Money and banks

Money

In Australia, the currency we use is the Australian Dollar.

To check how your country currency converts, please use any currency convertor to get an estimate of the difference in money.

We use a range of dollar and cents. In 1 Australian dollar you will have 100 cents.

Notes - $5, $10, $20, $50 and $100
Gold Dollar coins - $1 and $2
Silver Cents - 5, 10, 20, 50 cents

Bank account

One of the most important things you will need to do when moving to study in Tasmania is opening a bank account for everyday bills and to deposit your wages, if working. To do this, you will need several forms of identification such as:

• your passport,
• student ID card or driver’s licence.

Most banks allow you to apply for an account online prior to arriving. Once you get to Tasmania, simply visit a branch to access your money and receive your bank card.

Remember to tell the bank that you are a student as you may be entitled to concessions on your account – such as reduced or no bank fees.

What to look for when selecting a bank in Tasmania

• Are there any application fees to open an account?
• Can you open an online savings account before you arrive in Tasmania?
• Does the bank have a student account which does not charge monthly fees?
• Can you transfer money into the local bank account from your home country before arrival?
• Does the account include a Visa or Mastercard debit card?
• Does your bank speak your language and do the ATM cash machines have multiple language options?
• Does your bank have a branch on or near your study campus?

Tax

If you are planning on working in Tasmania, you will have income tax deducted from your wages. To lodge a tax return and claim back money you have paid in tax, you will need to provide a Tax File Number.

Tax File Number

This number is your own personal reference number issued by the Australian Taxation Office. The Tax File Number is used to identify you, what you owe and what you have paid in tax while working.

A Tax File Number is free to obtain from the Australian Taxation Office website.

Superannuation

In Australia, there is a compulsory superannuation (commonly known as “super”) scheme to help people save money for retirement. All businesses are legally required to pay a percentage of your wage into your superannuation fund, which can be accessed when you retire.

As temporary residents, all international students who have worked in Australia are eligible to access their superannuation once they permanently depart Australia. Instructions on how to access your superannuation are available on the ATO website.