Banking with someone you know

Australia and New Zealand are world leaders in providing access to banking services. Australian and New Zealand banks provide you with access to your money 24 hours a day, 7 days a week through branches, ATMs, internet and phone banking, and electronic funds transfer at point of sale (EFTPOS).

Australian currency

The currency used in Australia is the Australian dollar.

One dollar ($) = 100 cents (c).

New Zealand currency

The currency used in New Zealand is the New Zealand dollar.

One dollar ($) = 100 cents (c).

Ways to pay

a) Cash: People in Australia and New Zealand do not carry around large amounts of money. Instead, they use EFTPOS for shopping, eating out and entertainment. You'll still need cash for things like buying newspapers, catching trains or buses and paying parking meters though.

b) EFTPOS: Most retail businesses will let you pay by EFTPOS. With EFTPOS money is automatically transferred from your bank account to the merchant's account. Many businesses will let you get extra cash out with your purchase.

c) Credit cards: Most large and medium-sized businesses will also accept credit cards.

d) Cheques: Personal cheques are not used as much as EFTPOS, and not all retailers will accept them. You must be over 18 years of age to apply for a chequebook.

e) BPAY®: BPAY® is a service that allows people in Australia to pay their bills easily using their credit cards or from their bank accounts. BPAY® can be used on internet and phone banking. Most BPAY® payments are made over the internet. In New Zealand you can also pay bills via internet and phone banking.

Want to know more about Australian and New Zealand banking terms

® BPAY is registered to BPAY Pty Ltd ABN 69 079 137 518