Currency in the Cocos Keeling Islands AUD - Things to know
Foreign exchange guide to the Cocos Keeling Islands and the Australian dollar
What's in this Cocos Keeling Islands currency guide?
What currency is used in the Cocos Keeling Islands?
The official currency of the Cocos Keeling Islands (country code: CC) is the Australian dollar, with symbol A$ and currency code AUD.
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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:
The symbol for the AUD is $ and it is abbreviated as "AUD" or "A$" to distinguish it from other currencies with the same symbol.
The currency is commonly referred to by foreign-exchange traders as the "Aussie dollar".
The AUD is a freely floating currency, meaning that its value is determined by the market forces of supply and demand.
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.
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.
Australia has a strong and stable economy, which makes the AUD a popular choice for investors.
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.
The AUD is accepted as a form of payment in a number of countries around the world, including Fiji, Kiribati, Nauru, Tuvalu, and Vanuatu.
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.
Travel money for the Cocos Keeling Islands
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 Ideas and Money Tips for the Cocos Keeling Islands
The Cocos Keeling Islands are a small archipelago located in the Indian Ocean. They are known for their pristine beaches, crystal clear waters, and rich marine life. Some popular activities on the islands include:
Swimming and snorkeling: The waters around the Cocos Keeling Islands are home to a diverse array of marine life, including colorful fish, coral reefs, and sea turtles. There are several spots around the islands where you can snorkel and explore the underwater world.
Sunbathing and relaxing on the beach: The Cocos Keeling Islands are home to some of the most beautiful beaches in the world. Spend a day lounging on the sand and soaking up the sun.
Fishing: The waters around the Cocos Keeling Islands are known for their rich fishing grounds. You can hire a boat and try your luck at catching a variety of fish, including tuna, mackerel, and trevally.
Exploring the island's history: The Cocos Keeling Islands have a rich history dating back to the early 19th century, when they were used as a stopover for ships sailing between Europe and Australia. Visit the Cocos Islands Museum to learn more about the islands' past.
Birdwatching: The Cocos Keeling Islands are home to a variety of bird species, including seabirds like terns, boobies, and frigatebirds. Take a walk through the island's forests and look for these fascinating creatures.
USD/AUD Market Data
The below interactive chart displays the USD/AUD change and UP📈 DOWN📉 trends over the past 1 Year.
Frequently Asked Questions
What currency should I use in the Cocos Keeling Islands?
The domestic currency in the Cocos Keeling Islands is the Australian dollar.
What is the Australian dollar currency code and symbol?
The three letter currency code for the Australian dollar is AUD — symbol is A$.
Which countries use the Australian dollar?
It is the domestic currency in Australia, Christmas Island, Cocos Keeling Islands, Heard and McDonald Islands, Kiribati, Nauru, Norfolk Island and Tuvalu.
Is the Australian dollar a closed currency?
No, the Australian dollar is freely available and convertible. See guide: What is a closed currency?
What are equivalent amounts of USD and AUD?
Here are some popular conversion amounts for USD to AUD (US dollar to Australian dollar)*.
*Converted at the current USDAUD interbank exchange rate. Calculate actual payout amounts for Send Money and Travel Money exchange rates.
Send Money to the Cocos Keeling Islands - Best Rates
To get a good (and fair) exchange rate when sending money to the Cocos Keeling Islands you need to find and compare exchange rates for International Money Transfers (IMTs).
The available FX rates for sending money abroad can be very different to the mid-market (wholesale) rate which you see reported online and in the News.
You should especially compare your own bank's exchange rates to those available from Money Transfer specialists to see how much you can save - we make that calculation easy in the below table.
Get a better deal for foreign transfers to the Cocos Keeling Islands
When sending money to the Cocos Keeling Islands 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 4 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 the Cocos Keeling Islands.
Use the above calculator to compare the exchange 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 and less margins and fees kept by the banks!