Most banks in Victoria are Australian owned and operate Australia-wide, with services accessible overseas.

Money

Australia's currency is the Australian dollar (A$) - there are 100 cents in each dollar.

Common forms of payment in Australia include:

• cash
• credit and debit cards
• cheques
• online payments.

To work out the current foreign exchange rate visit X-rates.com.

Personal banking, credit cards and home loans

Australia has a deregulated finance industry, with many international financial services providers. The major Victorian banks are:

• ANZ
• Bank of Melbourne
• Commonwealth Bank
• National Australia Bank
• Westpac.

There are also a number of smaller banks, community banks, credit unions and building societies.

Banks, building societies and credit unions offer a wide range of services in:

• savings and cheque accounts
• credit cards
• home loans
• personal loans
• business loans
• home, personal, life and car insurance.

Opening hours

Banks are usually open Monday to Friday from 9.30am to 4.30pm. Some banks also open on Saturday from around 9.00am to 1.00pm.

Banking can be done outside of business hours using automatic teller machines (ATMs or cash-points), electronic payment facilities in shops (often called EFTPOS), internet and phone banking.

Opening a bank account

Banks can usually open an account for you before you arrive in Victoria. In most cases, you will need to visit the bank within six weeks of arriving to show them your passport.

All banks require a '100-point identity check' to establish an account. To reach 100 points you will need to provide your passport and/or driver's licence, and some other documents that prove your identity.

Fees, charges and interest

Most banks charge fees for:

• transactions
• opening and maintaining your bank accounts
• loans
• credit and debit cards.

Many banks charge higher fees for transactions through local branches. Basic procedures such as withdrawing cash and depositing cheques can be completed at ATMs, which is usually less expensive. Internet banking is also popular for transferring money, paying bills and viewing statements. Internet banking transactions are usually free or relatively cheap.

Australian banks also

• charge interest on money you borrow (through a loan or credit card)
• pay interest on money you save in your accounts. Interest rates and fees differ from bank to bank.

The Australian Securities and Investments Commission (ASIC) is the government body responsible for regulating corporate and consumer financial services. For useful independent financial advice and safety checks, visit ASIC's Money Smart website.

Further information

• For information on banks and to compare fees and charges, visit the MoneyManager website.
• For independent articles comparing different accounts and banks, visit the CHOICE website.
• For information on credit unions and links to individual organisations visit the Abacus Australian Mutuals website.