This guide is for the new International students who come to Melbourne to study each semester. Each semester we see whole lot of new faces who need some help with money matters when they settle into Australia. Here are just some of our tips to make things that little easier and less stressful
Can I work as an International student?
Yes you can provided that you only do 40 hours per fortnight. Most companies prefer students to have their Permanent residency before they work.
You will need a tax file number if you plan to work in Australia. This is a legal requirement. You can apply for it here.
What sort of bank cards do I need?
You need a Visa or a Mastercard. Australia now has a Master debit or a visa debit card which functions like a credit card but instead you spend your own money.
American Express and Diners cards often do have charges of 3% at some places. And in some cases they don't always work.
You also need 100 points of ID to take to bank when you apply. A passport is usually sufficient if you have just arrived in Melbourne. Also don't forget to give the bank your address when you apply as they'll send the card out to that address within a week.
How much money should I bring to the bank when I first sign up?
Most students bring around about $10000-$50000 depending how much their parents gave them or how much they have earned back home. It is always advisable to have some income just in case you don't get a job as part time jobs are very hard to find.
Note if you bring more than $10000 to Australia whether it would be cash or cheque you need to declare that money to Customs.
What if I lost my bank cards?
Sometimes the ATM machine eats the card. Or it might be stolen.
Its always a good idea to have a travelers card and a few wads of cash to last you until you get a new card.
Do tell your bank and they will put a stop on your card.
What money habits should I avoid?
Don't overspend. If you do you may get charged a dishonor (overdrawing fee) by the bank.
Try not to withdraw money from the ATM unless you really have to.
Always get into a good habit to check your balances once a week.
Try and sign up for a student account which has $0 ATM and keeping fees.
Bargaining and what about it?
We usually don't bargain in Australia unless its a market or buying a car.
We hope this helps you. Good luck with your studies
Yes you can provided that you only do 40 hours per fortnight. Most companies prefer students to have their Permanent residency before they work.
You will need a tax file number if you plan to work in Australia. This is a legal requirement. You can apply for it here.
What sort of bank cards do I need?
You need a Visa or a Mastercard. Australia now has a Master debit or a visa debit card which functions like a credit card but instead you spend your own money.
American Express and Diners cards often do have charges of 3% at some places. And in some cases they don't always work.
You also need 100 points of ID to take to bank when you apply. A passport is usually sufficient if you have just arrived in Melbourne. Also don't forget to give the bank your address when you apply as they'll send the card out to that address within a week.
How much money should I bring to the bank when I first sign up?
Most students bring around about $10000-$50000 depending how much their parents gave them or how much they have earned back home. It is always advisable to have some income just in case you don't get a job as part time jobs are very hard to find.
Note if you bring more than $10000 to Australia whether it would be cash or cheque you need to declare that money to Customs.
What if I lost my bank cards?
Sometimes the ATM machine eats the card. Or it might be stolen.
Its always a good idea to have a travelers card and a few wads of cash to last you until you get a new card.
Do tell your bank and they will put a stop on your card.
What money habits should I avoid?
Don't overspend. If you do you may get charged a dishonor (overdrawing fee) by the bank.
Try not to withdraw money from the ATM unless you really have to.
Always get into a good habit to check your balances once a week.
Try and sign up for a student account which has $0 ATM and keeping fees.
Bargaining and what about it?
We usually don't bargain in Australia unless its a market or buying a car.
We hope this helps you. Good luck with your studies
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