Foreign Exchange Guide to Australia
In this guide we review :
- Travelling in Australia - Practical tips
- Buying Australian Dollar Cash Online - Travel money for Australia
- Australian Dollar (AUD) - Currency Market News
- Sending Money to Australia - Save on Australian Dollar bank transfers
- Australian Dollar Exchange Rates - Latest info & charts.
Australia Travel Practical Tips
There are no limits on the amount of currency that can be brought in or out of Australia, but travellers must declare hard currency equivalent to AUD10,000 or higher. Australia is not usually considered a budget destination, in fact Sydney and Melbourne are consistently ranked as two of the world’s most expensive cities but if you’re careful with your spending it’s still possible to make your money go a long way, especially when the Australian Dollar is weaker.
Most nationalities will need to get a visa before you travel. Beware of scam adverts claiming to help you extend a working holiday visa. Several British nationals have had their visas cancelled as a result.
Travel Money for Australia - Australian Dollar (AUD)
Save money and time by Ordering your Australian Dollar Online from Travelex, you get better rates and can pick up the AUD cash locally or even on travel day at the airport.
Another popular option is to use a Pre-paid Travel Card. Your Debit/Credit Card provider will charge you 2% from market mid-rate, but your bank may also charge an extra 3% as an “Overseas Transaction Charge” plus “Overseas ATM” fees for withdrawing cash.
For card purchases if offered a choice of currencies always select to Pay in Australian Dollar otherwise you may get much worst exchange rates.
Australian Dollar (AUD) - Currency Market News
Against the US dollar, having climbed to a 28-month high above 0.81 in September, the Australian dollar spent much of the next five weeks losing value. AUD fell roughly three cents by mid-October to 0.782. The Aussie’s year-to-date gain over USD remained close to 9%.
Against the New Zealand dollar, AUD fell back from September’s high of 1.115 to 1.09 by October 17th, but was still up 5% on the year.
In October, Australian Treasurer Scott Morrison expressed no discomfort with the higher valuation of the Australian dollar. Morrison suggested that Australian exporters had adapted to the higher currency.
Morrison’s view differed slightly from that of the RBA, which continued to suggest within its monetary policy statements that it would like to see AUD weaken. At each of its August, September and October meetings, the RBA said that the currency’s higher value “is expected to contribute to subdued price pressures in the economy…[and] is weighing on the outlook for output and employment.”
In September, Dutch bank ABN Amro predicted that AUD/USD would rise to 0.9 by the end of 2018. As reasons for the pair’s climb, ABN cited “strong conviction” on future US dollar weakness, future commodity price rises, an improvement in global trade and potential rate hikes by the RBA.
The long-term technical outlook for the Aussie supports ABN’s view. On the monthly AUD/USD chart, July’s clean break from a crisp triangle (or pennant) pattern suggests higher prices ahead over the next twelve months.
Sending Money to Australia
There are no limits on sending money to Australia and the government allows unhindered access to foreign investors. Investments over a value of AUD244m (or over AUD1.078bn for investors from the US and New Zealand in non-sensitive sectors) must be pre-screened, but all other capital inflows are unrestricted. The IMF’s Global Housing Watch has Australia ranked as the third least affordable place in the world to buy a house – behind only Belgium and Canada.
When sending money to Australia it’s important to compare your bank’s rates & fees with those we have negotiated with our partner money transfer providers. To get a better deal you should follow these 3 simple steps :
- Open an account with a provider (id docs may be required)
- You specify the local or Australian Dollar amount you want to transfer
- Make a local currency domestic transfer for the requested amount to the provider's bank account in your country
- Once your funds are received by the provider the converted AUD amount will be transfered to the recipient account you specify in Australia.
You can save around 5% and maybe more - end result is more Australian Dollar deposited into the recipient bank account in Australia and less margins and fees kept by the banks!Compare Transfer Exchange Rates to Australia