How to arrive and

Getting money in to Australia

Once you have your Australian visa then you can start planning to transfer funds into Australian currency. Even if you don't have all your funds available you can reserve a good exchange rate using a forward currency contract. Such a product is available from currency brokers who should be able to give you a better rate than a regular bank would. Like with anything else, it pays to shop around. You could be dealing in a lot of money and percentages make a difference. By arranging a forward currency contract to buy Australian dollars at an agreed rate you eliminate the risk that the rate will drop by the time you have your funds ready. In a sense you are buying certainty. It could work out in your favour or it could not. You can then have the monies transferred to your Australian bank account when required, usually shortly before your arrival in Australia.

If you have a pension then may wish to consider transferring it to Australia. This can be complicated and your pension fund may attract Australian tax if it is frozen in the country of origin. It is recommended that you get professional advice on how to go about transferring a pension to Australia. By transferring your pension, you are removing the element of currency risk from your pension pot.
There is no restriction on the amount of foreign or local currency which may be imported to Australia. There is no exchange control on currency in Australia. Cash amounts in excess of A$ 5 000, either being brought into or taken out of the country, must be reported to customs authorities or to the Australian Transaction and Analysis centre. The required forms are available at Australian ports and airports. Regulations are prone to change and expatriates are advised to consult their banks before departure.
It isn’t necessary to exchange all your money before your arrival in Australia. You may want to bring some cash as an exchange rate hedge. Western currencies such as the British Pound, European Euro, Canadian and American Dollar, are easily converted in Australia. Approximately 20 different forms of currency can be changed at any airport or city-based bureau de change. Traveller’s cheques can be converted at many locations such as banks, but at a poorer exchange rate than cash. Traveller’s cheques in Australian Dollars are hard to cash outside of the city centres. Airports generally give the worst exchange rate and/or have the highest commission charge. Some hotels will change money at rate very profitable for themselves. Banks and bureau de changes will give better rates than hotels. Exchanging money in the outback or in small towns can be difficult, but ATMs are practically everywhere.

Getting paid

Most people who work in Australia are paid a wage or salary. This pay will usually be deposited directly into an Australian bank account that you nominate and provide details of. Employers are obliged to contribute an amount equal to 9% of your gross earnings to an Australian superannuation fund on your behalf. This is a compulsory savings scheme that makes sure you have money to live on when retire. You can not access it until you reach retirement age. You are able to put extra money into your superannuation fund of your own accord.

An employer should also provide written evidence for each payment made to you and on your behalf. This should show very clearly the amount paid before tax (the gross pay), the amount deducted for income tax, the amount paid into a superannuation fund by the employer, any other deductions, and the actual amount paid into your account (take home pay or net pay).

Banking practices and paying for things

The Australian dollar (AUD) is divided into 100 cents. The following denominations are in circulation: Notes (AUD): 5, 10, 20, 50 and 100. Coins: 5, 10, 20, 50 (cents) and 1 and 2 (AUD)

The major international credit cards, which includes Visa, MasterCard, Diners Club and American Express along with the Australian 'Bankcard' system, are accepted throughout Australia. When a credit card is used, its details are checked with the issuing company as a security precaution. Cash cards for use at cash machines and EFTPOS (Electronic Funds Transfer Point of Sale, which is similar to Chip and Pin in the UK) machines are also widely used. People even use their credit cards in fast food outlets such as McDonalds.
Cheques are rarely used because of high charges but automatic banking is nonetheless very efficient. Expatriates will require proof of identity and a mailing address when opening an account. Proof of address is not required immediately so it is possible to set up your account as soon as you arrive and provide that detail later. References are generally not required, but it can be difficult to obtain credit facilities without them so expatriates are advised to approach their employer for assistance. Australian bank charges are high and can be levied on every interaction with a bank. Charges are made depending on the number of transactions that take place over a certain period – usually a month.
Australians only go in to a bank branch for a very few reasons. These are to open an account, request a loan or to apply for a home loan. They tend to do their banking electronically via the telephone, Internet or ATM (cash machine). Accordingly bank branches are somewhat lightly staffed with sometimes as little as 2 or 3 people working in a branch. You can still deposit and withdraw money at a counter, but charges apply that are usually higher than if the same transaction were made electronically where possible.
Bank branches don’t usually have queues of people waiting to be served, largely because of the charges involved. Banks also don’t process bills for utilities and such like as they do in some countries. To keep their costs down and profits up, Australian banks employ technology to do certain tasks. The consequent service level can become a nuisance for immigrants. For example, calling your bank will mean interacting with an automated system at a call centre. If your accent is close enough to the Australia way of speaking, then you won’t be understood by the system and won’t get what you want. Under such circumstances you will have to visit a branch and pay extra service fees…until your accent is more Australian.
The largest Australian banks are: Westpac, Suncorp, Commonwealth, National Australian Bank (NAB), St. George and ANZ. Each has a slightly different modus operandi and charge differently for services rendered. Some will allow a certain number of free transactions per month and then charge for extra transactions. Others may charge a smaller fee, but on all transactions. Many charge fees if you withdraw cash from an ATM (cash machine) that belongs to another bank. Selecting a bank is in some ways a function of determining how many transactions you are likely to make very month.

You might want to be careful to not exceed the number of free transactions a month that you are entitled to. Bank charges quickly mount up. Many retailers operate a ‘cash-back’ service that allows you to pay for any item you’re buying and to get some cash - all at the same time. The retailer thus acts like a cash machine. By taking advantage of this service you’ll only incur one charge instead of two. Thus you won’t be using up your free transactions allowance.

Automated Teller Machines (ATMs) can be found throughout Australia. Most ATMs will accept international cash cards with the Visa or MasterCard logo on them. ATMs are not required to list fee surcharges, so expect to come away 2 or 3 Dollars poorer after using one with a foreign registered card. Because of these fees, taking out small sums of money at a time is not recommended. If you wish to utilise the cash advance option on a credit card, make sure you that you know your PIN number before you leave for Australia. Once you have an Australian bank account, you’ll be doing a significant percentage of your banking via ATMs.