Where should I convert my US$ to AUS$?

Question

I live in Melbourne now. I am a student at Deakin university. I bring with me US$, and I want to convert to AUS$ so I can open a bank account here.

Answer 1

Any of the big banks can change it - Commonwealth Bank, NAB, ANZ, St George etc. or you can go to a currency exchange place. Check a few different places and see which has the best rate and lowest commission.

Answer 2

You can generally go to any currency exchange broker in the city center to exchange your US dollars, but shop around for the best price. Some banks will exchange for you without you having to have an account. As for opening a bank account - It depends on where you are arriving from. If your home country operates exchange controls, you may find it difficult. If not, you should check with your current bank to see if it has any special links with an Australian bank (eg some UK banks are owned by the National Australia Bank), or check with any Australian banks who operate in your current country of residence if they will help you to open an account with one of their Australian branches. It can be very much a hit-and-miss process.  It makes commercial sense for them to do so, but not every bank is interested in migrant business..