A bona fide college experience is generally authenticated by the bouts of frugal living international students frequently face. If you’ve just moved to Australia as a university student, therefore, figuring out how to save money is likely to be a top priority.

From avoiding takeout every night to making the most of on-campus facilities, our blog this week provides a handy checklist for students struggling to stay within their budget.

Take a look below and find out exactly how to save money as a university student in Australia!

• Avoid the takeout frenzy

College life can be exhausting. You’re constantly late for class, you don’t have the time to call your parents, and you’re struggling to meet assignment deadlines. With this kind of harried lifestyle, ordering takeout is convenient in more ways than one.

This, however, represents one of the biggest dents to your wallet as a young international (or locals) student. While you may find that the outrageous offers at McDonald’s or Dominos are too good to miss, takeout can ruin your finances in the long run.

In this regard, it’s far better to cook for yourself as much as you can. Beyond saving money, it also proves to be a much healthier exercise!

• Skip bottled water

While drinking straight out of the tap might be considered foolhardy in certain parts of the world, in Australia, you’re considered a fool if you don’t.

While forking over a few dollars here and there may seem like a trivial expenditure, bottled water bills can rack up significantly over time. If you’re figuring out how to save money, simply invest in a reusable (and environmentally friendly!) bottle and refill it as many times as you like!

• Use your free university gym

For students wondering how to save money while staying fit, using the university gym is an obvious start.

Without shelling an arm and a leg for expensive gym memberships, using freely available facilities is key to staying financially stable. Given the resources and facilities in most Australian universities, there’s usually little to complain about in the way of gym machines and equipment.

• Stay in (every now and then)

For international students, hitting the town almost every night may seem likely a sorely tempting option in the first few months of university.

You will soon find, however, that your finances are significantly depleted – requiring another emergency money transfer for essentials like food or rent.

While you don’t need to be completely reclusive in order to stay within your budget, picking where and how often you go out is necessary for effective cost-cutting. If you’re not keen on working while you study, holding back on unnecessary outings is one of the top tips on how to save money in university.

• Avoid coffee cliches

It seems like every Hollywood movie depicts college students as those who make constant runs to Starbucks to meet the pressures of student life. Those who try to maintain this illusion during their college years in Australia, however, soon find that this is an expensive habit that only becomes harder to kick.

If you can’t make it through a lecture without a cup of joe, you will find that it’s far more affordable to purchase coffee from Coles and make yourself a cuppa before you head out.

• Hit up free events

For those scratching their heads over how to save money as an international student in Australia, attending free events – especially those hosted by universities – can amount to satisfying savings.

In this regard, make sure you stay updated with your university calendar and attend events where there’s bound to be free food! Not only is this a money-saving move; free food is bound to switch up your diet as well!

Key takeaways

For those struggling to figure out how to save money as a university student, the tips set out above are some of the most sustainable ways to do so.

While no university experience is complete without tales of near starvation or endless instant ramen, there’s no need to live in constant frugality or difficulty. This is especially for those who still find ways to send money back home, while they pursue their higher education.

Figuring out how to save money while taking care of your family?

With Ceylon Exchange, figuring out how to save money on money transfers is no sweat. With our competitive rates and exciting offers, send money to anywhere in the world right away!

Contact us today for more information.

For Pakistanis in Australia, staying in touch with life back home isn’t as challenging as it seems.

Given the plurality and diversity of the Australian continent, finding events specifically geared to the interest, traditions, and practices of people of various ethnicities is no harder than a quick Google search.

Thus, for Pakistanis, both young and old, male and female, finding engaging events and activities is now easier than ever. As a testament to this, we’ve put together a quick list of the best events for Pakistanis in Australia.

For activity and engagement that will strengthen your communal bonds and bring you closer to your motherland that lies thousands of miles away, continue reading our post below!

Flavours of Auburn Cooking Class: Pakistani Cuisine

For those wishing to revisit the wonder of Pakistani spices and aromas, the Flavours of Auburn Cooking Class is likely to prove the perfect opportunity.

Beyond just preparing and sharing scrumptious dishes containing some of the country’s finest cuisine, the event is also hosted by House of Welcome – an organisation supporting people from refugee and asylum-seeking backgrounds in the Cumberland area.

