Currency in Heard and McDonald Islands: AUD Send & Spend FX Guide
Resources for Expats, Travelers, and Entrepreneurs Navigating Life and Trade in the Heard and McDonald Islands with 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.
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 $10,000 AUD (or equivalent) into Australia, you must declare it upon arrival.
- Currency Conversion: Coins cannot be reconverted upon departure, so it's advisable to spend or exchange them before leaving.
- Tipping Practices: Tipping is not compulsory in Australia; however, a gratuity of 10-15% is appreciated in restaurants if service charges are not included.
- Currency Availability: ATMs are widely available in urban areas, but facilities may be limited in remote regions.
- Currency Exchange Fees: Be aware of potential fees when exchanging currency, especially at airports or hotels, and consider using authorized outlets for better rates.
For more detailed information, you can refer to the official Australian government website. (australia.com)
For more AUD information check out our selection of Australian dollar news and guides.
Frequently Asked Questions
What currency should I use in the Heard and McDonald Islands?
The domestic currency in the Heard and McDonald Islands is the Australian dollar.
What is the Australian dollar currency code and symbol?
The three letter currency code for the Australian dollar is AUD — symbol is A$.
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 SGD and AUD?
Here are some popular conversion amounts for SGD to AUD (Singapore dollar to Australian dollar)*.
| SGD | AUD |
|---|---|
| S$ 1,000 | A$ 1,197 |
| S$ 5,000 | A$ 5,983 |
| S$ 20,000 | A$ 23,932 |
| S$ 100,000 | A$ 119,660 |
| SGD | AUD |
|---|---|
| S$ 835.70 | A$ 1,000 |
| S$ 4,179 | A$ 5,000 |
| S$ 16,714 | A$ 20,000 |
| S$ 83,570 | A$ 100,000 |
More amounts
*Converted at the current SGDAUD interbank exchange rate. Calculate actual payout amounts for Send Money and Travel Money exchange rates.
Travel money for the Heard and McDonald 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.
Heard and McDonald Islands: Travel Guide
Traveling to the Heard and McDonald 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.
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.
Everyday Costs in in Heard and McDonald Islands
How much does it really cost to live, work, or travel in Heard and McDonald Islands? Here's what to expect for daily expenses and expat living.
Currency Guide for Heard Island and McDonald Islands (ISO code: HM)
If you're planning a one-week mid-range stay in the remote and stunning Heard Island and McDonald Islands, a budget of around AUD 1,500 to AUD 2,000 is reasonable. Given the limited tourism infrastructure on these isolated islands, travelers might find costs slightly higher than expected for certain essentials due to their remote location. Here’s a quick list of typical daily expenses to help you plan:
- 🍽️ Meal at a local restaurant: AUD 25-50
- ☕ Coffee: AUD 4-7
- 🚍 Public transport fare: AUD 3-10 (limited options)
- 📱 Prepaid SIM card: AUD 30-50
- 🏨 Budget hotel or Airbnb: AUD 100-200 per night
Overall, visiting Heard Island and McDonald Islands can be considered average in terms of expense; however, it might feel more expensive compared to places like the United States, where a similar mid-range stay might cost around USD 1,000 to USD 1,500, or compared to Canada, where costs for food and lodging could range similarly but with more variety in options.
Expat Living Costs and Money Tips
For expats residing in Heard Island and McDonald Islands, typical monthly living costs could range from AUD 2,500 to AUD 3,500, depending on lifestyle choices and accommodation. As banking options are limited given the remote nature of the islands, expats should consider international banking solutions. Credit and debit cards are widely accepted, but it's wise to also carry some cash for smaller transactions.
When it comes to sending and receiving money, expats may find that using online transfer services like Wise or OFX offers better exchange rates and lower fees compared to local banks. Exchanging money locally for cash transactions may not be necessary, especially given the limited number of businesses and services, so relying on a well-planned card strategy might serve best while managing expenses in this isolated destination.
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 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!
Managing money while living and working in 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.
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 money transfer specialist 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.
We have put together some key points to help 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.