Money & Banking

Banking

The following banks are guaranteed by the Reserve Bank of Australia.

Bank	Contact number
ANZ Bank	131 314
Bankwest	13 17 18
Citibank	13 24 84
Commonwealth Bank	13 22 21
HSBC	1300 308 008
Macquarie Bank	1800 806 301
National Australia Bank	13 22 65
St. George Bank	133 330
Westpac Bank	13 20 32

Opening an Australian bank account.

To open the account you’ll need to take along some identification (ID), such as a passport, a birth certificate, and/or a driver’s licence.  Your bank can tell you exactly what you’ll need to bring.

You will also need to provide your tax file number (TFN) so that you can be identified for tax purposes. While this isn’t essential, if you don’t provide your TFN, any interest your accounts earn will be taxed at the highest rate.

Will my ATM card work in Australia?

ATM (Automatic Teller Machines) cards can be used in Australia so long as they have been enabled for international access.

Your ATM card must carry either the CIRUS, PLUS or STAR international ATM mark or the Interlink or Maestro POS mark.

Tax file number (TFN)

Tax file numbers (TFNs) are unique numbers issued by the Australian Taxation Office (ATO) to identify individuals, companies and others who lodge income tax returns.

All international students are considered a ‘resident for tax purposes’ after they have lived in Australia for more than 6 months.

Application forms can be downloaded from the Australian Tax Office (ATO) website or you can apply in person at your local Post Office.

Money

To cover your initial expenses we recommend you bring a bank cheque to the value of A$1500.00.

Once you have opened a bank account, the bank cheque can be deposited into it.  It may take a few days for the bank cheque to clear so we recommend that you bring approximately A$300 in cash to cover costs until the funds are cleared.

Budgeting

In addition to your tuition fees, you will be responsible for planning and budgeting your living costs.  Below is an estimated cost of living guide per month for a single student living in homestay accommodation in Melbourne, Perth and Sydney.

Item	Melbourne	Perth	Sydney
	Cost per month ($AUD)
Single homestay room (breakfast & dinner included)	$1040	$900	$1080
Food (lunches & snacks)	$280 ($10 per day)	$255 ($8.50 per day)	$354 ($20 per day)
Telephone	$50	$50	$50
Transport	$100	$45	$160
Laundry	$40	$30	$40
Stationery	$40	$40	$40
Clothing, entertainment, personals	$200	$200	$200
Total monthly costs	$1610	$1520	$1924
Total costs per academic year (40 weeks)	$16,100	$15,200	$19,240

Links

These links will take you to external sites. Sites will open in a separate window, and are in English unless otherwise indicated.

• Bank Account Basics (Australian Bankers Association)
  A handy factsheet which explains the different bank account types and basic banking information.