Show your support for a worthy cause and enjoy Pakistan’s most delectable dishes on Friday, the 23rd of November 2018. Find out more and purchase your tickets here.

Mehendi/Henna training courses

For many Pakistanis in Australia, Mehendi still remains an important form of cultural expression.

Given its prominence in pre-wedding celebrations, especially the Rasm-e-Heena (Mehendi ceremony), perfecting this art is likely to be a top priority or even a fun recreational activity for those away from home.

At Melbourne Henna in Talyors Hill, Victoria, enthusiasts can sign up for individual lessons or group classes and master exotic, oriental Mehendi designs. Tap into your creative spirit and give life to a piece of Pakistan through these interactive training courses.

Find out more here.

Vivah – South Asian Wedding Expo

For Pakistanis in Australia planning on tying the knot soon, including a piece of home is the icing on the cake, so to speak.

At Australia’s premier South Asian Wedding Expo, visitors can meet just about every wedding and event specialist under one roof. With over 20 vendors with expertise in areas such as wedding decoration, photography, Henna designs, music, catering, make up, and more, pick nothing but the best for your special day.

For those who need entertainment and a pleasant ambience while they shop, there’s even live music courtesy of a DJ and South Asian guest performances!

Scheduled for the 3rd of February 2019, find out more and get your tickets here.

Australia v Pakistan cricket match

Scheduled as a part of the inaugural 2019-2021 World Test Championship, the good news is that Pakistan cricket team will take on Australia in the land down under in 2019. The bad news? You may have to wait as late as November to witness this thrilling display of skill and sportsmanship.

Nonetheless, given that this will be the first time this momentous tournament will touch Australian soil, Pakistanis in Australia will undoubtedly be beside themselves with joy about reconnecting with their home roots through a sport that’s deeply meaningful to the South Asian region.

Find out more about the fixtures here.

Key takeaways

For Pakistanis in Australia with a strong cultural streak, staying true to a homeland as vibrant as Pakistan is strengthened every day.

By engaging in deeply meaningful activities such as mastering the art of Mehendi, learning to prepare the perfect gulab jamun or even organising a flawless Nikah, find the balance between your motherland and your home away from home in the land down under today!

Keen to find out other ways in which Pakistanis in Australia can reconnect with their homeland?

Contact us at Ceylon Exchange today and send money to Pakistan! We offer competitive rates starting as low as $12 for Pakistanis in Australia. Transfer over $300 and enjoy ZERO transfer fees!

When considering the best ways to transfer money to India, Australia has among the best facilities and services across the world.

With a population of around 455,500 members in Australia, Indians constitute one of the fastest growing communities in the country. In fact, between 2011-2012, Indians were the largest source of permanent migrations to the country, accounting for 15.7% of the total migration composition. These communities are usually found in the states of Victoria, New South Wales, and Western Australia.

Given the sizeable community of Indians who now call Australia their home, money transfer services to the subcontinent has not just increased over the years but also become more competitive.

In this regard, what are the best ways to transfer money to India? By diving into direct bank transfers and cash collection services, our blog this lists out what senders need to consider when sending money overseas.

Bank transfers to India

When it comes to this type of service, those wishing to transfer money to India are faced with two options – services offered by banks or those provided by money transfer companies.

In this regard, while going to a bank may seem to be the most secure and convenient way of sending money to India, this is far from the truth. Banks are notorious for charging hidden fees, which can often set unsuspecting individuals far back.

Thus, in terms of the best ways to transfer money to India, bank transfers offered by money transfer companies are the better choice. Not only do they offer competitive rates and efficient service, they’re also very reliable, setting the minds of those sending money and receiving them, at ease.

Cash pickup options

Another popular way to transfer money to India includes cash collection options. Here, senders pay the money to a service provider along with the fee, which is then transferred to an authorised dealer in India, who dispenses the cash to the recipient.

This option, while slightly more expensive, is an excellent choice for emergency situations or where recipients have a little difficulty accessing their bank accounts.

Similar to bank transfers, currency conversion rates play an important role in the amount transferred back home.

