Here are a few facts you should know about managing your money in Australia.

Australian currency

Australia has a decimal currency system, with 100 cents to every dollar. Australia’s bank notes come in $5, $10, $20, $50 and $100 dollar amounts. Our coins come in 5 cents, 10 cents, 20 cents, 50 cents, $1 and $2 amounts.

In the 1990s, Australian 1 and 2 cent coins were removed from circulation. All prices are now rounded up or down to the nearest five cents.

Banking

There are four major banks in Australia – ANZ, Commonwealth, National and Westpac. There are also numerous smaller banks and credit unions. Australia’s financial regulation system is among the most secure in the world.

All Australian banks charge fees to their customers. Sometimes there are limits on the number of electronic transactions you can make each month, or penalties for overdrawing your account. Make sure you understand the fee structure before you agree to open an account.

Check with your own bank before you arrive to see which Australian bank it may have connections with or how easy it will be to transfer money from your bank to an Australian bank. GETI Tasmania can help you to open a bank account when you arrive.

Accessing money from ATMs

Automatic teller machines are widespread in Tasmania’s major cities, giving you access to your money 24 hours a day. Some of them offer services in numerous languages. When you open your Australian bank account, make sure you ask them to explain their ATM fees. In particular, there are fees for accessing your account through a different bank’s ATM.

Shopping

Electronic shopping is known as EFTPOS, which stands for Electronic Funds Transfer at Point of Sale. It is common throughout Tasmania, but is not always available in every store. Some shops may have a minimum transaction amount, which is usually $10-$15. If you do not want to use cash, you should always check that the store has EFTPOS before making a purchase.

Credit cards

MasterCard and Visa are the two most commonly used credit cards in Australia and their Cirrus and VisaPLUS international networks are widely accessible. Others, such as American Express and Diners Club are also used, but some cards, such as JCB are limited. Check with your own bank before you arrive about how to use your credit card in Australia.

Goods and Services Tax

The Australian goods and services tax (GST) places a 10% fee on may items and services, including food. When you are presented with a bill for anything, the GST should be listed as a separate item. If you are ever in doubt about how much you should be paying, you can ask for a written tax invoice.

If you have purchased over AU$300 worth of goods from one Australian retailer within 30 days of your planned departure from Australia, you may be able to reclaim the GST. There are conditions for doing this and more information can be found For more information, contact Australian Customs.

Tipping

Traditionally, Australians do not normally tip in restaurants. This has begun to change, but you should not feel that it is necessary. Only tip when you think the service has been good and only tip what you can afford. Ten percent of the total bill cost is a reasonable amount.