Finances, currency and tax
You will need to make sure you have enough funds to support you when you first arrive in Brisbane. It is recommended that you have approximately AUD$1500 to $2000 available for the first two to three weeks to pay for temporary accommodation and transport. You should bring most of this money as either travellers' cheques or on an international credit card. It is not recommended that you carry large sums of cash with you.
The cost of living in Brisbane varies greatly, depending on your personal needs and tastes, so it is advised that you budget wisely. There are a number of ways for organising your funds once you are living in Brisbane, a few of which are described below.
Electronic telegraph (telegraphic transfer)
You can transfer money into Australia by electronic telegraph or telegraphic transfer. This is the fastest option and takes about 48 hours, but the bank will charge you a fee on every transaction.
Bank draft
One of the safer ways to transfer funds into Australia is by a bank draft which is payable to an Australian bank. It may take up to one week for your funds to be available. However, if you have an international bank draft, you may have to wait between two and six weeks for the money.
You do not need to have an Australian bank account to collect the money. You will need to complete an application form and present proof of your identity. If you do not have a bank account in Australia, you will also be charged fees for the transaction.
An Australian bank account
The safest and easiest option for managing your funds is to have an Australian bank account. It can take up to one week to transfer funds from overseas.
If you want to establish an account before you leave home, speak to the banks in your home country to see which ones deal with banks in Australia and can help you to establish an account.
Once you are here in Australia, you will be able to open a bank account. You will require identification such as a passport, driver's licence and evidence of your current (Brisbane) home address. The bank will be able to give you a list of the types of identification which can be used. This should be done within the first six weeks of arrival.
It is recommended that you apply to the Australian Taxation Office for a tax file number. Otherwise you will be taxed 49% on your bank interest.
- You will need to make an appointment at an Australian Tax Office Access Centre to apply for a tax file number.
- You will need two (2) forms of identification, usually your passport and student identification card.
- If studying for more than six (6) months, you will need to give an address in Australia as your residential address.
- If in Australia for less than six (6) months you need to give your overseas address to your bank who will deduct 10% withholding tax from any interest.
To make an appointment at an Australian Taxation Office Access Centre contact 13 28 61.
Please Refer to the international student handbook [
PDF 1.2 mB] for more information on finances, currency and tax.