Traveling to Australia is an exciting adventure, but managing your finances while abroad can be a bit daunting. Understanding how to get cash and exchange money efficiently is crucial for a hassle-free experience. For those who are planning long stays we recommend you do an international money transfer from your home country to an Australian bank account. For the others, this guide will walk you through the best ways to access cash and exchange currency in Australia, ensuring you get the best rates and avoid unnecessary fees.
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Bring cash with you from your home country
Most travellers will bring some cash with them when travelling to Australia, which is generally a good idea. However, keep the amount of cash within reason – you don’t want to be left broke if your wallet is stolen or goes missing.
You can exchange your cash from your home currency to Australian dollars before you leave, either at a bank or at the currency exchange desk at the airport. Note that most exchange offices, especially in airports, charge a very high fee to exchange your currency. This fee can vary between $5-$15 (AUD).
How much cash can I take into Australia?
There is no limit to the amount of cash you can bring into Australia, but anything over $10,000 (or currency equivalent) must be declared. This can be done at the customs examination area when entering Australia. The form can be filled out at the international airport or seaport, or you can download the form here.
💡Travellers Advice
Wise offers mid-market exchange rates and you can also get a debit MasterCard and pay in the local currencies wherever you are.
Accessing Cash in Australia
Withdraw money with your national credit card
ATMs (Automated Teller Machines) are widely available across Australia, including in cities, towns, and even rural areas.
This might seem like an easy way to get cash in Australia, but with most international banks, you will have to pay a high fee when withdrawing money from an ATM. Most banks apply fixed fees for each withdrawal, plus a commission on the withdrawal amount (usually between 2% and 3.5%).
With the Wise debit MasterCard, you can get free ATM withdrawals up to 350 AUD per month. The exchange rate is mid-market and there is no fixed fee.
The table below gives an example of the fees when withdrawing cash with your national credit card vs a Wise debit MasterCard:
| National credit card | TransferWise debit card | |
|---|---|---|
| Fixed fee | £4 | 0 |
| ATM fee | £2 | Free up to £200 every 30 days (afterwards 2% fee) |
| % conversion fee | 3% = £3 | 0.6% |
| Exchange rate | There might be an exchange rate markup added | Mid-market exchange rate |
| Total you pay | £109 | £100.6 |
Using your bank services, you lose approximately £10 on a £100 withdrawal! Some banks offer free withdrawals, however, that does not mean that they offer a good exchange rate. Most banks have poor exchange rates, and you will most likely lose some money.
Be aware that banks have fraud alerts that alert them of suspicious activity such as your card being used in a foreign country. It’s worth informing your bank before coming to Australia, or making sure you have text alerts set up so you can assure them it’s actually you using your card. Otherwise, your card and account could be frozen until you can make contact with your bank from Australia.
Read more: Transfer money abroad with Wise
Pay with your credit card
Visa and MasterCard are accepted everywhere in Australia, if the business accepts credit card payments. Credit cards from Bankcard, UnionPay and JCB are also widely accepted in Australia. American Express and Diners Club are widely accepted, but may be rejected by small businesses like corner shops, cafes etc.
Your bank will apply a fixed rate for withdrawals. This is usually lower than the rates applied when withdrawing money from an ATM. However, an exchange rate is applied by the credit card company for each purchase, and this rate is often not great.
Digital multi-currency accounts
A digital account is a virtual multi-currency account. This option is particularly recommended for people who travel a lot. The biggest advantage of these is that you can hold multiple currencies in your account and get the current exchange rate.
You can also convert currencies with just a few clicks. You can top up your account in your local currency and convert that money into Australian dollars, that you can spend during your visit to Australia.
We recommend the company Wise. Wise offers mid-market exchange rates and you can also get a debit MasterCard for 7.50 AUD and pay in the local currencies, wherever you are.
Here are the main advantages:
- No fees for payments made in pre-converted currencies you hold in your account
- Free ATM withdrawals up to 350 AUD per month with the Wise MasterCard
- Low conversion fees, between 0.35% and 2.85%
- Mobile app to convert currencies effortlessly
Exchanging Money in Australia
Currency Exchange Bureaus
- Currency exchange bureaus are available at airports, major train stations, city centers, and tourist areas.
Tips for Using Currency Exchange Bureaus:
- Compare Rates: Exchange rates can vary significantly between different bureaus. Shop around to find the best rates.
- Avoid Airports: Airport exchange bureaus typically offer less favorable rates due to convenience fees.
- Check for Fees: Some bureaus charge a flat fee or a percentage of the amount exchanged. Factor these fees into your calculations when comparing rates.
Western Union
Western Union allows you to withdraw cash in Australia. This a quick solution, but be aware that the fees are pretty high. We recommend you only use this option if you need cash urgently.
Open an Australian bank account
If you are travelling to Australia for a few months or longer, you should definitely open an Australian bank account. Not only will this save you from international withdrawal and payment fees, it will also allow you to be paid if you plan to work in Australia.
Opening an Australian account can be done online before your departure, as offered by some banks like Westpac and NAB, or in a branch when you arrive. Once you arrive in Australia, you just need to go to a branch of the Australian bank you selected and confirm your identity.
Taking cash out when leaving Australia
There is no real limit to how much cash you are allowed to take out of Australia. However, anything over $10,000 AUD needs to be declared. You should also check the rules of the country you are entering, as these may be different to Australian rules.
For more information on travelling into or out of Australia with money, visit www.austrac.gov.au.
In conclusion
Managing your finances while traveling in Australia is straightforward with the right preparation. By using ATMs wisely, comparing exchange rates, and considering opening an account overseas (for long stays), you can access cash and exchange money efficiently. Remember to notify your bank of your travel plans, use contactless payments where possible, and always keep some cash on hand for convenience. With these tips, you’ll be well-prepared to enjoy your Australian adventure without any financial hassles.
