When you arrive in Australia, it is a good idea to open a bank account as soon as you can, as it is not wise to carry large sums of money on yourself, or to keep cash in your home. We recommend that students carry a minimum of AUD$100 cash for on-arrival expenses.
For security reasons, we recommend that students carry Travellers Cheques rather than cash, should they need to bring larger amounts with them. Travellers Cheques can be organised through major banks in your home country, and are generally affiliated with American Express, Thomas Cook, or Travelex.
If you arrive on either a Domestic or International flight at Adelaide Airport, you will be able to exchange foreign currency in the terminal once you have cleared customs and collected your luggage.
- Travelex exchange services are open daily from 4.30am to 10.30pm.
There are also Automatic Teller Machine (ATM) facilities available at the airport.
You will be provided with information on banking in South Australia and how to open a bank account when you arrive in Adelaide.
To open a new account with an Australian financial institution, you will be required to provide proof of identity. Australian banks use a points system, and applicants need to provide "100 points" of identification to open an account.
University of Adelaide students are able to open a bank account through BankSA, using their passport as the main form of identification. You will also need to provide an address to BankSA. This STUDENT account will give students access to an ATM/Visa card, and charges low or no fees. There is a BankSA branch and two ATMs on the University's North Terrace campus.
For students wishing to open a STUDENT account with another bank in South Australia, they will need to provide both a passport, and their University of Adelaide student ID card.
Major Banks in Australia:
There are bank branches for most major banks within walking distance of the university, and ATM access is available on campus.
When applying for a bank account, always make sure that you have read and understand the terms and conditions of that account. Enquire about other bank accounts that may be suitable. Ask about the fees and charges, withdrawal limits, and Internet/phone banking options for your account. Remember that all bank accounts are subject to government duties.
Once you have opened a bank account in Adelaide, you can arrange for other funds to be transferred from overseas by International Money Transfer or bank draft.
International credit cards such as MasterCard, Visa, American Express and Diners Club can all be used in Australia. Repayments to most card accounts can be made electronically by phone or Internet, however money usually needs to be transferred from an account within your home country.
Business hours for banks in Australia are different to other shops.
Banks are open:
- Monday-Thursday 9.30am to 4.00pm
- Friday 9.30am to 5.00pm
- Saturday and Sunday CLOSED