A practical currency and money guide to travel, living and doing business in the Cocos Keeling Islands and the Australian dollar (AUD).
What's in this Cocos Keeling Islands currency guide:
The official currency of the Cocos Keeling Islands (country code: CC) is the Australian dollar, with symbol A$ and currency code AUD.
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 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.
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.
Here we list some key points for expats and businesses to consider when managing financial dealings in the Cocos Keeling Islands:
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.
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 the Cocos Keeling Islands. It may also be more convenient to use a local AUD bank account to make purchases and withdraw cash.
Research local laws and regulations: It is important to understand the local laws and regulations that apply to financial transactions in the Cocos Keeling Islands. This can help you avoid legal issues and ensure that you are complying with local requirements.
Consider the tax implications: It is important to understand the tax implications of living or doing business in the Cocos Keeling Islands. This can help you plan your finances and ensure that you are paying the correct amount of tax.
Seek financial advice: If you are unsure of how to manage your finances in the Cocos Keeling Islands, 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.
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.
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.
17 Jan 2023
02 Nov 2022
31 Jan 2022
01 Feb 2018
02 Feb 2013
05 Feb 2003
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 the Cocos Keeling Islands 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.