When preparing to travel and settle into a new cultural and study environment one of the things to consider is the amount of money you will bring with you. How you will bring your money into the country and what you will do with it once you have arrived?
How much to bring with you
Your first month at university may well be your most expensive because you will need to pay for your textbooks and program equipment. This could cost between A$100 and A$500 depending on your program. In addition, if you choose to move into private rental accommodation, you could be asked to pay up to four weeks' rent in advance plus a bond, which is a security deposit returned to you when you leave the property as long as you have not caused any damage. The bond is usually equal to two or four weeks' rent.
The following guide may assist you in deciding how much money to bring with you so that you can establish yourself at the University with the least amount of worry:
- Cash A$500
- International ATM access A$1500.
Opening a bank account
Once you arrive in Australia the next important step is to open a bank account as soon as possible. A bank account makes it easy and safe for you to deposit and withdraw money whenever and wherever you want. International student services staff can assist you with advice on opening a bank account at the bank of your choice.
To open a bank account, you will need at least your passport and other photographic identification. Check with a few banks about their foreign exchange arrangements, or whether they will waive bank fees for students. There are many banks along King William Street in the Adelaide city business district. You may open a bank account at any of these banks.
You might like to consider opening an account with the bank that operates an Automatic Teller Machine (ATM) on your campus.
As an international student you are entitled to open a Student Account which offers reduced bank charges and fees.
It is very important that you discuss with your financial provider (usually your parents or scholarship provider) the most reliable way for you to regularly receive funds while you are living in South Australia.
Before you leave home it is important that you make sure that the money you will receive from home while you are studying is enough to pay for your tuition costs and your living costs. For more information about living costs while studying in Australia please refer to Student Visa, Living Costs and Evidence of Funds at the Department of Immigration and Border Protection website.
You might consider looking for part-time work in Australia, although it is not recommended that you do work during your first six months of study. There is also no guarantee that you will find work or, if you do find work, that you will be able to cope with work without your study suffering. It is best that you do not rely on part-time employment as a means of paying your tuition fees or living expenses while you are studying.