Money and BankingCurrencyAustralian currency is decimal with the basic unit of one dollar equivalent to 100 cents. Coins come in $2, $1, 50 cents, 20 cents, 10 cents and 5 cents (when shopping, your purchases will be rounded to the nearest 5 cents). Australian bank note denominations are $100, $50, $20, $10 and $5. The notes are different colours and increase in size according to their value. 
Goods and Services Tax (GST)A 10% tax is charged on the sale of most goods and services in Australia. The GST is usually included in the advertised/ticketed price of the item. TippingLaws governing the minimum wage payable to employees mean that Australian workers do not have to depend on tips to earn a livable income. This means that the giving of tips to waiters, taxi drivers and hotel staff is optional in Australia. Changing your MoneyThe exchange rate for the Australian dollar (AUD) is a floating rate depending on the foreign exchange market. There are money exchange facilities inside Sydney International Airport and you can also exchange money at a bank once you arrive in Wollongong (Monday to Friday). Visit Oanda or XE for currency conversions. Bringing money from homeWe do not recommend that you carry more than AUD$200 in cash when you arrive in Australia, as this should be sufficient to cover incidental expenses until you reach your accommodation in Wollongong. In the first few weeks of session you will require access to at least AUD$500 to cover personal expenses and textbooks. If you will be living in private accommodation you may need considerably more to cover your establishment costs. You are advised to bring these funds in the form of Traveller’s cheques or on a credit/international debit card. Traveller’s cheques can be cashed at banks and some shops. International credit cards such as Visa and Master Card are widely accepted throughout Australia (American Express and Diners Club are not as widely accepted). Consult your home bank or credit provider before departure to find out if daily limits apply to your credit/international debit card, and what fees an international transaction attracts. These can vary significantly and be quite costly. You should also notify your bank that you will be in Australia, as some companies put a stop on the card if they find it is being used in another country. Note: Australian banks can take up to 6 weeks to clear personal cheques or those drawn on a foreign bank, and wiring money can be expensive, so use your credit/international debit card to transfer money from home wherever possible. BankingThere are Automatic Teller Machine (ATM) and banking facilities located on campus and nearby in the Wollongong city centre. Most bank branches are open from Monday to Friday, 9am to 4pm (except on Public Holidays). Some larger branches stay open longer hours and may be open on Saturdays. ATMs remain open 24 hours per day. The National Australia Bank has its own branch on campus and handles international transactions. It can issue bank drafts, Traveller’s cheques or foreign currency and accept telex or electronic transfers. Many other banks are located in Wollongong and are easily accessible by public transport. The Australia Post Office on campus also acts as a sub-branch for the Commonwealth Bank, Citibank and the IMB. Banks in Wollongong include: Opening an Australian Bank Account Within the first six weeks of your arrival in Australia, your passport (with arrival date stamped by Australian immigration) and student ID card is sufficient identification to open an Australian bank account. After six weeks, additional identification will be required. Please speak to the financial institution of your choice for further information.
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