Living in Sydney

• Living Costs
• Money and Banks
• Student Visas
• Transportation
• Useful Links

Money and Banks

Australian currency is the only legal tender in Australia. When you first arrive, money from other countries can be changed at the exchange facilities located at international airports, banks and major hotels. Travellers cheques are easier to use if already in Australian dollars, however, banks will cash travellers cheques in virtually any currency. Major hotels and some shops, depending on individual store policy, will cash travellers cheques.

It is a good idea to set up an Australian bank account. You will need to provide your visa and evidence of residency. Banking services in Australia are extremely competitive. Over 20 local and numerous international banking groups are represented in Australia. All major banks have a branch in cities and regional centres. Most shopping centres have Automatic Teller Machines (ATM) facilities. These machines can be used for deposits and, in many instances, withdrawals 24 hours a day. Many department stores, supermarkets and specialist shops have electronic transfer terminals (EFTPOS) where cash withdrawals can also be made in addition to purchasing goods.

Credit cards

Credit cards are widely accepted around Australia. The most commonly accepted credit cards are American Express, Bankcard, Diners International, MasterCard, Visa and their affiliates.

Currency

Australia uses a dollars and cents system of decimal currency with 100 cents in a dollar. The bank notes in use are $5, $10, $20, $50 and $100. Coins used are the silver coloured 5 cent, 10 cent, 20 cent and 50 cent and the gold coloured $1 and $2 coins.

Australia's development of the polymer (plastic) banknote heralds the introduction of advanced banknote technology for the new millennium and rewrites world standards in design. Not only does this leading-edge polymer technology offer immense security benefits but its concepts of cleanliness, environmental responsibility and recyclability set an example for the world to follow.

Tipping

Tipping is not the general custom in Australia and service charges are not added to accounts by hotels and restaurants. In better-class restaurants, it is usual to tip food and drink waiters up to 10 per cent of the bill for good service.

Porters have set charges at railway terminals, but not at hotels. However, at any time, tipping is a matter of individual choice.

This information has been sourced from Study in Australia website, for more information and to visit this site click here.