Drawning money out without being charged a fee (EFTPOS in Australia)
A great way to withdraw money in Australia without paying any excess fees is to use the 'cash out' facility using EFTPOS (electronic funds transfer at point of sale). EFTPOS (similar to 'cash back' in th U.K) is simply buying goods with your bank card at the EFTPOS counter. You will see if a store has one of these because it will be clearly sign posted and even if not, ask somebody if they 'do EFTPOS' because it's quite common. So remember, if you can only find cash machines from rival banks (that you will be charged to use) look for a shop which does EFTPOS and get your cash that way instead.
Many larger retailers such as supermarkets allow you to withdraw cash when you're buying goods with your bank card (i.e cash back) and most banks will not charge a fee for this. There is usually a limit on how much you can withdraw per day for security purposes and the cash you draw via EFTPOS is quite often included in the total daily limit. Check with your bank to find out the exact limits.
Recommended Australian Bank Account Requirements for Backpacking
When you're backpacking in Australia you're almost definitely going to be making payments online/over the phone and in shops. For this reason it's very important to open an account which comes with a AUSTRALIAN DEBIT CARD and an ONLINE BANKING facility. Although this may seem obvious, even some of the major banks issue cards that don't have either of these capabilities!
So at the very least you will need the ability to make payments via EFTPOS, book by phone and manage your money online. Make sure you know exactly what your new bank account comes with before opening an account.
Below is a list of recommended bank account requirements for backpackers in Australia...
A debit card that allows you to make payments with EFTPOS, online and over the phone.
Access to your account online 24/7 with a paperless statements option.
An account with minimal or if possible NO monthly fee.
Lots of A.T.M's all over Australia (especially in the more remote locations).
An account with the least possible charges for transactions abroad (transferring money internationally).
An account with security alerts by phone (in case of fraudulent activity).
Find out how much money is required for the deposit to open the account.
Find out how long it takes to transfer your money from your account at home.
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.