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    Currency in Australia

    A practical currency and money guide to travel, living and doing business in Australia and the Australian dollar (AUD).

     

    What currency is used in Australia?

    The official currency of Australia (country code: AU) is the Australian dollar, with symbol A$ and currency code AUD.

    Things to know about the Australian dollar

    The Australian dollar is the fifth most traded currency in the world. Here are a few things to know about the AUD:

    1. The symbol for the AUD is $ and it is abbreviated as "AUD" or "A$" to distinguish it from other currencies with the same symbol.

    2. The currency is commonly referred to by foreign-exchange traders as the "Aussie dollar".

    3. The AUD is a freely floating currency, meaning that its value is determined by the market forces of supply and demand.

    4. The Reserve Bank of Australia (RBA) is responsible for the monetary policy of the AUD and sets the official interest rate, which impacts the value of the currency.

    5. The AUD is a commodity currency, meaning that it is influenced by the prices of Australia's commodity exports, such as iron ore, coal, and gold.

    6. Australia has a strong and stable economy, which makes the AUD a popular choice for investors.

    7. The AUD is used as a benchmark currency in the South Pacific region and is also used as a reserve currency by some central banks.

    8. The AUD is accepted as a form of payment in a number of countries around the world, including Fiji, Kiribati, Nauru, Tuvalu, and Vanuatu.

    9. The AUD historically has a relatively high interest rate compared to other major currencies, which can make it an attractive investment option for some investors.

    Australians are more focussed on their currency exchange rate than are the citizens of most other countries, along with perhaps the British and Canadians. This is may be due to the open and trading nature of the Australian economy and also due to their love of 'overseas' travel.

    The Australian dollar banknotes and coins

    The physical currency consists of coins and banknotes. The coins come in denominations of 5 cents, 10 cents, 20 cents, 50 cents, and $1 and $2. The banknotes come in denominations of $5, $10, $20, $50, and $100.

    The banknotes feature images of famous Australian historical figures, such as Edith Cowan, David Unaipon, and Mary Reibey. The design of the currency is constantly being updated, so the physical appearance of the coins and banknotes may vary slightly over time.

    An example Australian dollar banknote

     

    Travel Ideas and Money Tips for Australia

    Best things to do in Australia

    1. Visit the Great Barrier Reef - this World Heritage-listed site is home to a wide variety of marine life and is one of the world's most spectacular natural wonders.

    2. Explore the Outback - Australia's vast and rugged interior is home to some of the country's most iconic landscapes, including Uluru, Kata Tjuta, and the Red Centre.

    3. Visit Sydney - Australia's largest city is home to many famous landmarks, including the Sydney Opera House and the Sydney Harbour Bridge.

    4. Visit the Australian Wildlife - Australia is home to many unique and fascinating species, including kangaroos, wallabies, koalas, and crocodiles.

    5. Visit the beaches - Australia has some of the world's best beaches, including Bondi Beach and the Whitsunday Islands.

    6. Visit the wineries - Australia is home to many world-class wineries, and the country's wine regions, such as the Barossa Valley and the Hunter Valley, are popular tourist destinations.

    7. Visit the national parks - Australia has many beautiful national parks, including the Daintree Rainforest and the Grampians National Park.

    8. Take a road trip - Australia is a vast country, and a road trip is a great way to explore its diverse landscapes and experience its unique culture.

    Do I need a Visa for Australia?

    In order to determine if you need a visa to travel to Australia, you will need to consider several factors, including your nationality, the purpose of your visit, and how long you plan to stay.

    Australian visas are divided into several categories, including visitor visas, work visas, and student visas. If you are a citizen of certain countries, you may be eligible to apply for an electronic Travel Authority (eTA) or an Electronic Visitor visa (EVV), which will allow you to enter Australia for tourism or business purposes for stays of up to three months.

    If you are planning to stay in Australia for longer than three months, or if you want to study, work, or live in Australia, you will need to apply for a different type of visa.

    In order to determine which visa is right for you, you will need to consider the purpose of your visit and how long you plan to stay in Australia. It is a good idea to research the different types of visas that are available and to carefully review the eligibility requirements for each one. You can find more information about Australian visas on the Department of Home Affairs website.

     

     

    Expat Money & Business Guide to Australia

    Managing your money effectively while living and working abroad can be challenging, but there are several steps you can take to ensure that your finances are in order.

    By following these tips and managing your money effectively, you can reduce financial stress and enjoy your experience living or doing business in Australia.

    What are the limits on Sending Money to and from Australia?

    There are no limits on the amount of money that can be sent to or from Australia. However, there may be fees and exchange rates that apply when sending money internationally, and these costs can vary depending on the method of transfer and the country where the money is being sent.

    If you are sending a large amount of money to or from Australia, it is a good idea to compare the fees and exchange rates offered by different money transfer providers to find the most cost-effective option.

    It is also important to note that there are some reporting requirements in Australia for international money transfers. If you are sending or receiving an amount of AUD 10,000 or more, you are required to report the transaction to the Australian Transaction Reports and Analysis Centre (AUSTRAC). This requirement applies to both individuals and businesses.

    Additionally, if you are sending money to or from a country that is considered to be a "high risk" for money laundering or terrorism financing, you may be required to provide additional documentation or information to comply with Australian anti-money laundering and counter-terrorism financing laws.

    How expensive is living in Australia?

    The cost of living in Australia can vary depending on where you live, your lifestyle, and your personal circumstances. However, Australia is generally considered to be an expensive place to live compared to some other countries.

