As many as 30 people were believed to be on the bus when it crashed into the Montague Street overpass in South Melbourne just after 10:30am on Monday.
Metropolitan Fire Bridade Commander Andrew O'Connell confirmed all passengers were safely removed from the bus within an hour, saying they would have been "absolutely terrified".
No passengers are thought to have life threatening injuries.
Earlier, witnesses described "horrible scenes" after the "Ballarat Gold" charter bus collided with the tram bridge.
The Montague Street overpass is notorious for having trucks and buses become stuck under it.
In September last year, a truck driver escaped injury but was issued a $738 fine after ignoring the height clearance signs and becoming stuck under the overpass, which has a height clearance of 3 metres.
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