Money and Banking For International Student In Australia

Though studying in Australia is much less expensive than other countries like the United states and United Kingdom but your journey can get very expensive if you don’t learn about currency and banking of Australia. Life in Australia is bit expensive especially in metro cities like Sydney and Melbourne. International students in Australia must focus on studies and only involve in other activities that are allowed under conditions of their student visa. Your working and other activities should match with the statements that you have provided to visa officer during claim of being genuine temporary entrant.

CURRENCY, BANKING AND TAX

The currency used in Australia is Australian Dollar (AUD) which is made up of 100 cents. Talking about the coins and smaller forms, there are 5,10,20,50 cents and $1 and $2 that are used in the state. There are notes of $5, $10, $20, $50 and %100. Also, there are a few notes that are used in the state but not by the individuals.

Opening bank Account for International Student in Australia

Opening a bank account in Australia is an easy job. You can easily apply for an account before even arriving to the state just by the provided websites. If you apply for opening a bank account within 6 weeks of your arrival, then all they’ll ask for would be passport, your contact details, confirmation of enrolment with your institute and student accommodation address where you’re staying.

After six weeks of your arrival in Australia on student visa, you would have to deal with a few forms of protocol to open up a bank account. You can signup for your tax file number now or later online. You should provide your tax file number to your bank to get tax exemption as international student otherwise bank deduct maximum applicable tax from incomes of international visitors. One more thing you can do to get the peace of mind is to link your Australian bank account with the account through which you’re paying for the academic expenses. That’s a good way of running away from unnecessariness. For withdrawing money from your account, you can use an Automatic teller machine (ATM) or Electronic funds transfer point of sale (EFTPOS)

Talking about the GST and tax, there is 10% GST on all the goods and services and is applied all over the country.