International Student Handbook - University of New England

Travellers’ Cheques
We highly recommend bringing Travellers‟ Cheques to Australia to reduce the risk of lost or stolen cash.
They are a safe alternative to bringing large amounts of cash with you and you will be protected
against the inconvenience of losing cash. Most of the banks and exchange agencies in Australia
change US Travellers‟ Cheques for Australian Dollars. You can also now purchase Travellers‟ Cheques in
Australian Dollars.
Automatic Teller Machines (ATMs)
Some international students prefer to keep their bank account open in their home country and
withdrawal money from an ATM in Australia. You can do this from almost any ATM in Australia.
This is a very easy way access your money, though you need to be aware that most of the banks
charge an extra fee for this service. Sometimes, this fee is quite high. In addition you should check the
exchange rates for withdrawing cash from an ATM in Australia. It is best to check these fees with your
local bank.
You also need to check the daily withdrawal limit established by your bank. Usually in Australia you can
only get around $400 dollars from an ATM per day. However, this may vary between banks.
Exchange Rate Issues
It is very important to consider possible changes in the exchange rate. Even though the Australian dollar
has been very stable in recent years it is best to plan ahead to avoid complications.
Some students prefer to get their money in one transfer to avoid future changes in the exchange rate
and as a result plan and budget for their stay in Australia. The way you manage your finances is a
personal decision and one we cannot advise you on. We recommend you talk to your financial adviser
or a bank representative to gain advice regarding these issues.
We also suggest having different money exchange plans according to different levels of the exchange
rate to evaluate how much you will get when you convert your local currency into Australian dollars. For
more information on this you can visit our section on budgets.
UNE-ISBT 2009-2010 International Student Handbook Page 19