Information for New ELC Students - Money Matters
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Australian Currency
The dollar ($) is the basic unit - 100 cents equals 1 dollar.
Changing money to Australian dollars
There are money changers (Bureau Exchange) at both Sydney and Melbourne international airports, but a better exchange rate may be available in your home country.
Banking in Australia
Students may wish to open a bank account when they arrive in Australia. The Student Adviser will talk to students at orientation about this. If students intend to bring credit cards or other cards into Australia, please check with your bank prior to leaving your country as some cards may not work in Australia.
Transferring money to Australia
Money can be transferred to an Australian bank account by bankdraft or international money transfer. The bank will supply bank account details when opening an account. Bankdrafts can take 6-8 weeks to process, and there may be fees involved.
How much money to bring
On arrival in Australia, it is recommended that students have some Australian currency (approx AUD300-AUD500) to make telephone calls or small purchases. Do not carry large amounts of cash. We recommend that Traveller’s Cheques are used for the remainder of the money.
Bringing money into Australia
If students carry more than AUD10,000 in cash of any currency, they MUST declare the money on the Incoming Passenger Card and when asked by Australian Customs officials upon arrival. If this is not declared, the money may be taken and students may be prosecuted. It is not an offence to bring this money into Australia. The offence is not declaring the money.
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