Currency in Kiribati AUD - Things to know
Foreign exchange guide to Kiribati and the Australian dollar
What's in this Kiribati currency guide?
What currency is used in Kiribati?
The official currency of Kiribati (country code: KI) 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 Kiribati
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 Kiribati
Transportation: the only transportation are minivans. They don't have timetables. They are run by private people who decide randomly the start and the end of the trip. Often they are full and for this reason they won't stop to pick you up. Sometimes the engine breaks and you have to find another one. But in spite of all these problems they are ok. There are no taxis in the Gilbert Islands. The local transportation is carried out by Air Kiribati. There are regular flights to every island in the Gilbert group except for Banaba, price around 50 AUD one way three times a week for the near islands (until Kuria and Aranuka), and price around 100 - 150 AUD one way once a week for the further ones (for instance, Nonouti, Nikunau, Beru).
Kiribati is an island country located in the Pacific Ocean. The country is made up of 33 atolls and reef islands, which are Spread over 3.5 million square kilometers. The capital city is South Tarawa.
Kiribati is a very mountainous country, with the highest point being Mount Royke on the island of Banaba. The climate is tropical and the country experiences large amounts of rainfall.
The population of Kiribati is just over 100,000, and the official languages are English and Gilbertese. The majority of the population is Roman Catholic.
Travelers to Kiribati can expect to find a friendly and welcoming population. The country is known for its beautiful beaches and clear waters, which make it a popular destination for snorkeling and diving. There are also many historical and cultural sites to explore.
Best things to do and see in Kiribati
- Visit Kiritimati (Christmas Island), the world’s largest coral atoll
- Take a dip in the 80 degree water of the lagoon
- Explore the mangrove-lined coastline
- Visit the WWII battlefields on Betio Island
- Spot turtles, rays, and colourful fish while snorkelling or diving
- Visit the capital city of Tarawa and explore the markets and museums
- Visit the small island of Nikumaroro and search for evidence of the lost city of Nan Madol
- Take a boat ride through the lagoon to spot dolphins, sharks, and whales
- Hike to the top of Tekabinema, Kiribati’s highest point
Top Travel tips for Kiribati
- English is Kiribati’s official language, but most natives also speak the local Gilbertese tongue.
- When travelling to Kiribati, it is important to pack light and plan ahead.
- Make sure to pack mosquito repellent, sunscreen, and hats.
- The best time to visit Kiribati is during the dry season, which runs from November to April.
- Be sure to have travel insurance when visiting Kiribati.
What's the best way to pay in Kiribati?
Kiribati and the Islands use the Australian dollar; a major currency that can be exchanged anywhere. You can also change money at the Bank of Kiribati or ANZ bank on Tarawa or Christmas Island. Kiribati is a mostly cash-oriented country, though major cards are accepted in hotels and some shops. Traveler’s checks should be in Aussie dollars.
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 Kiribati?
The domestic currency in Kiribati 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 Kiribati - Best Rates
To get a good (and fair) exchange rate when sending money to Kiribati 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 Kiribati
When sending money to Kiribati 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 Kiribati.
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 Kiribati
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 Kiribati.
How is the cost of living in Kiribati?
The cost of living in Kiribati is quite high. staple foods such as rice, flour, and tinned fish are expensive, and most families cannot afford to eat meat or fresh vegetables on a regular basis. Gasoline and diesel are also very expensive, as the country does not have its own refinery. Housing costs are also high, as most houses are made of wood and thatched roofs, which are expensive to build and maintain.
How is the expat life in Kiribati?
There is a small expat community in Kiribati, but it is generally considered a safe and welcoming place for foreigners. The cost of living is quite high, however, due to the importation of most goods. There are a few international schools and medical facilities, but overall infrastructure is quite limited.
Any laws in Kiribati that foreigners should be aware of?
There are no specific laws in Kiribati that foreigners should be aware of. However, it is important to remember that Kiribati is a conservative country and visitors should dress and behave appropriately.
What is doing business like in Kiribati?
There is not much information available about doing business in Kiribati. From what is known, it appears that the country offers opportunities for businesses in the tourism, fishing, and agriculture industries. The government is reportedly supportive of foreign investment and is working to improve the business environment. However, businesses may face challenges due to the country's isolation, lack of infrastructure, and limited human resources.
How is the economy in Kiribati?
The economy of Kiribati is an island economy with limited natural resources. However, it is one of the world's least developed countries. The economy relies heavily on subsidies from Australia, New Zealand, Japan, and the United Kingdom.
Managing your finances in Kiribati
Here we list some key points for expats and businesses to consider when managing financial dealings in Kiribati:
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 Kiribati. 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 Kiribati. 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 Kiribati. 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 Kiribati, 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.
