Working Visa to Australia - can I pay AU $ into my account?


(James Bedwell) #1

Hi Monzonauts,

I’m planning on getting a working Visa to Australia.

Is Monzo a suitable solution for everyday spending in my year(ish) away?

I am aware that I will be paid in AUD and not GBP - so is there a way for me to pay this into my Monzo account without fees for currency conversion?

I would love to be able to continue using Monzo in Australia how I’m using it now - I love it!

Cheers for any information and recommendations!


(David Lynn) #2

Hi @bedwej,

I think to continue using Monzo for that length of time wouldn’t be very beneficial, you would still have to pay a number of fees.

Firstly you would have to transfer your AUD back to GBP. This will incur an exchange charge. There are places that will do this for very little charge but obviously it all adds up, especially if you do this on a regular (monthly) basis when you are paid. For example a service would be:

Then once it is in GBP you could put the money on your Monzo card, however by spending money on the Monzo card in Australia you are still doing a foreign exchange and while you get great rates though Mastercard with no bank fees (thanks monzo) , this is likely never going to rival not exchanging money by using a domestic bank.

For your length of trip I would personally look into getting a bank account set up in Australia. You won’t get the great features of Monzo but you will incur significantly less fees.

But have a fantastic time there, Australia is an amazing place! :grin:

Hope this helps
David


(James Bedwell) #3

Hmmm… thank you @davidlynn
I really would hate to lose the features of monzo but it’s something I might have to unfortunately consider.
Are there any similar kind of services in Australia?
Obviously not going to become a traitor to Monzo :joy: (maybe temporarily!)


(Evan Davis) #4

Unlike the UK, Australian banks will open accounts for pretty much anyone. ID is all that is needed. Proof of address is generally not needed.

Most have basic accounts with no or small monthly fees. Be aware that there is usually a fee for using an ATM belonging to the bank you are currently with (usually around $2 per withdrawal), so if you are in an area with few ATMs, you may need to choose your bank based on ATM availability.

If Apple Pay is your thing, ANZ is your only option.

Contactless is becoming almost universal ($100 max per transaction).

Transfers to people/friends with accounts at other banks than yours will not be received until the next working day morning (i.e. a transfer on Friday night won’t get to their account until Tuesday morning… Wednesday if Monday is a public holiday).

Some of the banks may allow you to open your bank account before you leave the UK, so it may be worth checking out the websites of the various banks.