Currency in the Heard and McDonald Islands
Foreign exchange guide to the Heard and McDonald Islands and the Australian dollar
What's in this Heard and McDonald Islands currency guide?
What currency is used in the Heard and McDonald Islands?
The official currency of the Heard and McDonald Islands (country code: HM) 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:
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 Heard and McDonald 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 Heard and McDonald Islands
Heard Island and McDonald Islands are Australian external territories in the southern Indian Ocean. The islands are uninhabited except for a meteorological station on Heard Island and a staff of four on McDonald Islands. The land area is 372 square kilometres (143 sq mi) in total. They lie about 4,000 kilometres (2,500 mi) southwest of Perth, Western Australia, about 5,000 kilometres (3,100 mi) southeast of South Africa, and about 1,700 kilometres (1,100 mi) northeast of Antarctica.
Travel tips for Heard And McDonald Islands
A beautiful archipelago in the southern Indian Ocean, Heard And McDonald Islands consist of two small volcanic islands (one of which is permanently under ice) and 29,000 km2 of surrounding ocean which has been declared a National Park and a Marine Reserve. These remote, uninhabited islands contain one of the world’s most important wildlife habitats where you can see species such as albatross, penguins, seals and migrating whales.
Unfortunately, as Heard Island is so remote, there are no scheduled flights or boats to the island and it can only be reached by chartered boat or plane. Travel to Heard Island is therefore only possible for those with a lot of time, money and patience!
Top things to do in Heard And McDonald Islands
1. Relax on the white sand beaches and enjoy the turquoise waters.
2. Have a picnic on one of the many green hills.
3. Visit the small towns and villages, and meet the friendly locals.
4. Go for a walk or a hike and explore the stunning scenery.
5. See the amazing wildlife that inhabits the island, including penguins, seals and birds.
AUD/USD Market Data
The below interactive chart displays the AUD/USD trend and UP▲ DOWN▼ HIGH▲ LOW▼ alerts
Frequently Asked Questions
What currency should I use in the Heard and McDonald Islands?
The domestic currency in the Heard and McDonald 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?
Converted at USD/AUD interbank rate, compare Send Money and Currency Exchange exchange rates.
Send Money to the Heard and McDonald Islands - Best Rates
To get a good (and fair) exchange rate when sending money to the Heard and McDonald 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 Heard and McDonald Islands
When sending money to the Heard and McDonald 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 Heard and McDonald 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!
Expat Money & Business Guide to the Heard and McDonald Islands
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 the Heard and McDonald Islands.
How is the cost of living in Heard And McDonald Islands
?There is no definitive answer to this question as the cost of living in Heard And McDonald Islands can vary greatly depending on a person's individual lifestyle and needs. However, in general, the cost of living in Heard And McDonald Islands is considered to be relatively high when compared to other countries in the world. This is due in part to the fact that Heard And McDonald Islands is a remote location with limited access to goods and services.
Managing your finances in the Heard and McDonald Islands
Here we list some key points for expats and businesses to consider when managing financial dealings in the Heard and McDonald 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 Heard and McDonald 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 Heard and McDonald 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 Heard and McDonald 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 Heard and McDonald 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.
