Australian Smarter Banking Essay

Australian Smarter Banking: Make the most of your money

Rahul, an employee in PWC ltd is being promoted to manager post in Australian branch for a year. He is worried about how will he manage his expenses in Australia. Rahul’s friend Aishili, who is a citizen of Australia, suggested him to open his account in Australian bank to manage his expenses effectively. Now he is trying to get the information about the Australian banking sector.

Introduction to Australian banking

Aishili informs Rahul that having an Australian bank account will ensure that you have easy access to your money to pay for your living expenses and accommodation, and will allow your employer to deposit pay into your account if you choose to work.

Through internet Rahul

A banker provides him the following information:

• Electronic funds transfer at point of sale: these are linked to a transaction account. EFTPOS allows you to pay for items electronically using your bank debit card and a PIN number to access money from your transaction account. It is available at most of the stores and restaurants. Through EFTPOS, you can also withdraw cash at some stores including supermarkets and petrol stations.

• Credit cards: these are linked to a credit account. Using credit cards, you can make purchases and pay for them at a later time, usually with interest. Credit cards are accepted for most payments in Australia, in restraunts, stores, online and over the phone. The most commonly accepted cards are American Express, Visa and MasterCard.

• Credit debit cards: these are linked to a credit debit account. Using Visa or MasterCard debit cards, you can pay for items through both EFTPOS and credit systems. They are used in the same way as a credit card that allows you to make the payments online, over the phone and at the places where EFTPOS is not accepted. It is recommended to use your own money rather than

He asked his friend Aishili about the currency. She told him that Australia’s currency is the Australian dollar (AUD).There are bank notes for $5, $10, $20, $50 and $100, gold-colored coins for $1 and $2 and silver-colored coins for 5 cents, 10 cents, 20 cents and 50 cents. When you pay, prices are rounded to the nearest 5 cents. For example, $4.93 rounds to $4.95. She also told him some important information regarding the banking hours and ATMs. From Monday to Thursday, Banks are generally open from 09:30-16:00, and on Fridays until 17:00. Some banks and building societies also open on Saturday mornings. Online banking services are generally available 24 hours a day, seven days a week.

ATMs are available throughout Australia that allows you to withdraw cash, check your funds and make deposits. Usually around AUD$2 charges are applied when withdrawing funds from another bank’s ATM and when using international cards. Telephone and internet banking in Australia is same as it is in