Australia Money

Research - this is the most important thing to do before arriving in a new country, this will help a student get an understanding of how much day to day living and expenses will cost in Australia.

Student Visa holders are now permitted to work in Australia part time, this is anything up to 20 hours a week. This money will help, but don't use it to live off. Students will require other savings as well.

Putting together a budget is the best plan of action. This will help a student estimate how much they will need to live off each week, how much bills and food will cost them as well as if they will have anything left over. In a budget ensure there is money left over, for emergencies or hard times.

Budgets are fantastic, it helps you to see what you are spending money on and where you can cut back if need be. The most common mistake international students make is using their phone to much, international calls can be quite expensive.

The usual house hold expenses will be the biggest shock for new students, as this is probably the first time they have lived away from family an had all this extra responsibility. House hold costs will include food, rent, utilities (phone, electricity, gas). Then there are extras such as transport, tuition fee's and university books, and mobile phone plans.

In Australia there is such a thing called Goods and Services Tax or GST, this is an added cost on groceries and other goods. The government adds 10% onto any item sold. When purchasing a larger goods, such as electrical products like a television always ask if the advertised price includes GST.

Cost of products sold in Australia is closely monitored by the CCC or Australian Competition and Consumer Commission. This helps to ensure all retail outlets are charging consumers fairly.

Banking and Insurance

There are several large banks in Australia, they have branches located in most suburbs. All the student needs to do to set up an Australian bank account is to visit one of these branches and organise the right account for them.

Banks are open from 9:30am to 4:00pm Monday to Thursday, 9:30 am to 5:00pm on Fridays and some of the bigger more central branches open on Saturdays from 9:30am to 12:00pm.

To set up an account there are several documents you will need to bring with you, these are photo identification, your visa, passport, a utility bill (something that has your address on it), and a tax file number.

Tax File Numbers can be organised by contacting the ATO or Australian Taxation Office, a TFN is compulsory it will help international students to avoid any higher tax rates.

Once the account is set up, you will be sent information on the account and branch as well as an ATM card and pin number.

Credit cards are also available for use in Australia, however due to the higher interest rates it may be a better idea to avoid using one. Master Card, Visa, American Express and Bankcards are all available in Australia and can be applied for either online or through a bank branch.

When transferring funds from an international account to an Australian account, money may take a few days to clear. Bank drafts can take up to 10 working days to clear. Cheques will take 5 working days to clear.

Tipping is optional in Australia, it is usually only done in small amounts at restaurants or cafes. You do not have to tip taxi drivers in Australia.

Overseas Student Health Insurance or OSHC is essential for international students, this will cover any emergency medical expenses such as doctors visits and emergency hospital visits. This does not cover all medical expenses though, students may wish to purchase other private health insurance once in Australia.

Another option for insurance is travel insurance. This will cover any cancelled flights or lost luggage. To protect home content meaning any items in your home, contents insurance is the best option. This will cover all valuable which could be lost in the case of a break in, emergency or fire.

Third party car insurance is also compulsory for car owners, this will cover any damages done to another persons car as well as your own in the case of an accident.