Frequently Used Terms

Here are a few terms used in Australia when processing payments or such.

ATM: ATMs are available throughout Australia. You’ll usually be charged a fee of about $2 when using another bank’s ATM.

B-Pay: Allows you to pay bills quickly through your online bank account.

Cash Out: An easy way to withdraw money without having to go to the ATM. When paying using EFTPOS, specify the amount you want when the cashier asks, “Any cash out?”

Direct Debit: If you choose to pay your rent or gas bills by direct debit, the amount will automatically be deducted from your account each month. This is good especially if you have a tendency to forget due dates. Ensure that you have sufficient funds in your account for this, or the bank may charge you $30 per overdrawn transaction.

EFTPOS: Method of paying using your bank card. Used widely, and a minimum spend usually applies. Just swipe/insert your card on/into the EFTPOS machine, choose your account and enter your PIN. Selecting the credit option for payments will incur an additional one to three per cent credit card fee.

PayWave and PayPass: The latest method of paying that allows you to “tap and go” for purchases under $100. No PIN or signature required.