The Australian dollar (AUD; $) is a stable currency and is the fifth most traded in the world following the US dollar, the euro, the yen and the pound sterling. It is divided into notes to the value of $5, $10, $20, $50 and $100, with coins coming in denominations of 5, 10, 20 and 50 cent pieces as well as $1 and $2 coins.
Australia’s many banks offer a range of financial services and play an important part in the economy. The biggest four banks in Australia (though there are many more) are:
- National Australia Bank
- Commonwealth Bank (CBA)
- Westpac
- Australia and New Zealand Banking Group, or ANZ
National Australia Bank offers a migrant and expat account where you can be assigned a personal adviser who they say understands your needs. This might be worth thinking about for expats who are new to the banking system and have just arrived.
It’s easy to open a bank account in Australia - though try to do this within six weeks of arriving in the country as leaving it longer will make the process a bit more bureaucratic (you’ll need additional forms of identification). You’ll need to bring along your passport, a valid visa and a separate form of ID.
Banks normally open from 9.30 AM until 4 PM Monday to Friday, though some may stay open later on a Friday.