Working Holiday Money Guide: Exchange, Banking & Saving

The Working Holiday Financial Playbook

A working holiday visa (WHV) is one of the best opportunities available to young travelers — the chance to live, work, and explore a foreign country for one to two years. Australia, Canada, New Zealand, Japan, South Korea, and several European countries offer these visas to applicants typically aged 18-30 (sometimes 35).

While the adventure is exhilarating, the financial logistics can be daunting. You need to manage arrival funds, set up local banking, handle tax, send money home or save for travel, and make the most of your earnings in a foreign currency. This guide covers the financial essentials for the most popular working holiday destinations.

Pre-Departure Financial Essentials

Proof of Funds

Most working holiday visa programs require proof of sufficient funds upon arrival:

Country	Minimum Funds Required	Approximate USD
Australia	AUD $5,000 + return ticket	~$3,250 + ticket
Canada	CAD $2,500	~$1,825
New Zealand	NZD $4,200	~$2,500
Japan	JPY 250,000 (recommended)	~$1,670
South Korea	USD $3,000 equivalent	$3,000
UK (Tier 5 YMS)	GBP £2,530	~$3,165

Tip: Immigration may ask for a bank statement showing these funds. Have a recent statement accessible (digital or printed).

What to Bring

Financial essentials for working holiday departure:

1. Primary debit card (Wise or Revolut — set up before leaving)
2. Backup debit card (different bank/network)
3. Credit card with no foreign transaction fee (if available)
4. $200-500 in local currency cash for the first few days
5. Digital copies of all bank details, card numbers, and emergency contact numbers stored securely in the cloud
6. Bank statements showing proof of funds (if required at immigration)

Pre-Departure Account Setup

Before you leave, complete these steps:

1. Open a Wise and/or Revolut account with a debit card
2. Notify all banks of your travel plans and expected return date
3. Set up online banking and mobile apps for all accounts
4. Enable international transactions on all cards
5. Memorize or securely store PIN numbers (you will need them at ATMs)
6. Set up two-factor authentication that works internationally (authenticator app, not SMS if possible)

Country-Specific Guides

Australia

Australia is the world's most popular working holiday destination, attracting over 150,000 WHV holders annually.

Opening a Bank Account:

• Open within 6 weeks of arrival for simplified ID requirements (just passport)
• After 6 weeks, you will need additional ID (difficult for new arrivals)
• Recommended banks: Commonwealth Bank (CBA), Westpac, ANZ, NAB
• All four major banks have apps for easy account opening
• Some allow you to start the process online before you arrive
• You will receive a debit card (usually Visa or Mastercard) within days
• Tax File Number (TFN): Apply immediately upon arrival — required for employment and to avoid higher tax withholding

Earning and Taxes:

• Minimum wage: approximately AUD $23.23/hour (2025)
• Casual loading: typically 25% extra on top of base rate
• Working holiday tax rate: 15% on the first $45,000, then marginal rates
• Superannuation: employers contribute 11.5% — you can claim this back when you leave (Departing Australia Superannuation Payment, or DASP, minus 65% tax)
• File a tax return after June 30 — you may get a refund

Typical Monthly Budget (Budget Traveler Working in a City):

Expense	AUD	USD
Shared accommodation	$800-1,200	$520-780
Food & groceries	$300-500	$195-325
Transport	$50-150	$33-98
Phone	$30-40	$20-26
Social/entertainment	$200-400	$130-260
Total	$1,380-2,290	$898-1,489

Typical monthly income (full-time hospitality/farm work): AUD $2,800-4,000

Saving potential: AUD $500-1,600/month depending on work and lifestyle

Money-saving tips for Australia:

• Regional/farm work often includes accommodation, dramatically reducing costs
• Cooking at home saves 60-70% compared to eating out
• Gumtree and Facebook Marketplace for cheap secondhand everything
• Work in mining, construction, or remote areas for higher pay

Canada

Opening a Bank Account:

• Open with passport and proof of address (hostel/hotel receipt works initially)
• Recommended banks: TD, RBC, Scotiabank, BMO, CIBC
• Many offer no-fee newcomer accounts for the first year
• TD and RBC are popular with WHV holders for their extensive branch networks
• Get a Social Insurance Number (SIN) immediately — required for employment

Earning and Taxes:

• Minimum wage: varies by province, CAD $15.00-17.40/hour (2025)
• Federal + provincial tax applies (combined 20-30% effective rate at WHV income levels)
• File a tax return by April 30 — refunds are common for seasonal workers
• Canada Pension Plan (CPP) contributions can potentially be recovered when you leave

Typical Monthly Budget (Budget, Major City):

Expense	CAD	USD
Shared accommodation	$700-1,200	$511-876
Food & groceries	$300-500	$219-365
Transport	$100-150	$73-110
Phone	$40-60	$29-44
Social/entertainment	$150-300	$110-219
Total	$1,290-2,210	$942-1,614

Typical monthly income: CAD $2,400-3,500

Saving potential: CAD $200-1,200/month

Money-saving tips for Canada:

• Ski resort jobs often include subsidized accommodation and ski passes
• Tim Hortons and grocery meal deals for budget eating
• Transit passes offer significant savings over individual fares
• Provincial parks camping is far cheaper than commercial accommodation

New Zealand

Opening a Bank Account:

