Most banks in Victoria are Australian owned and operate Australia-wide, with services accessible overseas.
Australia's currency is the Australian dollar (A$) - there are 100 cents in each dollar.
Common forms of payment in Australia include:
To work out the current foreign exchange rate visit X-rates.com
Australia has a deregulated finance industry, with many international financial services providers. The major Victorian banks are:
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:
Banks are usually open Monday to Friday from 9.00am to 5.00pm. Some banks also open on Saturday from around 10.00am to 2.00pm.
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.
Most banks charge fees for:
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
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.