Transfer money to India – what other factors need to be considered?

Monitor currency conversion rates

Before senders transfer money to India, one factor that needs to be kept in mind is currency conversion rates. Given that these can often cause a significant hole in a sender’s wallet, monitoring the market for favourable rates between the Australian Dollar and the Indian Rupees is important.

By doing the requisite research and practising a little patience, senders can benefit from the best conversion rates on the market.

Choose reliable service providers

When considering the best ways to transfer money to India, another important factor is the service provider chosen. Here, senders need to once again do their research and settle on transparent and reliable service providers who don’t just offer quick service but also affordable transfer rates.

Transfer rates aren’t the only indicator to watch out for, though. Senders also need to opt for companies with plenty of experience and a range of facilities from which they can choose. This way, individuals are not restricted to inconvenient services and have the freedom to opt for the most cost-efficient transfer method.

In this regard, At Ceylon Exchange, not only do we offer transfer rates as low as $10 to India, we also provide our customers the speediest bank transfers and affordable cash collection services.

Key Takeaways

For the best ways to transfer money to India, Indians far away from home now have a range of convenient and cost-effective ways to send money.

From bank transfers to cash collection, senders now have the freedom to choose services that benefit themselves, their recipient, and their wallets. In this process, observing currency conversion rates to decide the best time to send money to India and choosing reliable service providers, is important to obtain the best of service.

What’s the best way to transfer money to India?

With Ceylon Exchange, of course. Through our speedy bank transfers and affordable Ceycash pickups, contact us today for the best ways to transfer money to India.

Given the present state of international commerce and cross-cultural exchange, currency conversion forms the bedrock of the international financial system.

Owing to how vulnerable domestic economies are to even the most minute change in international affairs, currency conversion often plays a crucial role in determining the quality of life of a given population.

Our blog this week takes a look at how foreign exchange bears an impact on factors such as overseas travel, inflation, and multiple other areas. Keep reading to find out!

Inflation

Depending on the strength of a given country’s currency conversion rate, the price and value of good and services tend to vary.

With regard to imports, a stronger currency will mean that the prices of these goods and services prove to be much cheaper for local citizens. Here, individuals are able to buy more for less and, thereby, enjoy higher levels of consumer surplus.

This also increases purchasing power and drives down inflation rates, which remains a persistent issue for many countries at present. Inflation refers to the increase in the weighted average prices of goods and service in a given economy. High levels of inflation bear a strong effect on interest rates – higher the inflation, higher the interest rates.

These developments can seriously slow down an economy and produce a slew of ripple effects, which prove to be highly detrimental. These will be explored in the sections below.

Wages

In an economy with a weak currency, inflation and interest rates are generally quick to increase. In this regard, wages are a factor that is highly affected, albeit in an indirect way.

While it may take some time to bear effect, currency conversion bears a very tangible pinch on an individual’s salary and in extreme cases, their employment as well.

Here, high-interest rates increase the cost of loans, mortgages, and even business investments, which can lead to reduced spending and a higher cost of borrowing. All of these factors together can stunt economic growth. High currency conversion rates can, therefore, result in lower wages and higher unemployment rates in extreme cases.

Gas and groceries

Some of the most essential goods in terms of day-to-day activity include gas and groceries. In countries with a strong currency, imports including the oil for gas becomes cheaper, increasing an individual’s purchase power. Moreover, it also allows individuals to save and improve their quality of life in the long run.

In countries such as this, economies tend to perform better, albeit at a slight cost to the employment sector. How so? The section below explores why.

Jobs

Funnily, when it comes to employment and a country’s exports, having a strong currency can often prove to be a little less than ideal.

A strong currency usually means that local produce and exports become more expensive, which can result in unemployment and a poorer balance of trade. This is because higher wages increase the cost of production, resulting in higher prices in terms of goods and services and a greater cost for employers.

Further, when imports are cheaper than local produce, suppliers at home face lower demand, which can have harsh effects, especially in agrarian communities. Further, demands for goods and services abroad plummet, given the availability of cheaper options elsewhere.

