Foreign Exchange Guide to Kiribati
In this guide we review :
- Australian dollar info - general info about the Australian dollar
- Australian dollar in the markets - recent AUD moves and predictions from the FX markets
- Travelling in Kiribati - currency & money saving tips
- Buying Australian dollar cash online - travel money for Kiribati
- Sending money to Kiribati - save on Australian dollar bank transfers to Kiribati
- Australian dollar exchange rates - latest info & charts.
Australian dollar (AUD) general currency information
The three letter currency code for the Australian dollar is AUD and the symbol is $. It is the domestic currency in Australia, Christmas Island, Cocos Keeling Islands, Heard And McDonald Islands, Kiribati, Nauru, Norfolk Island and Tuvalu.
The Australian dollar is the fifth most traded currency in the world, it trades in the world foreign exchange markets behind the US dollar, the euro, the yen and the pound sterling. The Australian dollar is popular with currency traders, because of the high interest rates in Australia, the freedom of the foreign exchange market from government intervention, the stability of Australia's economy and political system, and the view that the Australian dollar offers diversification benefits in a portfolio containing the major world currencies, especially because of its greater exposure to Asian economies and the commodities cycle. The currency is commonly referred to by foreign-exchange traders as the Aussie dollar.
Australian dollar (AUD) in the markets
It was an excellent end to 2017 for the Australian dollar. In the final three weeks of the year, the currency made the most of an impressive year-end rally in commodities and climbed by three cents against the US dollar, or roughly 4%, to end the year a whisker above 0.78. Things haven’t been so easy in early 2018, however.
In early 2018 (to February 15th), despite a marginal climb to 0.79 against a faltering US dollar, the Australian dollar has been broadly weak, having fallen towards multi-month or multi-year lows against the New Zealand dollar (1.0705), euro (0.635) and yen (84).
Entering 2018, most forecasts for AUD/USD for year-end lay between 0.7 and 0.75 (mostly bearish AUD). By far the most optimistic forecast came from Commonwealth Bank, which predicted the return of broad US dollar weakness and a subsequent rise in AUD/USD to 0.85.
Goldman Sachs have predicted that iron ore prices – crucial to Australia’s national income – will fall 30% in 2018. If the bank is correct, this will weigh on the Australian dollar.
Among those who will be happy with further declines in the Aussie’s value are Australian exporters and those at Australia’s central bank. In 2017, RBA statements regularly complained that AUD appreciation was contributing to “subdued price pressures in the economy” and was weighing on the “outlook for output and employment.”
The chart below shows the AUD to USD exchange rate for the previous 3 months with rate alerts for days when the exchange rate moved up or down significantly or for 30 day highs and lows.
Currency and money saving tips for Kiribati
English is Kiribati’s official language, but most natives also speak the local Gilbertese tongue. You shouldn't have a problem communicating wherever you go, although the farther you get from Tarawa and Christmas Island, the less English is used. Kiribati and the Islands use the Australian dollar; a major currency that can be exchanged anywhere. You can also change money at the Bank of Kiribati or ANZ bank on Tarawa or Christmas Island. Kiribati is a mostly cash-oriented country, though major cards are accepted in hotels and some shops. Traveler’s checks should be in Aussie dollars.
Transportation: the only transportation are minivans. They don't have timetables. They are run by private people who decide randomly the start and the end of the trip. Often they are full and for this reason they won't stop to pick you up. Sometimes the engine breaks and you have to find another one. But in spite of all these problems they are ok. There are no taxis in the Gilbert Islands. The local transportation is carried out by Air Kiribati. There are regular flights to every island in the Gilbert group except for Banaba, price around 50 AUD one way three times a week for the near islands (until Kuria and Aranuka), and price around 100 - 150 AUD one way once a week for the further ones (for instance, Nonouti, Nikunau, Beru).
Kiribati Trip Checklist
Travel money for Kiribati
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.
Travel Money for Kiribati
Sending money to Kiribati
When sending money to Kiribati 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 BER reviewed FX 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 Kiribati.
Bank Transfers to Kiribati
By comparing the rates of FX specialist providers rates versus your bank's standard rates you can hopefully save around 5% and maybe more - end result is more Australian dollar deposited into the recipient bank account in Kiribati and less margins and fees kept by the banks!