The Australian Dollar (AUD$) is divided into 100 cents (¢). Notes come in denominations of $5, $10, $20, $50, and $100. Coins come in denominations of $1 and $2 (gold coloured coins), 50¢, 20¢, 10¢ and 5¢ (silver coloured).

 

Bank cash-dispenser machines, known as Automatic Teller Machines (ATMs) are widespread, as is the use of Electronic Funds Transfer at Point of Sale (EFTPOS).

 

Banks and Credit Union on Kensington campus are:

 

These banks and credit union handle overseas transactions, such as drafts, travellers cheques or foreign currency exchange, and accept telex and airmail transactions. Other services include savings and investment accounts, cheque accounts and Automatic Teller Machines.

 

International credit cards such as Mastercard, Visa, American Express, Diners Club and JCB can all be used in Australia. Their acceptance varies from extensive (Mastercard and Visa) to limited (JCB) but repayments to most card accounts can only be made in the country in which the card is issued.

 

Credit cards are usually not issued to international students in Australia. Therefore, if you wish to use a credit card you should make arrangements either to open your own account before you leave home, or to obtain a card on your parents' account.

 

 

Australian banks are registered and regulated under federal or state government legislation, which is scrutinised by the Reserve Bank of Australia. Building societies and credit unions are registered and regulated through state government legislation. Such legislation will vary from state to state. Building societies and credit unions are required to meet prudential standards in order to safeguard the funds of depositors.

A number of financial institutions also receive money on deposit. In general, where institutions offer higher rates of interest, such deposits carry higher risks. Students who are unsure of the standing of particular institutions, should seek professional advice.