Banking & Finance

Article by: Elizabeth
Last updated: Tuesday, 11-Jul-2006 00:00:00 CEST

Banking & finance in Western Australia is a lot similar to other western cultures and socities. As documented elsewhere in this site, they are comparitively expensive, particularly in terms of 'hidden charges'.

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Australian Currency

Australia has a decimal currency system.

Notes are a high quality polymer-based synthetic and come in denominations of $5, $10, $20, $50 and $100.

Coin denominations are 5 cent, 10 cent, 20 cent, 50 cent, as well as $1 and $2.

Prices under 5 cents are rounded up or down to the nearest 5 cent - that is, 3 and 4 cent totals are rounded up to nearest 5 cent, while 1 and 2 cent totals are rounded down to nearest 5 cent denomination.

For example – 12 cents would be rounded down to 10 cents. 14 cents would be rounded up to 15 cents.

Western Ausralia Banking

Banks are open from 9.30am - 4.00pm Monday to Thursday, and 9.30am to 5.00pm on Fridays.

Some suburban banks are open on Thursday evenings and Saturday mornings.

Automatic Teller Machines are plentiful and readily available 24 hours a day, 7 days a week.

Banks provide a full range of financial services including currency exchange, all at nominal rates. Cheques are not used a great deal in Australia due to the fact that they attract stamp duty on the amount of the cheque.

Electronic fund transfer machines (EFTPOS) - known widely as "FPOS" - are commonly used at most retail outlets, as well as by taxis, restaurants and hotels, and can be used to access many types of bank accounts and credit cards. You can also get "cash back" from a number of major retail and food stores. Credit cards attract an annual fee and you may wish to keep your existing credit card until you have arranged for one to be issued in Western Australia.

Most banking institutions have internet banking and offer a wide range of services. A telephone banking service is also normally offered.

ATM's are located outside banks, at shopping centres etc. There is usually a charge should you with to withdraw funds from an ATM other than one of your own banking institution's.

Australian Banking Terms

BPAY

This is a centralised electronic bill paying service offered by most oAustralian banking institutions. If you receive a bill with the BPAY logo then you have the ability to access the BPAY system 7 days a week. You will be given information on how to process the transaction. However, ALWAYS ensure a receipt number is given and recorded for the transaction.

BSB

this is the branch identity code for that particular bank branch. The UK equivalent is the Sort Code.

Building Societies

These are not as big a player in Western Australia but do have a part to play in the financial world. They are usually State or Community based and can often offer home based financial facilities to the community in which they are located.

Credit Unions

Credit Unions are financial institutions that offer many services similar to a normal banking institution. They are very popular in Western Australia and are democratically member owned focusing on serving their members.

Many are not for profit organisations, affiliated to particular professions or trades. The general public can often access the services of the larger credit unions even though they do not belong to that particular profession or trade.Credit Union members usually have to purchase a share in the organisation for a nominal fee of betwen $2 and $20 which will entitle them to a say in the running of the entity by way of voting at Annual General Meetings.

Useful Websites

ANZ Bank Australia www.anz.com.au
AMP Banking www.ampbanking.com
Bank of Western Australia www.bankwest.com.au
Colonial State www.colonial.com.au
Commonwealth Bank of Australia www.commbank.com.au
National Australia Bank www.national.com.au
StGeorge Bank www.stgeorge.com.au
Westpac Bank www.westpac.com.au
Bendigo Bank www.bendigobank.com.au
BPAY Australia www.bpay.com.au
Credit Unions www.cu.net.au
Building Societies www.aapbs.com.au
General Banking Information Infochoice www.infochoice.com.au

Tipping

Tipping is generally not expected within Australia, however it is acceptable to leave a small amount should you feel you have received exceptional service.