    The cost of housing is one of the main factors that can affect the cost of living in Australia. Property prices in Australia's major cities, such as Sydney and Melbourne, are among the highest in the world. Renting a home can also be expensive in these cities, especially in areas that are close to the city center or the beach.

    Other costs that can contribute to the cost of living in Australia include:

    • Groceries: Basic groceries such as milk, bread, and vegetables are generally less expensive in Australia than in some other countries, but prices can vary depending on where you shop and the time of year.

    • Transportation: Public transportation costs in Australia's major cities can be expensive, especially if you are commuting to work or school.

    • Healthcare: Australia has a public healthcare system (Medicare) that provides free or low-cost healthcare to Australian citizens and permanent residents. However, some medical treatments and medications are not covered by Medicare, and private health insurance can be expensive.

    • Education: Education costs in Australia can vary depending on the type of school or institution you are attending. Public schools are generally less expensive than private schools, but fees for both can be high. Higher education costs, such as tuition fees for university, can also be expensive.

    Overall, the cost of living in Australia is higher than in some other countries, but the country's high standard of living and quality of life can make it worth the extra expense.

    Is there extra costs for foreign citizens who buy Australian property?

    Foreign citizens may be required to pay additional costs when buying property in Australia. These costs can include:

    1. Foreign Investment Review Board (FIRB) application fee - foreign citizens are generally required to apply for FIRB approval before buying residential property in Australia. The FIRB application fee ranges from AUD 5,000 to AUD 10,000, depending on the value of the property.

    2. State government taxes - some states in Australia charge stamp duty and other taxes on the purchase of property. These taxes can vary depending on the state and the value of the property.

    3. Legal fees - foreign citizens may be required to pay legal fees when buying property in Australia. These fees can include conveyancing fees, title search fees, and other legal costs.

    4. Other costs - foreign citizens may also be required to pay other costs when buying property in Australia, such as building and pest inspections, strata inspection reports, and mortgage application fees.

    It is important to note that these costs can vary depending on the type of property being purchased and the location of the property. It is a good idea to carefully research the costs associated with buying property in Australia and to budget accordingly.

    Managing your finances in Australia

    Here we list some key points for expats and businesses to consider when managing financial dealings in Australia:

    1. Understand Australian dollar currency exchange rates: Exchange rates can have a big impact on your finances, so it is important to keep an eye on the AUD exchange rate and consider using a currency exchange service or a credit card that does not charge foreign transaction fees to get the best exchange rate.

    2. Use a local Australian dollar bank account: A local AUD bank account can make it easier for you to manage your finances and pay bills while you are in Australia. It may also be more convenient to use a local AUD bank account to make purchases and withdraw cash.

    3. Research local laws and regulations: It is important to understand the local laws and regulations that apply to financial transactions in Australia. This can help you avoid legal issues and ensure that you are complying with local requirements.

    4. Consider the tax implications: It is important to understand the tax implications of living or doing business in Australia. This can help you plan your finances and ensure that you are paying the correct amount of tax.

    5. Seek financial advice: If you are unsure of how to manage your finances in Australia, it is a good idea to seek the advice of a financial professional who is familiar with the local financial system. This can help you make informed decisions and avoid financial pitfalls.

    You can read about the best providers and compare the latest deals for international money transfers to Australia in our Send Money to Australia guide.

     

     

    AUD/USD – Market Data

    The exchange rate of Australian dollar (AUD), or the amount of AUD that can be exchanged for a foreign currency, can fluctuate rapidly based on a number of factors, including economic conditions, interest rates, and political events. Below you can check the latest AUD/USD rate plus recent trend, chart, forecasts and historic rates.

    1 AUD = 0.7078 USD
    Sell AUD  →  Buy USD
    AUD to USD at 0.7075 is 4.3% above its 90-day average 0.6786 with range 0.6285-0.7151.
    |
      1 USD = 1.4129 AUD
     
    AUDUSD :
    90-DAYHIGH4d
    1-DAY-1.0%
     

    From December and into early 2023 the AUD/USD has surged back towards 0.68. This is well up from recent lows below 0.62 in October, when the Reserve Bank of Australia surprised markets raising interest rates by a quarter of a percent (less than expected), a sign that inflation down-under may be under control.

    However, the rise of AUD/USD has been more about USD weakness than any AUD strength as the greenback drops back from multi-year highs.

    AUD-USD Forecasts

    DateAUD/USDChangePeriod
    17 Jan 2023
    0.6988
    1% 2 Week
    02 Nov 2022
    0.6338
    11.3% 3 Month
    31 Jan 2022
    0.7068
    0.2% 1 Year
    01 Feb 2018
    0.8040
    12.2% 5 Year
    02 Feb 2013
    1.0404
    32.2% 10 Year
    05 Feb 2003
    0.5910
    19.4% 20 Year
    AUD/USD historic rates & change to 31-Jan-2023

     

    Compare Australian dollar Exchange Rates & Fees

    The below comparison table makes it easy to find the best exchange rates and lowest fees when you want to make an International Money Transfer to Australia or planning a trip or maybe living there, so will need to exchange and spend Australian dollar.

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    It is important to note that the exchange rate of the Australian dollar can change rapidly and that past performance is not necessarily indicative of future performance. It is advisable to carefully consider the risks and factors that may affect AUD exchange rates before making any financial decisions.

     

    The Australian dollar is also the domestic currency in 7 other countries.

     

     

     

     

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