Overseas travel

The cost of overseas travel is highly dependant on favourable currency conversion rates as well.

When the local currency is performing well in the global market, spending abroad becomes very much more affordable.

Thus, when it comes to planning trips and tours, looking into exchange rates is an important part of the budgeting process. While it is always beneficial to travel at a time when the local currency is performing well, certain money transfer companies can peg currencies at certain rates, so even if market rates are unfavourable, buyers can ensure that they still enjoy peak currency values.

Key Takeaways

When it comes to currency conversion, many everyday aspects hinge on this all-important factor.

With globalisation at record levels and international trade and commerce more robust than ever, keeping up with foreign exchange is a necessary part of everyday life. Whether you’re making a significant investment on behalf of your company, carting your next online purchase or planning a holiday abroad, this factor is more important than ever.

Looking for the best currency conversion services?

Choose Ceylon Exchange today! Contact us and find out how to enjoy the best currency conversion rates on the market.

When it comes to currency exchange in Auburn, knowing how to save money on your next foreign exchange is knowledge that will never go to waste.

Whether you’re travelling abroad, just settling down in the area or are the recipient of frequent money transfers, knowing how to save money when you visit your money changer is essential for cost-effective service.

Our blog this week dives into the must-knows for anyone looking to perform currency exchange in Auburn. Keen to find out the best tips? Keep reading for more!

Avoid exchanging money at the airport

One of the biggest mistakes many travellers make is exchanging money at the airport. While this may seem like a convenient option at first, it’s not long before many realise that they’ve given away more money than they’ve gained.

Unlike most services for currency exchange in Auburn, money changers in airports are notoriously expensive. It’s best, therefore, that you either purchase currency before you leave home or wait until you leave the airport for more affordable services.

Look for the most cost-efficient service providers

When it comes to saving money on foreign exchanges, picking the right service provider can play a significant role.

In terms of currency exchange in Auburn, specialised transfer companies are generally the best bet. While banks are certainly an option in this regard, they often prove to be very expensive.

Money transfer companies, on the other hand, are known to be significantly more cost-efficient and transparent when it comes to currency exchange. Companies like Ceylon Exchange not only provide extremely fair rates but also publish this information on their website.

Change currency before you travel abroad

If you’re looking to travel abroad and want to cut down on cost as far as possible, exchanging your currency before you leave home is one of the best decisions you can make.

If you’re departing from Sydney, access affordable currency exchange in Auburn to prevent losing money on high exchange rates abroad. Not only will you have cash-in-hand once you arrive at your destination, you also save yourself the hassle of finding a local money changer.

Avoid using your credit card abroad

If you’re visiting Sydney and want to enjoy a holiday without worrying about mounting bills, avoid using your credit card to withdraw cash as far as possible.

This is because it is likely that you will be hit with heavy fees each time you make a withdrawal. So, unless your bank has partners in Australia, avoid hitting up the ATM whenever you can. This is the same if you try purchasing anything with your credit card.

If you wish to save money on conversion fees, simply make sure you bring enough money with you from home. Not all of this has to be converted into Australian dollars immediately. Through services relating to currency exchange in Auburn, you can convert your money into the local currency as and when required, through trusted service providers.

Make use of special arrangements

Market orders and forward contracts are types of financial arrangements you can opt for if you want to access the best currency exchange in Auburn. Here, your service provider will exchange your currency at a time when market rates are most favourable for you. In this process, it is important that you choose an agent that opts for a floating exchange rate.

These services are especially relevant when you wish to send money abroad. Find out more about these services in our blog on how to obtain the best exchange rates.

Key Takeaways

When it comes to currency exchange in Auburn, there are many ways in which individuals can obtain the most cost-efficient service.

By heeding the advice set out above, not only can foreign exchange prove to be more convenient but more affordable as well. As experts in the industry, use our knowledge and insight to access the best currency exchange service on the market!

Want to access the best currency exchange in Auburn?

For the best currency exchange in Auburn, choose Ceylon Exchange today! Contact us for more information on our cost-effective services.

When it comes to transferring money or obtaining currency exchange services, securing the best exchange rates is crucial.

