Money and banking

Currency

Our currency is the Australian Dollar (AUD) which is measured in dollars ($) and cents (c). There are 100 cents in one dollar.

We have $5, $10, $20, $50 and $100 plastic bank notes. Our coins are in silver 5¢, 10¢, 20¢ and 50¢, and gold $1 and $2.

Changing and using your money

Only Australian currency can be used in Australia. Foreign currencies can be exchanged at international airports, banks and major hotels. Travellers’ cheques are easier to use if they are in Australian Dollars, however banks will cash travellers’ cheques in almost any currency.

Automatic Teller Machines (ATMs) are readily available for withdrawals 24 hours a day, though they may charge a small fee. Most stores and supermarkets also have Electronic Funds Transfer at Point of Sale (EFTPOS) terminals where you can pay directly from your bank account as well as make cash withdrawals.

The most commonly accepted credit cards in Australia are MasterCard, Visa, Bankcard, American Express, Diners International and their affiliates. Most businesses accept credit cards as payment.

Opening a bank account

You should open a bank account as soon as you arrive in Perth. 

You will need several forms of identification such as your passport, Student ID card and drivers licence. You may also need to provide a Tax File Number.


Banking in Australia

Studying in Australia is much more than just a change of address. While it’s an exciting time, it can also be stressful. The Commonwealth Bank of Australia has been helping customers move their finances to Australia since 1949. With support from a dedicated global Migrant Financial Services team, you can be confident that your finances are in good hands.

The security of Australia’s largest bank

As Australia’s leading provider of integrated financial services, we combine strength and security with the backing of specialist teams, services and an extensive range of flexible, competitively priced products.
You can also enjoy the convenience of:

- More than 1,000 branches nationally
- Over 4,000 Automated Telling Machines (ATMs)
- NetBank, where you can access and manage your money online – anywhere, anytime
- Our award-winning CommBank app, the easy way to bank on the go
- Personalised support of a Relationship Manager*.

Instant account opening and a dedicated support team

Opening an account with the Commonwealth Bank is fast, effortless and secure and provides you with instant access to your account details. You can start transferring money to your new Australian account straightaway** and view your balance online before you arrive, using NetBank***.

To open an account or to find out more, simply visit www.commbank.com.au/studyperth or email us at mfs@cba.com.au
 
Things to know before you Can: Commonwealth Bank of Australia ABN 48 123 123 124 is a company incorporated in Australia. * Relationship management support is available to selected moving to Australia customers who earn an annual income of $120,000 or above. We will need to verify your proof of income and visa to qualify for this service. ** Customers will be able to withdraw their funds once they arrive in Australia and identify themselves at a Commonwealth Bank branch. *** Customers will have limited access to NetBank until they arrive in Australia and identify themselves at a Commonwealth Bank branch.
 

MAJOR AUSTRALIAN BANKS: