Cocos Keeling Islands - Australian dollar - Currency Guide

General Currency Info - Australian dollar

The Australian dollar is the fifth most traded currency in the world and 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".

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.

Aussie Ups and Downs 2011-20

The Aussie is very volatile for a major currency, for example between 2008 and 2011, AUD rose 80 per cent against the US dollar, ultimately going up through parity at one point.

Then during 2011-12 AUD started to track the Chinese economy much more than it tracked any of the traditional domestic economic and monetary indicators.

From 2013 to 2015 it dropped against the US dollar, especially when the Chinese stock market sold off in 2015, followed by a decent cyclical 17 per cent rally in 2016-17.

Then from early 2018 it again began its steady way down before being king-hit by the Covid pandemic flight to safety in March of 2020 which took AUD/USD all the way back to its 2008 lows to $60 cents.

AUD News, Forecasts and Trends

For more AUD currency market forecasts you can read the full article Australian dollar Forecasts.

Travel, Currency and Money saving tips for the Cocos Keeling Islands

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.

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 :

1. Open an account with a BER reviewed FX provider (id docs may be required)
2. You specify the local or Australian dollar amount you want to transfer
3. Make a local currency domestic transfer for the requested amount to the provider's bank account in your country
4. 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 Send to Australian dollar 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!