Money and Banking in Australia — What Travelers Need to Know (2026)
Money in Australia splits into a couple of different problems depending on how long you're staying and whether you're earning anything while you're there: getting your home currency into Australian dollars without losing a chunk to fees, having a local bank account if you need one, and — for anyone actually working — a tax and superannuation system that catches a lot of people out simply because nobody explains it clearly at the point it matters.
Wise / Revolut — exchange and holding money
Wise and Revolut are the default choice for moving money from a home currency into AUD without the poor exchange rates and hidden markups that traditional banks apply. Both offer multi-currency accounts, a debit card usable in Australia, and exchange rates close to the real mid-market rate rather than a bank's marked-up version — genuinely useful for a short trip and a long one alike.
Where they fall short if you're planning to work: neither is set up the way an Australian employer expects for payroll — some employers and agencies are hesitant to pay wages into a foreign fintech account, and neither offers the tax-file-number-linked structure of a real Australian bank account.
Commonwealth Bank / NAB / Westpac / ANZ — the "Big Four"
Anyone planning to work in Australia, or staying long enough that a local account is genuinely useful, typically opens one of the Big Four Australian banks — it's what employers and letting agents expect and trust without question. Setup is usually possible in-branch within the first weeks of landing.
The tradeoff is fees — international transfers and currency conversion through a traditional bank are considerably worse value than Wise or Revolut, and monthly account-keeping fees apply unless you meet a minimum deposit condition many people don't realize exists until they've already been charged a few times.
Budgeting apps — tracking the actual spend
Any general expense tracker or spreadsheet handles day-to-day budgeting fine. The one place generic budgeting tools fall short is irregular income — cash-in-hand or seasonal work, a lump superannuation payout on the way out — which doesn't fit a standard monthly budget template well.
Side by side
| Wise / Revolut | Big Four bank | |
|---|---|---|
| Exchange rate quality | Near mid-market | Marked up |
| Employer payroll trust | Mixed | Yes, expected |
| TFN / superannuation linkage | — | Yes |
Fee and feature details taken from public listings, mid-2026 — rates and terms change, so verify directly with the provider.
If you're actually working: tax and superannuation
This is the part that's specific to working holiday makers and doesn't apply if you're just traveling. The working holiday maker tax rate is 15% on your first AU$45,000, with no tax-free threshold, so tax applies from the first dollar you earn. If your employer isn't registered as a working holiday maker employer, withholding jumps to 32.5% from the first dollar, and the only way to get the difference back is by lodging a tax return. Anyone from a country without a reciprocal healthcare agreement with Australia is generally exempt from the 2% Medicare levy, but plenty pay it anyway simply because nothing prompts them to check.
The biggest single amount most people miss, though, is the DASP — the superannuation refund available to anyone who worked in Australia on a 417 or 462. It's taxed heavily on the way out (around 65%), but it's still real money, and a large number of working holiday makers leave the country having never claimed it at all. This side of things is covered in more depth in the working holiday guide.
What to actually set up, and when
- Before you land: a Wise or Revolut account, for the exchange rate alone.
- If you're staying a while or planning to work: a Big Four account within the first couple of weeks — most employers expect one.
- If you start working: get your TFN directly from the ATO — it's free, and anyone charging you for it is charging for a form.
- Throughout a working stay: keep every payslip, and confirm whether your employer is registered as a working holiday maker employer, since that determines your withholding rate.
- On the way out, if you worked: lodge a tax return and claim your DASP superannuation refund — this is the single most commonly missed step.
FAQ
Do I need an Australian bank account as a traveler?
Only really necessary if you're staying long enough to make it worthwhile or planning to work — most employers expect one of the Big Four banks. For a shorter trip, Wise or Revolut usually covers everything you need.
What tax rate do working holiday makers pay in Australia?
15% on the first AU$45,000 with no tax-free threshold, meaning tax applies from the first dollar. If your employer isn't registered as a working holiday maker employer, withholding is 32.5% from the first dollar instead, refundable only by lodging a return.
What is DASP and should I claim it?
DASP is the Departing Australia Superannuation Payment — a refund of the superannuation contributed on your behalf while working on a 417 or 462. It's taxed at a high rate (around 65%) but is still real money, and it's commonly left unclaimed simply because people don't know to apply for it after leaving.
Am I exempt from the Medicare levy as a working holiday maker?
Generally yes, if your home country has no reciprocal healthcare agreement with Australia — but this isn't automatic, and many people pay the 2% levy the whole time without realizing they qualified for an exemption.
Alex Turner is a travel blogger who has spent extended stretches of time in Australia, moving between cities, road trips, and regional stays.