STUDENT SUPPORT

Getting ready to arrive and while you are here

Money Matters

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New Students

Currency

Australian currency is decimal with the dollar ($) as the basic unit - 100 cents equals 1 dollar .

Notes come in $100, $50, $20, $10 and $5 denominations. Each note is a different colour and has a different design.

Coins are minted in $2, $1, 50c, 20c, 10c and 5c denominations, although individual item prices are still quoted in 1c, 2c, 3c, 6c, 7c, 8c, and 9c. The total of purchases is then rounded off to the nearest 5c.

Currency converter

Transferring money to Australia

Money can be transferred to an Australian bank account by bankdraft, or international money transfer. To transfer money, you need to know and include the bank, branch, account number and BSB number of the account you wish to deposit into.

Bankdrafts can take 6-8 weeks to process, and there may be fees involved.
Students arriving in Australia who need to open a bank account will need to visit a branch, taking with them their passport for identification. The application process takes approximately 15 minutes, and a bank account is created on the spot. The student will receive an ATM card and other details a few days later by mail. While they are waiting for the card, they can access their account by going into the bank.

Changing money on arrival

There are money changers (Bureau Exchange) located at both Sydney and Melbourne international airports, but you may get a less favourable rate than the exchange rate in your home country.

How much to bring with you

On arrival in Australia, you will need to have some Australian currency in case you need to make telephone calls or small purchases. It is recommended that you arrive with approximately $300-500 in cash, especially if you arrive over the weekend, when banks are closed.

You should avoid carrying large amounts of money. It is recommended that the rest of your money is in bank drafts, travellers cheques, credit card, or alternatively you can arrange to transfer funds electronically.

Bringing money into Australia

When travelling to Australia, please be aware that if you are carrying a total of AUS$10,000 or more in cash of any currency, you MUST declare the money on your Incoming Passenger Card and when questioned by Australian Customs Officials upon arrival. A failure to declare this money may result in the money being taken and your being arrested and prosecuted. It is not an offence to bring this money into Australia. The offence is not declaring the money.

Cost of being a student

See also Students with Dependants