We hate to say it but money does make the world go round, especially when you are a budget travel
visitor to a new country.First you need to decide how to take your money to your destination? Do you take it all in travellers cheques or do you take cash? You need to think of the risk involved with carrying lots of money especially if you are planning to trek through Thailand or do some hiking in NZ before you get to Australia.
If a budget travel visitor is planning to spend some time in Australia it is a very good idea to open a bank account here. Particularly so if it is planned to work here, as the most employers will want to direct deposit pay into the employee's account.
For most Australian savings accounts there are no fees and many of them are capable of making international transfers.
Usually to open a bank account there is a certain amount of identification required - for instance passport, credit cards and some sort of proof of address will be required, and the address can be a problem for the backpacking visitor.
Most banks offer internet banking, and it should be set up when the account is opened. This way travellers can access their accounts regardless of whether they are in Australia or travelling in another country. And pay from backpacking work can be deposited here and withdrawn wherever needed.
Citibank Traveller Account
Citibank has a facility designed to give the backpacking traveller to Australia freedom to set up a bank account before leaving home and allows the transfer of money before arriving in Australia. It's an account that can be applied for and managed online. It has an easy one-page application form and you don't even need an Australian address.
Australian currency ($A)
Money in Australia is decimal with the dollar as the basic unit (100 cents equals one dollar). Notes come in $100, $50, $20, $10, and $5 denominations. Coins come in $2, $1, 50c, 20c, 10c and 5c denominations. Prices are rounded to the nearest 5c.
Credit Cards
The most commonly accepted credit cards are American Express, Bankcard, Diners Club, MasterCard, Visa and JCB. Credit cards may need to be enabled for international access so contact your credit card provider.
Currency Exchange
Exchange facilities are available at international airports, and most banks will change foreign currency or traveller’s cheques. However, rates at the banks are often not very attractive. The best exchange rate will probably be through your credit card.