Most international students do not know how to bring their money to Australia. As a result they incur additional costs and sometimes they experience the risk of not having enough money.

It is recommended, that you bring enough money to Australia for your first three weeks. You can bring this amount of money in your local currency or change it to Australian or US dollars before you travel. You may then decide to send the rest of your money through an international money order or transfer or access your money through Automatic Teller Machines (ATM’s).

Please note that you should discuss these options with your financial adviser or bank representative. It is also important to remind you that Amounts of $A10,000 or more, or equivalent in foreign currency (meaning notes and coins of legal tender), must be reported to Australian customs on your arrival to Australia.

According to the experience of may international students we suggest you to explore the following option: a) international money transfer , b) using traveller cheques or c) with Automatic Teller Machines (ATM´s) . We finally remind you that there are some issues to consider with changes on the exchange rate .

International Money Transfer

There are three common ways of making an international money transfer. We recommend that you research each option and decide which one is better for you.

You can use:

a) A money transfer service provider eg. Just one example is Western Union

b) Postal offices eg. Australia Post  http://www.auspost.com.au

c) and banks

Possibly the cheapest and most secure method to get your money from overseas is through a bank transfer. For this, you first need a bank account in Australia. You can click here to read how to open a bank account.

After you open your bank account in Australia, you will be able to arrange an international money Transfer (IMT).

Arranging the transfer

Your overseas bank will need some information to make an International Money Transfer (IMT). You have to visit the branch in Australia where you opened your new account and explain that you are interested in making an IMT from overseas. They will provide you with the following information:

a) complete name of the bank,

b) branch name and code, and

c) your account number.

In addition, they will provide you with a code and other information for your bank in your home country.

After you obtain this information contact your home bank or ask someone in your home country to contact the bank. The bank in your home country will request the information provided by the Australian bank to complete the IMT. Some banks charge a small fee to make this transfer. The transfer usually takes 3 business days to 2 weeks to be completed.

Please talk directly with your chosen bank about this process and the fees they charge before making a final decision on how you will transfer your money. In general, banks in Australia understand this process very well and you will find their services quite helpful.

Traveller Cheques

We highly recommend bringing Traveller Cheques to Australia to reduce the risk of lost or stolen cash. They are a safe alternative to bringing large amounts of cash with you and you will be protected against the inconvenience of losing cash. Most of the banks and exchange agencies in Australia change US Traveller Cheques for Australian Dollars. You can also now purchase Travellers Cheques in Australian Dollars.

Automatic Teller Machines (ATM´s)

Some international students prefer to keep their bank account open in their home country and withdrawal money from an ATM in Australia. You can do this from almost any ATM in Australia.  

This is a very easy way access your money. You just need to be aware that most of the banks charge an extra fee for this service. Sometimes, this fee is quite high and in addition you should check the exchange rates for withdrawing cash from an ATM in Australia.  It is best to check these fees with your local bank.   You also need to check the daily withdrawal limit established by your bank. Usually in Australia you can only get around $400 dollars from an ATM per day however, this may vary between banks.

Exchange Rate Issues

It is very important to consider possible changes in the exchange rate. Even though the Australian dollar has been very stable in the last years it is best to plan ahead to avoid complications.

Some students prefer to get their money in one transfer to avoid future changes in the exchange rate and as a result plan and budget for their stay in Australia. The way you manage your finances is a personal decision and one we can not advise you on. We recommend you talk to your financial adviser or a bank representative to gain advice regarding these issues. 

We also suggest having different scenarios according to different levels of the exchange rate to evaluate how much you will get when you convert your local currency into Australian dollars. For more information on this you can visit our section on budgets.

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