Currency in Cocos Keeling Islands: AUD Send & Spend FX Guide
Resources for Expats, Travelers, and Entrepreneurs Navigating Life and Trade in the Cocos Keeling Islands with 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.
What is a good Australian dollar exchange rate?
The BestExchangeRates.com currency comparison table below helps you see the total cost of your currency transaction by showing the exchange rates offered by different providers. It also makes it easy to spot potential savings from market-leading FX services compared to bank rates.
To see a full list of rates, enter your transaction type, currencies and amount then click ‘GET RATES’:
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Good things to know about the Australian dollar
Here are some key facts about the Australian Dollar (AUD) that are particularly useful for travelers, expats, and business owners:
- Currency Denominations: Australia's currency includes banknotes in $5, $10, $20, $50, and $100 denominations, and coins in 5, 10, 20, and 50 cents, as well as $1 and $2.
- Polymer Banknotes: Introduced in 1988, Australia was the first country to use polymer banknotes, making them more durable and resistant to counterfeiting.
- Goods and Services Tax (GST): A 10% GST is applied to most products and services in Australia.
- Currency Declaration: If bringing more than $10,000 AUD (or equivalent) into Australia, you must declare it upon arrival.
- Currency Conversion: Coins cannot be reconverted upon departure, so it's advisable to spend or exchange them before leaving.
- Tipping Practices: Tipping is not compulsory in Australia; however, a gratuity of 10-15% is appreciated in restaurants if service charges are not included.
- Currency Availability: ATMs are widely available in urban areas, but facilities may be limited in remote regions.
- Currency Exchange Fees: Be aware of potential fees when exchanging currency, especially at airports or hotels, and consider using authorized outlets for better rates.
For more detailed information, you can refer to the official Australian government website. (australia.com)
For more AUD information check out our selection of Australian dollar news and guides.
Frequently Asked Questions
What currency should I use in the Cocos Keeling Islands?
The domestic currency in the Cocos Keeling Islands is the Australian dollar.
What is the Australian dollar currency code and symbol?
The three letter currency code for the Australian dollar is AUD — symbol is A$.
What does the Australian dollar look like?
Here is an example Australian dollar banknote:
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.
Travel money for the Cocos Keeling Islands
Using Wise for Australian dollar travel money is a smart choice for savvy travelers. With its competitive exchange rates and low fees, Wise allows you to convert and manage multiple currencies effortlessly.
Be careful when using your own bank's Debit/Credit Card, as your bank may also charge an extra 3% as an “Overseas Transaction Charge” plus “Overseas ATM” fees for withdrawing cash on top of the standard Visa/Mastercard 2.5% from market mid-rate.
For card purchases, if you are offered a choice of currencies always select to Pay in Australian dollar otherwise you will typically get much worst dynamic currency conversion (DCC) exchange rates.
If you really want Australian dollar cash before departure, you can save money by ordering online. You generally get better rates and can pick up the AUD cash locally or even on travel day at the airport.
Cocos Keeling Islands: Travel Guide
Traveling to the Cocos Keeling Islands requires careful financial planning to ensure a smooth and cost-effective experience. Here's a comprehensive guide to help you navigate currency considerations and manage your money effectively during your visit.
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.
Everyday Costs in in Cocos Keeling Islands
How much does it really cost to live, work, or travel in Cocos Keeling Islands? Here's what to expect for daily expenses and expat living.
Currency Guide: Cocos (Keeling) Islands (ISO code: CC)
Traveling to the picturesque Cocos (Keeling) Islands for a week of exploration and relaxation can be a delightful experience! For a mid-range stay, travelers should budget approximately AUD 1,200 to AUD 1,800. This figure will cover accommodation, meals, transportation, and a few leisure activities. Here's a brief overview of typical daily expenses in the local currency (Australian Dollar - AUD):
🍽️ Meal at a local restaurant: AUD 20-40
☕ Coffee: AUD 4-6
🚌 Public transport fare: AUD 2-5
📱 Prepaid SIM card: AUD 30-50
🏨 Budget hotel or Airbnb: AUD 100-150 per night
Overall, visitors can expect the Cocos (Keeling) Islands to be slightly more expensive than your average destination. Compared to the United States, a traveler may find that meals and accommodations can be about 20-30% pricier. Conversely, it is comparable to visiting Australia, where costs are also similar, though some travelers may find Australia’s metropolitan areas to be more expensive than the tranquil Cocos Islands.
Section for Expats
For expats settling in the Cocos (Keeling) Islands, it's essential to get a grasp of the local cost of living. Monthly living expenses can vary but generally range from AUD 2,500 to AUD 3,500, covering rent, groceries, transportation, and leisure. Regarding banking, it is advisable to open a local bank account, as this will facilitate day-to-day transactions and bill payments. However, many banks charge hefty fees for ATM withdrawals or credit card transactions abroad, so keep an eye on those charges.
When it comes to money transfers, using services like Wise or OFX can offer better exchange rates and lower fees than traditional banks or currency exchange booths. In most cases, it's generally more cost-effective to exchange money locally or electronically to avoid added transaction fees. Just be sure to compare rates before making a decision, as the costs can vary greatly depending on your financial needs and the transfer method you choose.
USD/AUD Market Data
The below interactive chart displays the USD/AUD change and UP📈 DOWN📉 trends over the past 1 Year.
Recent Australian dollar Market News
Recent Developments Affecting the AUD
1. RBA Monetary Policy Decisions
- The Reserve Bank of Australia (RBA) left interest rates unchanged in its latest meeting, signaling a cautious approach amid global economic uncertainties. RBA
2. Commodity Prices Fluctuation
- Recent declines in key commodity prices, particularly iron ore and coal, have impacted Australian export revenues, leading to downward pressure on the AUD. Bloomberg
3. China's Economic Data
- Weaker-than-expected economic data from China, Australia’s largest trading partner, has raised concerns about future demand for Australian goods, negatively affecting the AUD. Reuters
4. Global Risk Appetite
- Increased geopolitical tensions and rising global inflation have led to a flight to safety, causing the AUD to weaken as investors prefer safe-haven currencies like the USD. Financial Times
5. Australian Employment Figures
- A surprising decline in employment numbers last month may prompt concerns over economic growth, affecting market sentiment toward the AUD. The Sydney Morning Herald
Stay tuned for continuous updates as these factors evolve and impact the currency market.
For more AUD information read our News and guides to the Australian dollar.
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!