Australian Banking & Exchange Rates in Australia

Bank Accounts

Overseas visitors can open a bank account within 6 weeks of arrival into Australia simply by presenting your passport. If 6 weeks has elapsed you will need to provide identification which adds up to at least 100 points.

It all adds up...

1. Birth certificate, passports - 70 points
2. International Driver's licence - 40 points
3. Credit cards, student cards, id cards - 20 points

If you don't hold an Australian Tax File any interest earned on your account will be taxed at 47%.

Major Banks

1. Commonwealth Bank
2. ANZ Bank
3. Colonial State Bank
4. Westpac Bank
5. National Australia Bank
6. St George Bank

ATMs

There are 24-hour automatic teller machines (ATMs) at the majority of banking institutes, at convenience stores across most cities and towns in Australia. Most of the banks have reciprocal arrangements: Westpac, Commonwealth Bank, National Australia Bank and ANZ Bank ATMs generally accept each others cards - but charge you a small fee for the privilege. Most banks place a $1000 limit on the amount you can withdraw daily.

Exchange Rates

The Australian dollar fluctuates quite markedly against the US dollar - Check with the banks or licenced moneychangers for the daily rate.