For students on a limited budget, managing money is an important skill to learn.
You should work out a realistic budget, ensuring that your expenses do not exceed your income.
The Australian Taxation Office classifies international students studying in the country for six months or more as residents for taxation purposes. If you earn any income, you will have to submit a tax return at the end of each financial year (30 June). Consult the employment and taxation section for more information.
Australian currency comes in the form of coins and notes. The basic unit of currency is the Australian dollar.
Some major Australian banks have branches in other countries. If there is a branch in your country, we recommend you open an account before you leave home. If this option is not available, you should open an account soon after arrival. Various banks will be available on campus during the international student Welcome/Orientation period for you to open an account.
When opening a bank account you will need:
The bank may ask you for a tax file number (TFN). You can apply for a tax file number online. You do not need to provide a Tax File Number, but if you do not, the bank will withhold a higher than normal tax rate on any interest you earn.
Funds can be sent directly to your bank account by telegraphic transfer or by bank draft through any bank in your home country. Allow two weeks for posting and clearance of bank drafts.
Major banks have telephone and internet banking facilities and helplines available 24 hours a day, seven days a week.
Automatic teller machines (ATMs) for banks are available on campus and in all suburbs. To access your account via an ATM you need a keycard and a personal identification number (PIN).
If your ATM card is misplaced or stolen, your must notify your bank immediately - after hours numbers are available.