Cash
The currency used in Australia is the Australian Dollar (A$) and it’s made up of 100 cents. Although many prices still tend to be written using single cents, they are rounded up to 5c when you pay. Eg. $18.23 will become $18.25.
Cards
It can be safer to carry your money in the plastic form if you’re travelling around. Credit cards such as Visa and Mastercard can be used in many outlets and a credit card is pretty much essential for a large deposit when hiring a car. They can also be used to get advanced cash from banks, with an immediate interest charge, and to withdrawal cash from ATMs. Charge cards such as Diners Club and American Express (AMEX) are not widely accepted.
If you’re worried about exceeding your budget perhaps a debit card is a better plan. As long as your card is part of the international network of banking (Cirrus, Maestro, Plus and Eurocard) this will allow you to withdraw money from your bank account at home. Fees for using ATMs overseas vary according to banks; check with yours before you leave home. It is probably worth taking out large amounts of money at a time due to these charges, but it’s always wise not to carry all your money in the once place. Keep some on you and have some in your bag etc.
Travellers Cheques
No restrictions exist with regards to importing or exporting travellers cheques. For short stays, travellers cheques offer a good alternative as they usually give better exchange rates than foreign cash and can be replaced if lost. There is, however, a fee when purchasing them and the possibility of a commission charge when changing them at banks; shop around to find businesses that do it without commission. Don’t forget, you will need to present your passport to exchange them.
EFTPOS
Australia has a service called EFTPOS (Electronic Funds Transfer at Point of Sale) which is available in most retailers. With Eftpos you can use your bank card (debit or credit) to pay directly for products and services, and often withdraw cash as well. Your money comes straight out of your account. It is available throughout the country these days, even in the outback. As with an ATM, you’ll need to remember your pin number to use it!
