Making the most of your money

The local currency is the Australian dollar, known as AUD or represented by a simple $ sign (not to be confused with the American dollar or USD).

Divided into 100 cents, it’s a straightforward system of notes and coins. Expect to be able to use cash and cards in most places.

About weekly groceries, Australian consumer site Choice puts Aldi at the top of the cheapest supermarket list (for own brand products), with Coles and Woolworths coming in second and third. If you would like to source your supplies elsewhere, Australians are very proud of their farmers’ markets and a directory of the best can be found here. Whether you're looking for a bargain, something fresh and sustainable or you'd like a better connection to where your food has come from, you are sure to find the best of what the local area has to offer.

Banking

It is best to get a bank account before you leave for Australia as it’s more difficult to open one there if you have no credit history in the country. Major banks such as Westpac, Commonwealth Bank and ANZ offer accounts to expats which you can open overseas. You’ll be able to access your money straight away as soon as you arrive, which will be one less thing to worry about, not to mention the fact that your employer will have the correct banking details from the off, meaning there’s unlikely to be payment delays.

Alternatively, look into whether your native bank at home has offshore facilities; that way you will have a continuous credit record which may give you an advantage when applying for a loan or taking out a mortgage.

If you cannot open an account before you set foot in Australia, you should be able to open one with just your passport within the first six weeks of arriving, and afterwards, you will need proof of address and identity. A standard ‘transaction’ account will give you the use of an ATM card, cheque book, and PIN card for shops. It should also have facilities for direct debits, and possibly an overdraft.

Taking care of your money is vital, as is adequate health care cover. Ensure your family’s health as well as financial well-being by talking to one of our expert advisers today.

Aetna® is a trademark of Aetna Inc. and is protected throughout the world by trademark registrations and treaties.