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Australia doesn't have a limit on foreign currency that can be brought in to the country, but amounts of $10,000 or more must be declared on arrival. For forms and further information, visit the Australian Government AUSTRAC website http://www.austrac.gov.au.

Most Australian banks buy and sell foreign currency. If your transaction involves a large amount, you need to notify the bank a few days ahead, as they don't usually keep large amounts of foreign currency in stock. Travellers' cheques are widely accepted in all major international currencies. The exchange commission varies from bank to bank and it is wise to check and compare before proceeding with a transaction. Calculate the total amount you will receive (a combination of the exchange rate and the processing fee).

Some of the major Australian banks are: Commonwealth Bank of Australia http://www.commbank.com.au, ANZ Bank http://www.anz.com/uk, Westpac http://www.westpac.com.au and National Australia Bank http://www.national.com.au.

These 'big four' have branches in all cities and large towns throughout the country, and have representation overseas. In addition to the 'big four' there are other regional, city and state banks and international banks. You can find most of the banks in Australia through the Members Link on the Australian Bankers Association website http://www.bankers.asn.au A range of financial services information can be found on the Financial Services Institute of Australasia website http://www.finsia.edu.au

Banks are often keen to attract migrants as their customers, so they offer a range of special services for newcomers:

ANZ can open bank accounts before people migrate to Australia. The service is extremely simple and might save people a lot of money if they organise their banking prior to departing for Australia. ANZ can service people moving to Australia from all over the world.

The Commonwealth Bank provides assistance to migrants in Australia and also in their many overseas offices in London and throughout Asia.

Westpac offers information on how to arrange your banking before leaving home and for international students.

The main thing is to research the information and then decide on what is it that you want to do and who would provide the best service for you. Moving countries is a serious business, and your finances play a critical part in it.

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Information courtesy of Sue Ellson, Founder of Newcomers Network and Dina Zavrski-Makaric, Sydney Representative of Newcomers Network and Personal Coach and Counsellor of Challenging Directions.

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