When travelling around and doing casual work in Oz what is the best way to keep money safe and accessible?

Question

expect to do casual work for cash and want to keep it in a post office style account that can be drawn out in any town for about 15 months - any tips please. Thanks

Answer 1

I opened a bank account with ANZ the moment I landed. You then get a debit card to withdraw cash or make purchases.

The thing you have to watch out for are fees and taxes. All the Australian banks will charge something to have an account (or at least they did when I was there in 1996). The account I had was free as long I did not write cheques, maintained a minimum balance of AUS$150 a month, and did not exceed 30 card transactions a month. All the other banks charged upwards of AUS$5 to have a current account.

The other thing to bear in mind in tax. You do not pay tax for deposit made in the same state as your account holding branch. However, you paid tax on deposits made outside the state. You also paid a fee or tax (can't remember which) if you used a cheque to deposit money outside the state.

Unfortunately, my account was in Melbourne and was working in Sydney. This meant that when I got paid, I had to ask my boss to make the pay check payable to cash. I'd cash the cheque and keep the cash I needed for the week. The rest of the cash was deposited into my account. This minimised the tax I paid on bank deposits.

Edit: Emma R may be correct re interstate taxes. I remember paying tax for bank deposits made outside Victoria. It may be that the tax laws have changed since 1996 or simply that it was a Victorian tax i.e. a tax not charged by NSW or WA state governments.

Answer 2

As the other answerers have said, check in with the big banks. But do note all the banks charge a fee when you use an ATM that is not their own, however there are no charges when using EFTPOS. All supermarkets, and some other shops, will let you buy groceries on your card and then withdraw cash in the same transaction, so therefore no ATM fees.

When setting up your account, make sure you consider the account fees. our banks charge you for the pleasure of having you as a customer...

All the big 4 have discount-fee accounts, where you pay a flat monthly fee of $3-7 which includes all your account fees. Most have either an online-only option (cheaper) or standard (includes over-the-counter transactions). So if u need to walk into a bank to use their services, go for the second option - maybe you'll receive a few cheques made out to cash?? not too many people seem to use cheques anymore, but I'd say thats the most likely need for going into a bank for you. if you can rely on internet banking, telephone banking, and ATMs then go for the cheaper electronic accounts.

I've included the links to the main banks below. Personally, I have a Westpac One account for $5 a month and I can have all my accounts linked together and have a free special savings account attached to it. I've been happy with Westpac, always found an ATM of theirs when I need to. Mum's with ANZ, Dad's with Commonwealth. There's not too much difference between the big ones.

Commonwealth claim to have the largest network of ATMS within Australia.

Have fun in Aus!!

**Edit - I'm unaware of the tax the above poster is talking about, charged when paid in from interstate?! For 18 months my salary was paid in by my Sydney company's head office while I lived in Perth and I was never aware of such a charge. First i've heard of it... so I wouldn't get too concerned by that. These days everything is centralised and done online or through head offices on east coast anyway.

Answer 3

There is a pre paid credit card style account that you can buy and top up at newsagents, its called Bebo, the card cost about $15, takes about a week to send it off and get activated, then can be used just like a credit cards, can use it to eftpos transactions and also withdraw money at ATM's.
I am guessing that you do not want to use a bank account, this would be a way around it. They do have maximums you can put on the card without ID though so you might want to check up on it.

Answer 4

Open an account in any of the Big Four banks - Commonwealth, ANZ, NAB or Westpac. The Commonwealth has the most outlets as all Post Offices will do Commonwealth transactions and you can pay your money in there.

There are ATMs everywhere if you want cash but most places use EFTPOS and will give you cash as well. It is the safest way to keep your money. If you need to pay bills you can use B-Pay with your account, set it up when you open it. There are internet-connected computers in libraries and at a multitude of cafes etc which you can use to pay bills. keep your card safe and you don't need to carry very much cash at all.

Answer 5

I have my quick access safe under my desk within arms reach. I live in an area that has a few break ins and do not like leaving my firearms unsecured. I do not have a nightstand that would be quicker to get into. What makes it good for me is I practice getting to my safe and to my guns so that if I should ever need to use one of them, I know what to do and I am not fumbling around. Springfield Armory XD .45 and 9mm Ruger SR9

Answer 6

Hollow out the heel of your shoe.....like Agent 86, Maxwell, did in Get Smart.....& place your money in there.

Just make sure you don't get your shoes mixed up if you visit a mosque, or a synagog, & you take them off before entering. Just make sure you put the same ones back on when you come out!

Answer 7

use a bank that is mostly used all over the country, like anz, or westpac. that way u can easily deposit money into you account and draw it out anywhere.

Answer 8

commonwealth bank every post-office is a branch ezy to deposit & they have ATM;s all over

Answer 9

we have A.T.M machines all over the place.