To understand different aspects of financial management in Australia it is recommended that expats receive plenty of professional support with the country being a major financial hub.
The official currency in the country is the Australian Dollar ($A or AUD), this is divided into 100 cents. Expats will find that once moved here currency is abbreviated as $ but is not to be confused with the US dollar. Cash and Credit/Debit Cards are accepted in Australia and it has many ATM’s with services in English.
Notes: 5, 10 , 20, 50 and 100 dollar notes
Coins: 5,10,20 and 50 cent coins, and 1 and 2 dollar coins
If expats want to open a bank account, all options should be looked into due to the interest rates being different in every bank. Some of the major banks in Australia include – Commonwealth Bank of Australia, ANZ Bank, National Australia Bank and Westpac. Great services and information is provided to new expatriates. To open a bank account it is quite simple only needing a certified passport copy, a bank statement from the last three months and proof of residential address.
Many banks will help expats open an account before arriving into the country making the process easier.
Majority of the banks in Australia charge a monthly fee for a bank account. You will be charged for withdrawals and you won’t receive any interest on deposits that you put into your bank account.