International Student Information

3.7 Managing finances

Moving to a different country to live and study is an expensive endeavour, and Australia is not a very cheap country in which to live. In order to start your life in Australia comfortably your parents/guardians will need to ensure you have enough money for everything you need. The list below might assist you in considering some of these costs, however no monetary amounts are provided as these often change without notice:

Initial expenses

  • Airfare
  • Student accommodation (Homestay fees or bond/rent with family)
  • Accompanying family accommodation (bond/rent)
  • Mobile phone/SIM purchase
  • School uniform (summer and winter, including blazer)
  • Computer purchase/English Operating System purchase
  • OSHC provision fee (in full)
  • School stationery
  • Multi-lingual dictionary

Periodic expenses

  • Text books and course materials
  • Course fees
  • Clothing and shoes
  • Club memberships

Ongoing expenses

  • Accommodation (rent/Homestay fees)
  • Internet fees
  • Food (some supplied by Homestay)
  • Utilities fees
  • Transport costs
  • Gym/Exercise costs
    • your passport (with arrival date stamped by Australian immigration) 

There are likely to be other costs that are specific to your context. Use this page to add your own costs and research how much money you will need initially, periodically and on an ongoing basis.

Setting up a Bank Account

The international student coordinator will take you to a financial institution on your first day at school for you to open a bank account.

 

To open a bank account you will need: 

  • student ID card
  • money to deposit into the account (this can be as little as $10)

Anyone who wishes to open a bank account in Australia must show 100 points of identification. Your passport and proof of your arrival date in Australia will be acceptable as 100 points if you open an account within six weeks of arrival in Australia. After this time you will be required to produce additional documentation. 

 

Many banks have ‘Student Accounts’ which contain no or minimal fees for transactions that might normally be attached to regular savings accounts.  You will also require the student ID card from your institution to prove you are a student and should have access to the benefits offered by a student bank account. To locate ATMs in North Dandenong and around Australia as you travel, refer to www.banks.com.au.

 

Most people in Australia enjoy the convenience of Internet banking or Telephone banking. When you set up your account you can request these services.

Banking Hours

Most bank branches are open from Monday to Friday, 9:00am to 4:00pm (except on public holidays).  Some branches have extended trading hours during the week and may be open Saturdays (check with your individual bank).  ATMs remain open 24 hours a day. However, you should be aware of your personal safety if accessing cash from an ATM at night in quiet areas where there are not a lot of people around.

Bank Fees

Bank fees are the price you pay for the products and services that banks offer. Different banks charge different fees for different products and services, and the best way to find out what fees apply is simply to ask your bank. Any fees that apply to your accounts are fully disclosed in information leaflets and terms and conditions that your bank can provide before you open your account. Some banks waive some fees if you are a full-time student.  The way you do your banking may also affect the fees that apply for example: internet banking rather than walking into a branch.

Accessing Money from My Account 

Bank accounts offer lots of options for accessing your money. Some of the most popular options are described below.

ATMs (Automatic Telling Machines)

ATMs can be used to withdraw cash from an account by using the ATM card which is available with most bank accounts. You can also use ATMs to get an account balance and transfer money into other accounts. Some ATMs also allow you to deposit cash and cheques into your account. Using the ATMs of your bank will generally cost less money than if you use another bank’s ATMs. Fees for using ATMs can vary between banks and between accounts. 

See also: Using an ATM.

EFTPOS

Short for ‘Electronic Funds Transfer at Point Of Sale’, EFTPOS terminals can be found where goods or services are sold, for example, supermarkets, service stations, restaurants, doctors’ surgeries and gymnasiums. You can pay for goods and make payments through EFTPOS using your ATM card, rather than paying with cash. At some stores, when you use EFTPOS you can also withdraw cash from your account at the same time. You should be aware that there are some retailers who put limits on how much cash can be withdrawn which may be dependent on the amount which is spent in the store.

 

When paying by EFTPOS, you also use your PIN to access your account. The same rules apply about keeping the PIN confidential and never handing it over to anyone. Be careful no-one is looking over your shoulder when you enter your PIN. See: Using an ATM.

Telephone Banking 

You can use telephone banking to transfer payments to and from accounts, get your account balances, get recent transaction information and pay bills. You will need to register to use telephone banking and will then be given a password or an identification number that allows you to access your accounts over the phone. It’s important never to give your password to anyone else.

