Exchange of currencies and the purchase of foreign currencies can also be conducted at banks. Travellers cheques can be cashed at banks but you will need to show your passport for identification. If you have been in Australia for less than six weeks, your passport will be enough identification to open a bank account. If you have been in Australia for more than six weeks, you will need some further identification such as your student identity card. Before choosing a bank and a particular account, you should compare interest rates, bank fees, etc.
Some banks do provide student accounts where only government fees are charged.
Cash is then accessible 24 hours a day, seven days a week. At Macquarie University there are three ATMs that allow you to withdraw cash using your ATM card from nearly any local bank. The National Australia Bank has its own branch on our campus. There are two ways of transferring money from your home country to Australia - bank drafts or cheques and telegraphic transfers. Credit cards are also a convenient way of transferring funds.