BANKING IN AUSTRALIA
Please note the information supplied on this page is for the benefit of Fulbright Scholars travelling to Australia to assist with travel preparations and also to support Scholars in their transition to life there. The information has been extracted from recent Fulbright Scholar Final Reports and does not necessarily reflect the views or recommendations of the Fulbright Commission. The information is from American Scholars who have travelled within the last four years.Unfortunately there are very few St. George ATMs in Brisbane (2, I believe) but most other bank’s ATMs didn’t charge a transaction fee, so it wasn’t much of a problem – just make sure you know which other ATMs to use. Male PGS 2007
Although we’re extremely lucky to have a St. George bank account available and stocked with money upon our arrival here, our free student account allows us neither a credit card nor a checkbook. This was a bit frustrating, as our American credit cards universally charge a 1 or 2% fee when we use them to pay in foreign currency—with the exception of COMMONWEALTH BANK. I would suggest that scholars open a commonwealth bank account in the states before leaving so that they can use their credit card here to buy airline tickets or rent cars online in Australian currency with no foreign fees. Female PGS, 2007
Banking: The St. George account worked pretty well, but it can be expensive to transfer money. I found that most ATM (EFTPOS) machines did not charge me a fee when I took money from my stateside account. Also, check with your credit card company in regards to international fees. Only one of my credit cards, Capital One, did not charge an international exchange fee. Male PGS, 2007
One problem I encountered was that the arrangement I made to be able to transfer funds from my bank in the US to Australia didn’t work as planned. If I had to do over, I would have arranged this further in advance and insured that it would work smoothly. In the end, it worked but required direct contact with my bank each time I needed to transfer funds. It could have been easier. There are potentially significant income tax savings if you live outside the US for 330 days in any 365-day period. The law is pretty complicated and I would recommend consulting an accountant familiar with the laws. Male SS, 2007
My only service suggestion would be that any Tasmanian scholar switch banks to Westpac, ANZ or MyState, upon arrival. St. George has neither branches nor ATM’s anywhere in the state. So it is simply better to make the switch. Female PGS 2007
Banking proved relatively easy with St. George, although be warned, your bank in the US may charge $20-30 for international wire transfers. Female 2009 PGS