How To Manage Your Money When You Move To Australia

If you’re about to move to Australia, you might be considering the best options when it comes to how to manage your money when you move to Australia.

It’s no surprise that emigrating is one of the biggest financial decisions you’ll ever make. Between flights, visas, and setting up your new life, costs can quickly add up — and managing your money wisely after emigrating is the key to making your transition as smooth as possible financially.

Whether you’re just starting to plan your move or you’ve just landed Down Under, here are some practical tips to help you manage your money when emigrating and set yourself up for financial success in Australia.

How To Manage Your Money When You Move To Australia

Know That The First Few Months Will Be The Most Expensive

I’ll be honest — the first few months in Australia can be a real shock to the system, both emotionally and financially. You’ll be shelling out non-stop on things like temporary accommodation, rental bonds, furniture, vehicles, car registration, groceries, and countless other setup costs.

If possible, plan ahead and try to build a buffer fund before you arrive. Knowing that these initial expenses are temporary can help you manage your expectations and stress levels. Once you’re settled, your spending will start to even out as you establish routines and understand the real cost of living in your area.

I remember our first ‘pop to the shops’ the day we arrived, I walked out with 2 small bags, barely enough food for 2 days and was $80 lighter – and that was back in 2013! It doesn’t last forever though and eventually you’ll have replaced all the random things you didn’t bring over when you moved and life will become more stable financially.

Having that buffer fund for set up costs can be a game changer, especially if you are not walking into a job on arrival and need to support yourself and your family until you are earning dollars.

Open A Range Of Bank Accounts

Most of the major Australian banks allow you to open a bank account before you arrive in Australia. They do have different rules about when you can pay funds in though and when you can make withdrawals so familiarise yourself with those rules when setting your accounts up before moving.

Having your banking sorted early makes it much easier to transfer money, receive your salary, and pay bills once you land.

You could choose to open:

• An everyday transaction account for daily spending and a debit card.
• At least one or two savings accounts to build an emergency fund and short-term savings for specific goals.
• A joint account transactional account if you’re moving with a partner.

This setup will make it easier to track your spending and separate everyday costs from longer-term savings goals.

Having a range of accounts allows you to split funds into dedicated accounts – for example, regular bills, short term savings, long term savings, emergency funds, etc.

Personally, we have over 15 different accounts and divide our funds monthly when we are paid – they cover things like:

– mortgage & bills

– car costs for the year (rego, service, repairs etc)

– food and fuel

– school fees

– spending money

– emergency savings

– youth savings

– holidays

– my horse expenses (the most depressing account of all!)

This helps us keep track of where our funds go every month and ensure we don’t overspend in any areas (except my horse account which is like the Bermuda Triangle of money).

Transfer Your Money To Australia With A Trusted Intermediary

When transferring funds from overseas, it’s tempting to go straight through your bank for convenience — but you’ll often get poor exchange rates and high or hidden fees.

Instead, consider using a trusted currency transfer partner that specialises in emigration transfers and knows the rules when it comes to cross-border transactions.

For South Africans moving to Australia, companies like Rand Rescue can often secure far better rates than traditional banks, potentially saving you thousands of dollars. If you’re moving from South Africa, you need to make sure you understand exchange control regulations and get professional assistance if needed. The last thing you want is a trade that doesn’t settle or hassles with SARS!

Register For Tax With The ATO

Once you start working in Australia, you’ll need a Tax File Number (TFN) from the Australian Taxation Office (ATO). Without it, your employer may withhold more tax than necessary from your pay. And nobody wants that – especially when you’ve just emigrated and are haemorrhaging money on setting up your new life!

It’s free to apply for a TFN, and you can do it very quickly online once you’ve arrived. You’ll also need to provide your TFN when opening bank accounts, superannuation accounts or applying for government services. There are some circumstances when you can apply for a TFN from overseas, but honestly it doesn’t take very long to issue so if you make this one of your key tasks in your first week in Australia, it is easy to do.

Get Savvy With Australian Tax Returns

The Australian financial year runs from 1 July to 30 June, and if you’re working, you’ll usually need to lodge a personal tax return each year. This can be done online through myGov, or with the help of a registered tax agent. You used to have to lodge your first tax return as a paper one, which was such a pain when we did it, but it seems like you can lodge your first return online now which makes it a lot simpler to do.

Tax in Australia is progressive, which means the more you earn, the higher the percentage you’ll pay. However, there are plenty of deductions and offsets available — from work-related expenses and uniform laundry to charitable donations. Learning how the system works (or using a tax professional) can help ensure you’re not paying more than you need to.

I love my accountant – Gillian from Simple Solutions Accounting Services. She’s registered with the ATO and SARS and perfectly placed to assist new arrivals to Australia with the ins and outs of tax here.

Create A Realistic Budget

A well-planned budget can make all the difference when adjusting to life in Australia. Start by tracking your regular expenses for the first few months — rent, groceries, transport, insurance, utilities, and entertainment. Of course, in the early days there will be a lot of one-off things but this is normal – don’t panic if you just feel like your money is flying out the door for the first 3-6 months!

Remember that costs can vary significantly depending on where you live. Perth, for example, has different living costs to Sydney or Melbourne. If you haven’t worked out your income vs expenses, you can use my handy cost of living in Australia calculator to help estimate your expenses and make sure your income can comfortably cover them.

Knowing if you are surviving or thriving can make all the difference to your mental health and long-term financial plans after emigrating.

Start A Superannuation Fund

Superannuation (or super) is Australia’s retirement savings system. If you’re employed, your employer will pay a percentage of your earnings into your super fund — currently 12% (as of 2025).

You can choose your own super fund or stick with your employer’s default. Either way, it’s worth comparing fees, performance, and insurance options. The sooner you start contributing, the more you’ll have later in life, thanks to compound interest.

Please don’t go with blind recommendations on Facebook for super funds! Getting professional advice and doing your own research is super important (excuse the pun!).

Understand Your International Tax Obligations

If you’re moving from South Africa, or anywhere else for that matter, you may still have some financial ties in your home country — such as property, investments, or pensions. Make sure you understand how these may be taxed once you become an Australian resident for tax purposes.

Each country has different tax treaties with Australia, so it’s important to check whether you’ll be taxed on these in Australia or if there are exemptions in place. Speaking with a competent financial adviser who specialises in international tax can help you stay compliant and avoid nasty surprises and tax-related headaches later down the line.

Consider Professional Financial Advice

Australia’s financial system can be quite complex and overwhelming, especially for new migrants juggling assets across multiple countries.

A qualified financial adviser may be able to help you structure your finances efficiently, understand your tax obligations, and plan for your long-term goals — whether that’s buying a home, saving for your children’s education, or building your retirement fund.

Ask around for personal recommendations on trusted financial planners in your state – as different states can have different systems and options available to you.

Managing your money wisely when you move to Australia can help you settle faster and feel more in control of your new life. By planning ahead, staying informed, and making smart financial choices, you’ll give yourself the best possible start Down Under.

If you’re planning your move to Australia, check out the Proudly South African In Perth shop — you’ll find helpful digital tools like my Cost of Living Calculator and the First Month in Australia Checklist to help you plan your budget, prepare for your arrival, and settle in with confidence.

Please note: This article does not constitute financial advice in any way. For financial advice please consult a qualified financial planner, superannuation advisor, tax planner or mortgage broker as relevant to your queries.