While many may be confused about how the costing for these services is calculated, let us tell you, exchange rates play a critical role. Service providers often increase these rates in order to charge hidden fees, which can amount to hundreds and thousands of dollars, especially if you’re a regular transferrer.

Our blog this week aims to help you find the best exchange rates for cost-efficient currency exchange and money transfer services.

Choose a transfer specialist for the best exchange rates

If you’re keen to make an international money transfer, you may consider going to a transfer specialist in order to enjoy the lowest exchange rates. Companies such as Ceylon Exchange, offer services that start as low as $8 and make their exchange rates publicly available on their website. This way, you not only get to perform your transactions with the utmost transparency but also ensure that you benefit from cost-effective service.

While banks are another option, they’re also known to charge exorbitant fees that may even outweigh the amount you may wish to transfer. Thus, it’s always better to go for a specialised money transfer company.

Use forward contracts

Forward contracts are a type of arrangement you have with a specific service provider, where you fix the exchange rate for a certain period of time, in order to obtain the best rate for the money you’re transferring. This is the same if you want to buy a property overseas at a certain rate; you fix the exchange rate and purchase it for the same amount later on.

Opt for market orders

This is another type of service specialist agencies offer you when it comes to enjoying the best exchange rates.

Here, you can arrange for your transfer to be sent out at a time when market conditions are the most favourable. In such cases, your service provider will make the transfer when the market rate meets your expectations. In this process, you are left free to decide the rate at which you wish to send money abroad, and is a great option if you’re not in any hurry to complete your transaction.

Research exchange rate trends

When it comes to sending money abroad, there’s no such thing as being overprepared.

If you’re after the most cost-effective and reliable service, researching the rate trends you’re after is always a good idea. Here, you not only get to know the true market rate but also find it easier to decide at which point sending money or buying and selling currency is most favourable. This is the key to enjoying the best exchange rates in the market.

Don’t make money transfers at the last minute

While many money transfers are made in urgent or unforeseen circumstances, try to avoid sending money at the last minute as far as possible.

Not only does it become difficult to leverage the best exchange rates in your favour, but instant transfer services are also much more expensive than standard processes. Thus, make sure that if you know you have to send money abroad in advance, look into doing so when market rates are the least expensive for you.

Figure out if you’re buying or selling currency

While this subtle distinction may seem obvious to many, it is, nonetheless, worth pointing out that knowing whether you’re buying or selling money, really affects how you perceive market rates.

If you’re exchanging local currency in your home country for foreign money, this means you are selling. If you’re abroad, however, and are purchasing the currency in exchange for your money back home, this means you are buying. In these instances, if the exchange rate is low, it’s easier to purchase more foreign currency with the value you spend. This, however, very much depends on the inherent value of each currency.

Key Takeaways

As outlined above, obtaining the best exchange rates no longer has to be a befuddling process. By following the tips set out above, it becomes much easier to save money on money transfers and currency exchange services – whether sporadic or regular.

Keen to find the best exchange rates on the market? Choose Ceylon Exchange! Contact us today for cost-effective money transfer and currency exchange services.

Currency exchange is an important aspect of everyday life for many people. Here, money changers perform an absolutely crucial service, providing over-the-counter exchange with little to no hassle.

While such services are generally reliable and expedient, these can also prove to be expensive on many occasions. In this regard, which factors need to be kept in mind before you head to your money changer?

Our blog this week takes a look at which factors are most important. Keep reading to find out!

• Picking a money changer with the best rates

This is an important factor if you’re someone who buys or sells currency regularly. Knowing where to go to access the cheapest service is critically important if you want to save on expensive service fees. This is especially true for banks.

While many may prefer to have their money changed at banks, owing to their reputed nature, their service is often very costly. In this context, specialised exchange and money transfer companies are fantastic alternatives. Not only do they perform a range of additional services, including money transfers, but they also provide cost-effective rates for those who wish to have their currency changed.

• Knowing the difference between buying and selling currency

It’s often easy to get mixed up about whether you’re buying and selling currency, especially if you’re new to the process.

In short, if you’re exchanging local money for a foreign currency, this means you are selling. If, on the other hand, you’re in another country and are purchasing its currency in exchange for your local currency, this means that you are a buyer.

