the International Registration and Enrolment Program.
Bank charges are applicable to all accounts in Australia, but students do not have to pay for them all. Talk to your bank to apply for student exemption from bank charges.
The usual way of sending money from overseas is by an electronic transfer to your bank account, which may take 1-2 days (please note, at times international money transfers can take up to 10 working days). If you are getting money from overseas via an electronic transfer, you might want to check with your bank overseas to determine which bank in Victoria they have an agreement with.
You may also arrange to have money sent from overseas by bank draft in Australian dollars, which can take five working days plus mail transfers.
To open an account you need your eCOE, Passport, Letter of Offer or other forms of identification. You will also need to provide a Tax File Number (TFN) to the bank.
Credit cards
If you are bringing a credit card from home (Visa and Mastercard are most widely used), ensure that you notify your bank that you will be in Australia. Some companies put a bar on the card if they find it is being used in another country. Check that your bank card has the Cirrus or Plus signs on the back. This means that you will be able to use most ATMs (Automatic Teller Machines) in Australia with this card.
Please note that your credit card company will charge you an additional fee (foreign exchange charge) per individual transaction whilst using an overseas issued credit card in Australia.
Banking hours
The standard banking hours for major banks are:
- Monday to Friday: 9.30 am-4.00 pm
Banking facilities on campus
There is an ATM on each campus which can be accessed 24 hours a day if you have an access card from an Australian Bank.
Melbourne Burwood Campus
There is an ANZ branch available at the Melbourne Burwood Campus in Building HD. An ANZ ATM is located just outside the branch office.
There is also another ANZ ATM located on the ground floor of Building LA (Elgar Rd).
Geelong Waurn Ponds Campus
There is an ANZ ATM located on level 2 Building jb (the Fred Jevons Building).
Geelong Waterfront Campus
There is an ANZ ATM located opposite the DUSA Bookshop on level 2.
Warrnambool Campus
There is an ATM located in the DUSA Bookshop.
Please note you may incur an additional service fee if you use an ATM which is not operated by your personal bank (eg. If you use a Westpac bank ATM card in an ANZ Bank ATM).
Need more help with banking and finances in Australia?
During the International Registration and Enrolment Program, you can find out more information about banking. The International Student Advisers will be happy to help you.
A good option that you may consider is to use the EFTPOS-Electronic Funds Transfer at Point of Sale, which is widely accepted and by doing so, it will mean that you do not need to carry large sums of cash with you. Talk to the bank about the costs associated with the use of EFTPOS.
Major credit cards are widely accepted in Australia, and can be very useful as most things (including tuition fees) can be paid for with a credit card. Check ahead to ensure that your credit card will be accepted as some places do not accept all types of cards.
Some banks offer fee exemptions for full time students - so don't be afraid to ask. Most importantly - be sure to control your finances. If you need help, see the staff at the Division of Student Life for more information on budgeting, managing debt and general information about financial assistance.
