1 Year Oz - Best way to take funds?

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1 Year Oz - Best way to take funds? 


Total Posts: 1

Joined 2016-07-07


Leaving for a year down under in a few months.

Just wanted to know what people have done / are doing about taking the money they’ve saved?

I’ve heard it’s best to open an Australian bank account before you go. But transferring your money from a UK account to an Australian one apparently gives you a really rubbish conversion rate?

Is it wise to open the Aus account before I go, but take Aus dollars in cash or on a cash passport then withdraw it all and deposit into the bank account when I arrive?

Some people are saying that credit cards are the way forward but you need an Australian bank account to get paid when you work.

Any tips / hints would be greatly appreciated. Cheers


Avatar for Al Ameen Hatta

Total Posts: 5

Joined 2016-07-13


I went to uni in Melbourne, and lived there for 5 years. What I did the first time I got there was bringing my money in 2 forms: cash and traveler’s checks.

I used traveler’s checks for security reasons.

Once there, I immediately opened a bank account. Then I deposited all of my money into the account. Then I got a debit card, which was really handy and really the way to go when you’re in Australia.

Opening a bank account there is a relatively easy process. You should get everything sorted out in no time.

I would advise you to go with the Commonwealth Bank. Very well-known, established and trusted bank among many Aussies. 

You need a bank account AND a tax file number (TFN) to get paid for work (if you’re talking about a legit type of work. I did some cash-in-hand jobs back in the days)

Hopefully this would help! Cheers