Transferring your Money to an Australian Bank Account (Electronic Funds Transfers)
If you're going to be on a Working Holiday Visa or backpacking for extended periods in Australia, the largest part of your holiday funds will be paid into your Australian bank account.
If you want to transfer your money before you go, you will need to open an Australian bank account (read our useful Australian Bank Accounts Explained article).
Of course, you can open an account when you actually arrive in Australia, just remember that it takes upto 2 weeks (sometimes longer) for the transfer to complete.
Transferring your money to your Australian bank account before you go
If you've applied for your Australian bank account online and have the new account details ready to go, your funds can be paid in advance (preferably two or more weeks) to your Australian bank account before your arrival.
To make the transfer you will need all the details of your new Australian bank account. This means the full postal address of the Australian bank, your international business number (I.B.N, which should have been supplied) and of course the account numbers.
Sometimes the banks in Australia use an intermediary benefactor (another bank your money goes through before it reaches your Australian bank account) so you will need their full details as well. This can seem like a daunting task but it's really not that difficult, just make sure you've got all the details you need.
When you have your Australian bank account/transfer details, take them into your local bank branch at home, give them to the cashier and have them transfer the money to your Australian account (always get a recipt).
Unfortunately with the banks being so aggressive with their charges these days you will be charged by both parties. You will have to see about the charges for your own country but the charge rates in Australia for a foreign transaction usually hover around the $25AUD mark.
Some banks allow you to pay for both charges when you make the transaction rather than having to deal with the Australian bank as well which is a small consolation.
Once the transfer is complete and you have arrived in Australia, go into the bank with your ID and speak to the clerk about activating your new account (learn about account activation and what ID you will need in the Opening an Australian Bank Account from Overseas - Australian Bank Accounts Explained article).
Account activation is simply visiting your new bank with some identification (passport, driving license) and a recent statement from your bank at home (read the Bank Documents for Backpacking Around Australia article for more).
The Backpacker's Budget (Cost Of living In Australia)
Budgeting for backpacking in Australia is all about getting the most out of your trip with the funds you have available. In this article we outline how to budget for backpacking around Australia including getting up to date prices for accommodation, transport, essential shopping items and day-to-day living expenses so you can budget your trip with confidence before you go.
Packing Guide & Checklist for Backpacking Around Australia
Read our helpful backpacking checklist and get lots of tips about what to pack before you go to Australia. Learn about choosing the right backpack, what essentials you will need to take with you and how to travel light when you need to.