Banking

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The main types of financial institutions in Australia offering financial services are banks, credit unions and building societies. Banks are licensed and regulated under Commonwealth or State Government legislation; credit unions and building societies are registered and regulated through legislation in each State.

The locations of banks nearest to Gardens Point are:

• Commonwealth Bank of Australia (CBA): 73 Mary St
• National Australia Bank (NAB): cnr Elizabeth St & Albert St
• Westpac: 189 Elizabeth St
• ANZ: cnr Mary and Albert St
• Suncorp Metway: 36 Wickham Terrace
• Uni Credit: Level 3, Community Building, Gardens Point.

Business hours for most banks are from 9.30 am to 4.00 pm, Monday to Thursday, and 9.30 am to 5.00 pm on Fridays (excluding public holidays).

Opening an account

You will need to show your passport or any other identification (student ID) when opening an account, you may need to make an appointment to open the account. Every bank offers a keycard account suitable for your day-to-day needs. These allow you to deposit and withdraw cash, and transfer money from any automated teller machine (ATM) or to use EFTPOS (electronic funds transfer at point of sale).

When choosing an account, make sure you ask about the transaction fees and charges on that account. Some banks will penalise you if your balance falls below a certain amount. Most banks have accounts specially for university or teriary students that are free of any transaction fees, just make sure you show your student ID when opening your account.

Opening an account before you leave home

The Commonwealth Bank of Australia has a great service to make moving to Australia easier. You can set up a student bank account and transfer funds all before you leave your home country. The Commonwealth Bank International Customer Services team is a multi-lingual team dedicated to assisting people moving to Australia to work, live or study.

For further information or to apply online visit www.commbank.com.au/movingtoaustralia  

Transferring money

Clearing an overseas bank draft can take anywhere from from one to six weeks and are shorter when money is transferred in Australian dollars. Some banks allow immediate payment on drafts as long as you complete an indemnity form.You do not need to have an account with the bank in Brisbane that receives the draft. However, some banks charge approximately A$ 10 if you do not have an account with them. You will need to fill in an application form and present proof of identity. Electronic or telegraphic transfer are generally the quickest option but can also be the most expensive.

Some Australian banks, like Commonwealth Bank, ANZ, National and Westpac, now have branches overseas. They may be able to help you set up a bank account in Brisbane and transfer money before you leave home. International credit cards, such as Mastercard, Visa, American Express, Diners Club and JCB, can be used in Australia. Their acceptance varies from extensive (Mastercard and Visa) to limited (JCB), but repayments to most accounts can only be made in the country in which the card is issued. It is very difficult to get a credit card once you are in Australia.

See this link for information on how to pay your tuition fees to QUT. Some overseas banks may require you to obtain a letter from QUT to outlining your living expenses before they transfer funds for your living expenses. This Cost Analysis letter can be obtained from QUT's Student Centre.

More information on Info Sheet 6 - Money Matters