Backpack Victoria

MONEY AND BANKS

Wherever you’re coming from, Victoria is geared for budget and independent travellers, offering plenty of low-end accommodation and eating options, as well as discounts on travel, nightlife and entertainment.

Australia’s unit of currency is the Australian dollar (AUD$), which is divided into 100 cents. Coins have values of 5, 10, 20 and 50 cents, and AUD$1 and AUD$2; notes have values of AUD$5, AUD$10, AUD$20, AUD$50 and AUD$100.

Basic costs
If you’re frugal, you’ll likely spend around AUD$70 a day for basic meals, accommodation, transport and the odd drink. But if you intend to splash out a bit, staying in motels and B&Bs, going on tours, renting cars, clubbing and taking advantage of some of Melbourne’s super cafes and restaurants, you’ll need a daily budget of at least AUD$120. As a guide, expect to pay the following prices for standard items in Melbourne:

Goods & Services Tax (GST)
Australia has a Goods and Services Tax (GST), a broad-based tax of 10% on most goods and services such as accommodation, food, transport and other tourism services within Australia. International airfares do not attract GST.

In some cases, you can claim this tax back through the Tourism Refund Scheme (TRS). Conditions apply and, when you’re departing Australia, you have to carry goods as hand luggage. For more information, see the Australian Customs Service website.

Travellers cheques & plastic
Travellers cheques are the safest and most convenient way to carry funds into Australia. Brands like American Express and Thomas Cook are widely accepted in Victoria, and can be cashed at banks, foreign exchange brokers and larger hotels. Passport ID is required when you cash travellers cheques.

Major credit cards - Visa, MasterCard, American Express, Bankcard, Diners Club - are accepted throughout Victoria. Automated Teller Machines (ATMs) with 24/7 access are available in convenient locations like banks, along main shopping streets and in malls.

Banks & foreign exchange
In general, Melbourne’s banking hours are Monday to Thursday 9.30am–4pm and Friday 9.30am–5pm. All the major banks, such as Westpac, ANZ, Commonwealth and National, have offices in Melbourne, as well as in cities and many of the larger towns in regional Victoria. In smaller centres, some branches of the main banks have closed, so you’ll have to go to the local post office or newsagent for your banking needs. In Melbourne, all main banks are equipped to exchange foreign currency. You can also exchange foreign currency any day or night at the airport, or during normal business hours at Thomas Cook, 257 Collins Street, Melbourne or American Express, 233-239 Collins Street, Melbourne.

A tip: If you’re going to spend a weekend in one of Victoria’s smaller towns, plan on bringing along enough cash - on arrival, you might find there’s no banks or the post office closed.