International

International

Banking

Currency

Australian currency is decimal, with the basic unit of one dollar equivalent to 100 cents. Coins come in $2, $1, 50c, 20c, 10c and 5c units, while notes come in $100, $50, $20, $10 and $5 denominations.

The notes are different colours and increase in size according to value. When shopping, your purchases will be rounded to the nearest 5c.

Before you leave your home country

Did you know you can open a bank account with the La Trobe Credit Union or the Commonwealth Bank of Australia before you leave home? We recommend you do this, as it means with just your passport as identification you can withdraw funds when you arrive in Australia, rather than carry around large amounts of cash, which can be risky. Once you open a bank account with either the La Trobe Credit Union or the Commonwealth Bank of Australia you can transfer funds from overseas to be ready for you when you arrive. Note that you need to be 100% sure that you are coming to Australia, as you can only access these funds once you have arrived and provided identification.

After you arrive in Australia

Within 6 weeks of your arrival
To open a bank account in Australia you will need to take your passport into a bank. If you do this within 6 weeks of your arrival, you just need to show your passport.

6 weeks or more after your arrival
If you apply for a bank account more than 6 weeks after you arrive, you will need to take photographic identification into the bank, including your passport. You are required to show 100 points of identification (e.g. passport = 60 points, Student ID = 20 points, credit card = 20 points).

Useful Banking Information

Ask about student accounts which attract much lower account-keeping fees. Some banks will exempt students from fees for the duration of their course. You will need to show your Student Card or letter of offer.

You can also minimise banking fees by checking the fine print of any terms and conditions attached to your account (e.g. transaction costs - check the number of free transactions per month, or any charges for using other banks' ATMs).

Banks are generally open Monday to Thursday 9.30am-4.00pm and Friday 9.30am-5.00pm (closed public holidays). Money can be withdrawn from Automatic Teller Machines (ATMs) 24-hours a day, and there is usually a daily withdrawal limit of around A$1 000. We advise you to only carry as much cash as necessary for a few days at a time.

All NAB (National Australia Bank) ATM (Automatic Teller Machine)s take China Union Pay cards. You can use these machines to withdraw Australian Currency and pay at some NAB EFTPOS machines with your card.

What is the La Trobe University Credit Union?

Credit unions in Australia are approved deposit taking institutions holding a banking licence and regulated by the Australian Prudential Regulation Authority in the same manner as banks and building societies are.

The main difference between a credit union and a bank is that credit union members are both customers and owners. Since credit unions do not have external shareholders, all profits are reinvested into the credit union, providing more personal service, priority to member interests and fewer fees.

The La Trobe University Credit Union has branches conveniently located on La Trobe's three main campuses:

Melbourne (Bundoora): Upper Level, Agora (southern end).
Albury-Wodonga: Student Administration, Main Building.
Bendigo: Campus Bookshop.

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Content Approved by: Director, La Trobe International
Page maintained by: Communications Coordinator (Web)
Last Updated: 3 July, 2008