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Australian currency
The
Australian currency is the Australian Dollar or AU$
(smaller units below a dollar value are cents)
Notes: $5, $10, $20, $50 and $100.
Coins: 5 cents, 10 cents, 20 cents, 50 cents, $1 and $2.
All cash transactions are rounded to the nearest 5 cents. A few retailers
choose to always round down, and It is illegal to always round up.
Electronic & Cheque transactions are not rounded (e.g. an electronic
transaction of $2.93 would deduct this amount exactly from your bank account).
Electronic transactions are carried out using EFTPOS (similar to Switch
in the UK - see below) or a Credit Card.
The
Goods and Sales Tax (GST) in Australia is 10% (this is like VAT in the
UK). In stores, prices are displayed including GST.
Almost all ATM’s (Automatic Teller Machines) in Australia accept
cards on the worldwide Maestro or Cirrus systems - you may wish to check
with your bank(s) to ensure card compatibility.
As with the UK and other countries, Credit Cards are accepted in most stores/retail outlets. These include MasterCard, VISA, American Express and Diner's Club cards amongst others.
Bank Accounts
To open a bank account in Western Australia, all that is required is identification (some banks may differ). This is based on a points system, with different scores awarder for each type of identification (e.g. passports, driving licence etc.).
The bank requires 100 “points” which is attainable simply with your driving licence and passport. Unlike British banks, you do not require any evidence of your credit rating or income.
Australian Bank Account types are generally classified into Cheque, Savings or Credit accounts. When using your bank cards at stores, the cashier will ask you what the account type is, and you will need to enter a 4 digit pin number for cheque or savings accounts, or sign a receipt for a credit account.
Banks are competitive with regards to Bank Fees. Most accounts do have fees attached, but by shopping around you will be able to find accounts which don't have fee's attached.EFTPOS (Electronic Funds Transfer at Point of Sale)
This system is similar to Switch in the UK, but instead of signing the receipt, you key in your 4 digit pin number for your cheque or savings account .You only sign a receipt if you use a credit account. The PIN is also used when withdrawing cash from an ATM.
Most major credit cards can be used at EFTPOS facilities as long as you have activated your card PIN. (Check with your credit card company for further details before travelling).
TIP: It's worth leaving some money in a Visa/Mastercard bank account to benefit from exchange rate fluctuations as the goods feel a lot cheaper when you convert the Australian price into Pounds Sterling.