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Your finances

Preparing for your arrival

Your finances

Studying overseas is a significant financial undertaking. It’s important that you consider your living costs and plan how you are going to pay for your expenses.

The cost of living in Australia

One of the conditions of your student visa is that you have enough money to pay for your travel, study costs, living expenses and your stay in Australia.

You will need to consider

  • your fees, which will require payment at regular intervals during your studies
  • your accommodation, which includes rent but also utilities (electricity, gas, internet)
  • transport to and from Deakin
  • groceries, activities and incidentals.

Before you arrive in Australia, we recommend you estimate your expenses and make a budget. Here are some tools which will help you do this.

Bringing money into Australia

There are several ways you can bring your money into Australia. You should bring some cash with you on the plane, but we suggest that you don’t carry large amounts with you when you travel.

There are banks at the airport where you can exchange foreign currency, and several ATMs for withdrawing Australian dollars. If you have a bank card or debit card with international functionality, it may be easier to keep your funds in your bank account at home and just withdraw cash as needed from ATMs.

You may also choose to use a credit card (with a PIN – signatures are no longer accepted in Australia), travellers’ cheques or international funds transfers.

Try to have at least $1500–$2000 AUD (either in travellers’ cheques or your bank account) when you arrive to cover initial accommodation and living expenses for your first couple of weeks.

If you choose, you will be able to open a bank account when you arrive in Australia.

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