Banking and money

Popular Australian Banks

All of the banks will allow you to open an account if you have your passport with a valid visa in it.  The system here is slightly confusing in that if you buy something from a shop and wish to pay by card, you will be asked if the money is to come out of your credit or savings account.  In essence these are the same account but with credit you get payment protection cover.  Also, don't confuse your normal current account; known as your credit account with a credit card account.  It is unnerving at first, but you will soon get the hang of it

Whilst you are in the bank opening your account, open up an instant access savings account with them, but don't confuse this account with the savings option when you buy stuff.  With the internet now-a-days, moving money between your credit and savings account is instant, which will allow you to easily monitor and keep the bulk of your savings in the higher interest savings account.

Another thing that may take you back a few years, is that banks in Australia charge you for using their services.  As such a bank account will cost you each month to have, but it is usually quite a low cost at around $4 or so a month.  However, the banks usually waive this fee if you have a reasonable amount of cash in the account each month such as $2,500 for example.

Exchange Rates

Australian Dollar to English Pound Exchange Rate for the past month (valid upto the end of the last working day)

Australian Dollar to English Pound Exchange Rate for the past 120 days (valid upto the end of the last working day)

Tax Rates

The Australian Tax system is known to be one of the most complex.  However, it is not too dissimilar to the UK tax system, albeit with a few differences.  Go to our dedicated Tax System page for more information