Usually, it’s likely that the currency you receive will be less than the value you provide. This is due to the rates each money changer adopts when providing their service. Let’s discuss this a little further in the next section.

• Rates

Currency exchange rates are another decisive factor when it comes to your visit to the money changer.

While live rates may be more favourable to you, it is likely that your service provider has a separate set of rates. Therefore, before deciding on which money changer to go to, a little research might point you in the right direction. Especially if you’re a little lost about who to choose.

Many companies make information regarding their rates available on their website. If this is an option, it’s best that you take the time to ensure that the money changer you choose is an institution that can give you the most value for money.

• Take care if you’re exchanging money with an unknown dealer abroad

While it’s best to avoid unknown money changers at all costs, sometimes this may not be possible. Especially if you find yourself in a foreign country with little knowledge of the local language or information on how to access basic services.

Counterfeit currency scams are a common occurrence in many parts of the world and you may be the victim of this if you’re not being too careful. Thus, when you’re in an unknown setting, do everything you can to ensure that your currency exchange service provider is reputed and trustworthy.

Key Takeaways

Money changers perform a key service for those in need of quick currency exchange. While they provide an invaluable service to countless individuals, it is, nonetheless, likely that you may be hustled in this process.

It is crucial, therefore, that you do the basic research necessary to ensure that you receive your money’s worth. Whether this is in the form of transparent service fees, expedient service, or decent exchange rates, choose the best money changer for convenient currency exchange facilities!

On the search for a trustworthy money changer? Choose Ceylon Exchange! Contact us today for cost-effective currency exchange services.

For many of us, currency conversion represents an important part of day-to-day life.

Whether you’re transferring money abroad for business purposes or to your loved ones at home, being able to access expedient conversion options is important.

With the advent of technology in the business space, there are now numerous ways in which you can obtain currency conversion services. Our blog this week explores each of these, helping you identify which is the convenient and cost-effective for your purposes.

ATMs

ATM services have grown more sophisticated over the years. So much so, in fact, that you can now purchase foreign currency with the use of your debit card.

Many ATMs only charge you the spot rate of the day along with a conversion fee of around 1-2%. While your bank may charge you an additional fee for the use of a foreign ATM, you might be able to have this fee waived through prior discussion with your bank.

What’s necessary for this process is that you first inform your bank that you will be travelling abroad and that you wish to use your card once there. It’s also important to find out which foreign ATMs are affiliated with your bank. You can do so by checking the back of your card for symbols such as those of VISA or MasterCard, among others.

If your bank is unwilling to waive withdrawal fees, and even if they do, it’s perhaps best to estimate the total amount of money you might need per day/per week and withdraw it in one go. This way, you avoid incurring unnecessary expenses.

Before you depart, ensure you identify places in which you can access affiliated ATMs and ensure your PIN number system matches that of the country you’re about to visit.

This option, however, only applies if you find yourself abroad and are in need of local cash.

Banks

While banks may be a reliable institution for this type of service, currency conversion here is exorbitantly expensive.

Banks often charge a varying range of fees and have a high exchange rate in place. This often means that you end up shelling out more money on fees and exchange rates than on the actual amount of money you’re trying to convert.

Therefore, despite the institutional security you may feel by opting for a bank, there are far more cost-effective services, including specialised money transfer/currency exchange companies.

Currency Conversion through a money exchange agent

Currency conversion through a local money transfer company is usually the best option.

Not only do they provide some of the best exchange rates on the market, you’re also in no danger of getting ripped off by hidden charges and fees. Certain companies such as Ceylon Exchange, offer this service by looking at the rate of the day and providing you with a fair and expedient service.

This option is great even if you find yourself abroad and have excess local cash in hand. Simply sell it to a local agent and exchange it for the currency you use back home. These types of services are generally very easy to find in airports and in hotels.

Credit cards

This option is handy if you’re out of liquid cash and find yourself in a foreign country. Most credit card providers add a charge between 2.5-3% on top of the spot rate when you use your card to purchase foreign currency.

