2.5 Accessing Money

You should read this section carefully, and discuss the issues raised in this section with the bank or financial institution in your home country before you leave.  All banks operate differently and you should be aware of all fees, charges, ease of access to your funds, and safety of the way in which you will access those funds.

How Much to Bring

You will need to make sure you have enough funds to support you when you first arrive.  It is recommended that you have approximately AU$1500 to AU$2000 available for the first two to three weeks to pay for incidental expenses such as transport.  You should bring most of this money as either Traveller’s Cheques or on an international credit card. Traveller’s cheques can be cashed at any bank or currency exchange in Australia, however financial institutions in Australia tend to be closed on the weekend and public holidays.

Please note that it is not safe to bring large sums of money with you!  Lost credit cards or traveller’s cheques can be replaced, but very few travel insurance companies will replace lost or stolen cash.  Do not ask someone you have just met to handle your cash for you or to take your cash to make payments for you. Not even someone who says they are also studying at Lyndale Secondary College.

Currency Exchange

Only Australian currency can be used in Australia.  If you have not brought some with you, you will need to do so as soon as possible after arrival.  You can do this at the airport.  Once you have arrived in Dandenong North you can also change money at any bank or at currency exchanges at Waverley Gardens Shopping Centre or Dandenong Plaza. 

Electronic Transfer

You can transfer money into Australia by electronic telegraph or telegraphic transfer at any time.  This is a fast option and will take approximately 48 hours, but the bank will charge a fee on every transaction.

ATMs

Automatic Teller Machines are located everywhere (including at the airport) and you can immediately withdraw cash from your overseas bank account at ATMs displaying the Cirrus Logo (if your ATM card has international access). 

Check this with your financial institution before leaving home.  It is common in Australia that ATMs are located in areas of most convenience, including shopping centres and service stations (petrol stations), but be aware that even when using an Australian bank card, there may be extra fees if you utilise an ATM that does not belong to your bank.

Credit Cards 

All major international credit cards are accepted in Australia but you must remember that repayments to many of these cards can only be made in the country where they were issued.  Do not rely on being able to get a credit card once you arrive in Australia because this is very difficult due to credit and identification laws.