• Open with passport and proof of NZ address
• Recommended banks: ANZ NZ, ASB, BNZ, Westpac NZ, Kiwibank
• Most banks offer straightforward setup for working holiday makers
• Get an IRD number (tax number) immediately — apply online

Earning and Taxes:

• Minimum wage: NZD $23.15/hour (2025)
• Tax rate: 10.5% on first $14,000, 17.5% on $14,001-$48,000
• KiwiSaver: you may opt out (otherwise 3% is deducted)
• File a tax return — Personal Tax Summary available from IRD

Typical Monthly Budget (Budget):

Expense	NZD	USD
Shared accommodation	$700-1,100	$420-660
Food & groceries	$300-500	$180-300
Transport	$50-150	$30-90
Phone	$30-50	$18-30
Social/entertainment	$150-300	$90-180
Total	$1,230-2,100	$738-1,260

Typical monthly income: NZD $2,600-3,800

Saving potential: NZD $500-1,600/month

Money-saving tips for New Zealand:

• Fruit picking and seasonal work hubs (Blenheim, Hawke's Bay, Bay of Plenty) often provide accommodation
• Freedom camping is legal in many areas with a self-contained vehicle
• Buy a van for travel flexibility and accommodation savings (sell when you leave)
• Pak'nSave is the cheapest grocery chain

Japan

Opening a Bank Account:

• More complex than other WHV countries — requires residence card (zairyu card), Japanese phone number, and sometimes an address proof
• Recommended banks: Japan Post Bank (ゆうちょ銀行) is the easiest for foreigners, Shinsei Bank has English support
• Allow 1-2 weeks from arrival to get your bank account set up
• Use your Wise card in the meantime (7-Eleven ATMs accept foreign cards)

Earning and Taxes:

• Typical WHV hourly rate: JPY 1,000-1,500/hour ($6.67-10.00)
• Income tax: approximately 5-10% at typical WHV income levels
• Residence tax: may apply depending on your January 1 status
• Health insurance: National Health Insurance (国民健康保険) enrollment may be required

Typical Monthly Budget (Budget, Non-Tokyo):

Expense	JPY	USD
Shared accommodation	¥40,000-70,000	$267-467
Food & groceries	¥30,000-50,000	$200-333
Transport	¥5,000-15,000	$33-100
Phone	¥3,000-5,000	$20-33
Social/entertainment	¥15,000-30,000	$100-200
Total	¥93,000-170,000	$620-1,133

Typical monthly income: JPY 150,000-250,000 ($1,000-1,667)

Saving potential: JPY 0-80,000/month ($0-533)

Money-saving tips for Japan:

• Convenience store clearance items (onigiri, bento) are marked down in the evening
• Share houses (シェアハウス) are the most affordable accommodation
• 7-Eleven ATMs are the most reliable for foreign card withdrawals
• Teaching English or working at ski resorts/ryokans often includes accommodation

Sending Money Home (or Saving It)

When to Send Money Home

Some working holiday makers send money home regularly, while others save everything locally and transfer in bulk at the end.

Send regularly if:

• You have obligations at home (loans, rent, family support)
• You want to reduce currency risk on your savings
• Your home currency is significantly stronger than your host currency

Save locally and transfer at the end if:

• You have no home obligations
• You want to maximize the local balance for travel within the host country
• You believe the host currency may strengthen before you leave

Best Transfer Methods for WHV Holders

Method	Cost per $1,000	Speed	Best For
Wise	$5-12	1-2 days	Regular transfers
Revolut	$0-10	1-3 days	Small frequent transfers
OFX	$0-10	1-3 days	Large lump sums
Western Union	$10-40	Minutes-days	Cash pickup
Bank wire	$25-60	3-5 days	Avoid if possible

Claiming Back Tax and Superannuation

Australia (DASP): After leaving Australia, you can claim your superannuation balance back (minus 65% tax). This can be thousands of dollars depending on how long you worked. Apply through the ATO after your visa expires or you leave permanently.

Canada (CPP): In some cases, CPP contributions can be refunded if you leave Canada and a tax treaty applies. Consult a tax advisor.

New Zealand (KiwiSaver): Harder to withdraw early, but possible after permanently emigrating. Hardship provisions exist.

Building a Travel Fund While Working

The golden strategy for many working holiday makers is the "work hard, travel hard" cycle:

1. Work phase (2-4 months): Focus on earning and saving, minimize travel spending
2. Travel phase (1-2 months): Use saved funds for a travel block
3. Repeat throughout your visa period

Savings Target for Travel

Destination Travel	Daily Budget	30-Day Trip Cost
Southeast Asia (from Australia)	$30-50/day	$900-1,500
Australian road trip	$50-80/day	$1,500-2,400
New Zealand road trip	$40-70/day	$1,200-2,100
Japanese exploration	$50-80/day	$1,500-2,400
Canadian road trip	$60-100/day	$1,800-3,000

Key Takeaways

A working holiday is a financial marathon, not a sprint. Set up your banking quickly upon arrival, use low-cost transfer services (Wise, Revolut) instead of bank wires, and build a systematic approach to saving and converting currency. The first month is the most expensive (setup costs, deposits, initial expenses without income), so arrive with a comfortable financial buffer beyond the visa-required minimum.

Monitor exchange rates for your specific currency pair throughout your working holiday using the converter at hwanyul.com to time your transfers and maximize your savings.