You can avoid this fee by opting for a foreign exchange free credit card, which won’t incur you additional charges when you make purchases abroad. Travel reward credit cards also come in handy in these moments, as you obtain extra benefits that can save you quite a bit of money.

Either way, make sure you inform your service provider about your intention to travel abroad to enjoy hassle-free service.

Key takeaways

Currency conversion options are only growing by the day. By opting for convenient and cost-effective services, especially through specialised exchange or money transfer companies, this process does not have to be as hassling as many believe it to be.

Given that these processes are fast becoming a part of day-to-day activity, it’s only likely that such services will become more affordable and accessible in the time to come.

Choose Ceylon Exchange for expedient currency conversion today! Contact us to find out how we make this process a walk in the park.

Whether you’re relocating your entire family abroad or are on a solo adventure, currency exchange services and option to transfer money abroad are a top priority when you land in Australia.

While banks are not the most ideal institutions to obtain cost-effective currency exchange services or those to transfer money with, they certainly provide the facilities with which you can perform these activities.

Our blog this week considers all factors that must be taken into account when you set up your first bank account!

The best time to set up an account

Deciding on when to set up your account plays a role in the ease with which you can settle down in the country.

Often the best course of action is to set up your account prior to arrival. Anyone carrying AUD $10,000 or more into the country, must legally declare it to Customs and Border Protection. Apart from the hassle of having to do so, carrying so much money in your hand luggage or suitcase is never the wisest idea.

Setting up your account can, therefore, be done online and with the support of your bank of choice, with little to no hassle or inconvenience. Nonetheless, if you choose to wait until you arrive here, this process is just as easy

Once you do so, you can transfer money, make deposits, and expect many other services from your financial institution.

Online registration

Most banks allow you to set up your account online. Choosing such a service will lessen the hassle that might crop up as you settle down in the country.

Here, you can choose between three types of accounts; everyday banking, savings account, or a term deposits account.

Documents required

Once you’ve chosen your preferred type of account, you will need to submit certain documentation to proceed with your application. While these may vary with the bank you choose, most documents required stay the same. These include an Australian passport/Australian visa in a foreign passport, an Australian driver’s license, or an Australian Medicare card. These are used to verify your identity.

As a new customer, you are also required to provide one form of primary ID or two secondary IDs.

Examples of a primary ID include an Australian photographic driver’s license or learning permit, an Australian passport, a government-issued National Identification Card, among others. Your bank will issue you any further examples.

Secondary IDs include your birth certificate, a Medicare card, an attendance letter from your school for anyone under the age of 18, and other similar documentation.

Once you’ve completed this process, you can expect your debit cards to arrive in a short period of time. You can even start transacting with your bank account while you’re still away, making your transition process smoother than you imagined. Thereafter, enjoy currency exchange services and transfer money online with ease, before even entering the country.

Setting up an account after arriving in Australia

The process for setting up accounts upon arrival is more or less the same.

You will be required to complete an identity check, providing specific identification documentation as required by your bank. Until such time as this process is completed, you will only be able to deposit money and not withdraw it.

How to obtain currency exchange services and transfer money

Currency exchange refers to the ability of your bank to both buy and sell international currencies to you. Given that this is often a critical need for many people, your bank should be able to set this process up with ease. This is the same if you want to transfer money.

For both these procedures, it’s best to check with your institution in advance what these processes entail and what information is required before-hand.

While banks may offer quick service, however, it’s important to note that performing such functions can often be an expensive process. It is, therefore, better to opt for alternative service providers such as specialised transfer companies.

Key Takeaways

Setting up an Australian bank account is a notoriously easy task.

Whether you choose to set your account up prior to your arrival or even once you settle down in the country, the processes remain the same and are generally, hassle-free.

However, it must be noted that while transferring money is an easy exercise with your bank as the middle-man, this is often an expensive process. Owing to hidden charges and extremely high exchange rates, you’re likely to spend more on transfer fees relative to the money you’re actually sending abroad.

Thus, while setting up your bank account is essential, transferring money can be done more cost-effectively with a transfer company such as Ceylon Exchange.

Looking to transfer money? Ceylon Exchange is renowned for its excellence in transfer services. Contact us today for more information.