Internet Banking 

Internet banking allows you to view and check your accounts, review recent transactions, apply for loans and credit cards, or transfer money and pay bills – all on-line. Most banks offer Internet banking facilities, but you will need to register with your bank to gain access. You will then be given a password that allows you to use your accounts on-line. Never give this password to anyone else.

 

There are security issues that need to be considered when using Internet banking. It is recommended that you install and keep up-to-date anti-virus software and a firewall, update security patches and be suspicious of emails requesting you to hand over confidential information such as your Internet banking logon password. Your bank will never ask you for this information, especially in an email. In addition, many banks publish security guides on their websites and this provides important information on precautions that you can take to protect your information on-line. If you are unsure about any approach that appears to be from your bank to provide personal information.  Refuse to provide that information until you can attend your nearest branch to discuss the request over the counter with bank staff. There is no charge for discussing your banking options at a branch.

Over-the-Counter Service 

You can also go into a branch of your bank and, with the assistance of bank staff, conduct transactions including withdrawals, deposits, transfers, and account balance checks. If you do not have a branch close by, you may be able to visit an agency of your branch, such as an Australia Post outlet, to conduct certain transactions. Bear in mind that over-the-counter transactions usually incur higher fees than electronic transactions.

Paying Bills 

Most bank accounts offer lots of easy options for paying bills. Transaction accounts with cheque book facilities allow you to pay bills by cheque, and most transaction accounts and savings accounts allow you to pay bills electronically (e.g., using facilities such as telephone banking, Internet banking) and using direct debits.

 

A note of caution on direct debits – they are a convenient way to pay everyday bills, but always make sure you’ve got enough money in your account to cover the cost of the debit. If your pay or allowance goes into your account on a certain date, make sure your direct debit payments are scheduled to come out of your account after your pay goes in, or you might end up with an overdrawn account or a dishonoured payment – both can cost you money.

Account Statements 

Most banks will provide regular statements for your accounts (just how regular can depend on the type of account). On request, banks will provide statements on a deposit account at more frequent intervals, but this may attract a fee. Bank statements are your record of everything that has happened in your account over a given period. Telephone and Internet banking can make it easy to check your statements, and some banks even offer ‘mini statements’ through their own ATMs.  

 

Refer to your statements to see what fees you are paying on your bank accounts and why, and to see whether a few simple changes to your banking habits could help you to reduce the fees you pay (for example, using your own bank’s ATMs instead of other banks’ ATMs).(Source: Australian Bankers’ Association Inc.)

Using an ATM

You will be given a PIN (Personal Identification Number) which you will enter into the ATM to access your account. It is the key to your account and it is important that you never tell anyone your PIN. A bank or reputable business will never ask you for your PIN. If anyone does, be suspicious, don’t hand it over and report the incident to the bank and the police. Be careful no-one is looking over your shoulder when you enter your PIN. These general rules should be followed for ATM safety, especially at night: 

  • Save time and have your card ready when you approach the machine; 
  • Look around as you approach the ATM and if there's anything suspicious, don't use the machine at that time (report any suspicions to the police); 
  • You a machine you are comfortable with.
  • Using EFTPOS, you can also withdraw cash at many other places, like supermarkets and service stations; 
  • Telephone and internet banking can be used to check your balance.

If your ATM or credit card is lost or stolen (or if your PIN has been revealed to another person), notify your bank immediately. This will enable your bank to put a stop on your card straight away so that no one else can get access to your money. Most banks have a 24-hour telephone number for reporting lost cards. If you don’t know the number, ask your bank.

(Source: Australian Bankers’ Association Inc.)

Safety When Carrying Money

The first and fundamental rule of safety when carry money is:

 

“Don’t carry large amounts of cash!”

 

The second is:

 

“Don't advertise the fact that you are carrying money!”

  • Divide your cash into different locations on your person (front pocket, coat pocket, shoes, etc.). 
  • Keep your wallet in one of your front pockets at all times. 
  • Do not carry cash in a backpack or back pocket. 
  • Sew a small money pocket into the cuff of a trouser, sleeve of a shirt or even a bra. 
  • Divide your bank/credit cards and keep them in separate locations.
  • Be very careful how you carry your handbag or tote bag, and never leave it open for someone to slip their hand inside.