Banks in Australia
The main types of financial institutions in Australia offering banking and financial services are banks, credit unions and building societies. These financial institutions are licensed and regulated under Federal or State Government legislation. Some of the major Banks in Australia are:
We recommend that you independently research the types of bank, credit union or building society that will suit your needs. Be aware that many banks offer different types of accounts and services.
Opening a bank account
Information on how to open a bank account will be provided at your Getting Started session. If you open a bank account within 4 weeks after your arrival it is a much simpler process. All you need to do is go to the bank, credit union or building society with your passport and your Letter of Offer from UQ and ask to open a student account. You will be given an account number to make over the counter transactions until your ATM card is issued.
There are branches of the Commonwealth Bank and the Australia and New Zealand Bank on the St Lucia campus, and a variety of banks (look for banks in the Yellow Pages) close to the Ipswich and Gatton campuses. Further information on banking and the location of banks will be provided in your Getting Started session.
All banks offer a full range of banking facilities including savings and cheque accounts, fixed interest deposits, currency exchange, travel services, receiving and sending money and safe custody for valuables. You may want to learn more about the Australian Banking system before opening a bank account.
Most banks are open from Monday to Friday during business hours (9am – 4pm, excluding public holidays) and most are not open on weekends. However Automatic Teller Machines (ATM’s) are usually open 24 hours/day for transactions.
Transferring money from home
The usual way to send money from overseas is by an electronic transfer from your bank account at home to your Australian bank account, which may take 1-2 days (please note, at times international money transfers can take up to 10 working days). If you are getting money from overseas via an electronic transfer, you might want to check with your bank overseas to determine which bank in Queensland they have an agreement with. You may also arrange to have money sent from overseas by bank draft in Australian dollars, however you may have to wait some time before you can access the funds (check with your bank).
Need help?
When things go wrong with your finances, take control of your situation as soon as you can. Assess your financial situation and use a budget to plan ahead for expenses. If you owe money to people or businesses, talk to them about payment options, as often you are able to pay debts off gradually by instalments.
If you need more help with your financial situation or your budget, have a confidential talk with an International Student Adviser in Student Services, who will be able to help you to deal with your financial situation and may be able to offer some practical options for you.
You may also seek financial counselling from an independent community based service. There are financial counselling services that provide free and confidential advice and assistance to people experiencing financial difficulties. You may want to try one of the following:
- Credit Help Line ; Telephone: 1800 808 488
- Lifeline Creditline (24 hour crisis line) ; Telephone 13 11 14
- Lifeline Brisbane ; Telephone 07 3250 1900
- Lifeline Ipswich & West Moreton ; Telephone 07 3281 8688
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