The local currency in Australia is the Australian Dollar $. Your dollar (USD) currently buys a bit more than one Australian Dollar (AUD). Check the current exchange rate so you can get a sense for your anticipated cost of living as you look into various on-site expenses at xe.com – USD to AUD.
Before You Leave Your Home Country
Contact your Bank:
Before getting on the plane, make sure you call your bank. There are a few reasons for doing so. If you plan on using your home country's debit or credit card, ensure that you notify your bank of your travel dates before you leave. If you don't, your bank may think your information has been stolen and block your card.
It is also important to know about any foreign transaction fees your bank of choice may have for using your card in another country. It is important that you are aware of your bank's foreign travel policies for card usage before making purchases abroad. This could save you a lot of money during your time in Australia.
There are a few things to keep in mind:
The exchange rate may vary among banking institutions.
You will need to bring your original passport in order to complete a currency exchange.
Traveler's checks are not commonly accepted.
Banks & ATMs
Banks in Australia will exchange American dollars for Australian dollars.
Normal banking hours in Australia are Monday-Friday from 9:30am-4pm. Banks are closed on weekends and national holidays.
Using ATMs in Australia may come with additional fees from your home bank, usually around 2-3% for international withdrawals and a set fee for using ATMs not affiliated with your bank.
Check with your bank for details on these fees and withdrawal limits.
To minimize the fees, you can withdraw larger amounts less frequently, and make sure that the ATM card you use is linked to a checking or money market account, not a savings account.
If you're having trouble finding an ATM that works with your card, ask your home financial institution for the location of a machine that functions on your network.
Avoid ATMs that are not attached to a bank. If your ATM card gets stuck in one of these machines, you will not be able to walk into the bank and request your card back. They also tend to charge high fees.
Cash Advances
You may be able to use a credit card (rather than an ATM card) to obtain cash advances from ATMs. Interest rates on cash advances, however, normally begin to accrue from the date on which the money is withdrawn. As such, credit card cash advances can be very expensive and should only be used as a last resort.
Credit and Debit Cards
In Australia, most purchases are made with a card or payment app (Apple or Google Pay), though cash is widely accepted. A few things to remember:
Be aware of fees: Make sure to ask your bank about their international transaction fees. They may add an additional 2-3% onto the cost of your purchase
Notify your bank of travel: As mentioned above, it’s important to let your bank know that you will be traveling and are planning to use your card/s abroad. If your bank notices activity on your account in Australia and you haven't notified them of your travel plans, they will place a hold on your account. Avoid this headache by calling ahead or notifying them via their website of your travel dates and all the countries you plan to visit. In the case that your bank does place a hold on your account, don't panic. Typically this can be cleared up with a simple call to the bank to let them know that the activity they recorded is not fraudulent. If you have a joint account with a family member, it can be easier to have them call the bank on your behalf due to the time difference.
Tipping
Tipping is not customary in Australia.
Wiring Money
If you find yourself in an emergency and need to access money, the best option is to use an international wire transfer service, such as Moneygram or Western Union. Both these services provide general information and FAQs on how to perform an international wire transfer on their websites, which can be useful for you to understand the process and fees involved. This method can be a bit slower than an ATM withdrawal but it is an option available to you.