Currency in Nauru AUD - Things to know
Foreign exchange guide to Nauru and the Australian dollar
What's in this Nauru currency guide?
What currency is used in Nauru?
The official currency of Nauru (country code: NR) 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 Nauru
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 Nauru
Describe Nauru for travelers and expats
Nauru is an island country in the eastern South Pacific Ocean. The island is just 21 kilometers square, making it one of the smallest countries in the world. Nauru is surrounded by a coral reef, and there are several phosphate mines on the island. The country has a tropical climate, with average temperatures ranging from 26 to 32 degrees Celsius. The local language is Nauruan, but English is also widely spoken.
Best things to do and see in Nauru
There are many things to do and see in Nauru. The most popular activities include exploring the island, swimming in the lagoon, hiking up the island's volcanic crater, and visiting the local markets. There are also a number of museums and historical sites on the island that are worth visiting.
Top Travel tips for Nauru
There are a few things to keep in mind when travelling to Nauru:
1. Bring plenty of cash, as there are few ATMs on the island.
2. If you're planning on doing any diving, be sure to bring your own equipment as there is none available for rental on the island.
3. Nauru is a very remote island, so be prepared for limited amenities and attractions.
4. There is no public transportation on the island, so you'll need to either rent a car or use bicycles to get around.
5. Be aware that Internet and phone coverage is very limited on Nauru.
Is it safe in Nauru?
There is no definitive answer to this question as the level of safety in Nauru can vary depending on the current situation. However, it is generally considered to be a safe place to travel and live.
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 Nauru?
The domestic currency in Nauru 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 Nauru - Best Rates
To get a good (and fair) exchange rate when sending money to Nauru 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 Nauru
When sending money to Nauru 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 Nauru.
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 Nauru
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 Nauru.
What is the cost of living in Nauru?
There is no definitive answer to this question as the cost of living in Nauru can vary depending on a number of factors, including lifestyle and individual spending habits. However, according to Numbeo, the cost of living in Nauru is 9.86% lower than in the United States, and the average cost of a meal in Nauru is $12.50.
How is the expat life in Nauru?
There is no real expat community in Nauru, as there are only a handful of foreigners living on the island. Most foreigners are employed by the government or by international organizations. Life on the island is very laid-back and relaxed, and expats generally find the locals to be friendly and welcoming. However, there are some challenges to living in Nauru, such as the limited range of goods and services available, and the lack of nightlife and entertainment options.
Any laws in Nauru that foreigners should be aware of?
Nauru does not have many laws that foreigners need to be aware of. However, it is important to note that the importation of drugs, firearms, and ammunition is strictly prohibited. Additionally, it is illegal to engage in any type of sexual activity with a person under the age of 18.
What is doing business like in Nauru?
The cost of living in Nauru is high, as the country imports most of its goods. Starting a business can be expensive, as businesses need to be registered with the government and there are significant costs associated with doing so. However, once a business is up and running, it can be profitable. The economy of Nauru is largely driven by phosphate mining. The country has few natural resources and relies heavily on imports.
How is the economy in Nauru?
The economy in Nauru is in a state of flux. The country has been heavily dependent on phosphate mining, but phosphate deposits are now exhausted. The government is trying to encourage other economic activity, such as tourism, but progress has been slow. unemployment is high, and many people live in poverty.
Managing your finances in Nauru
Here we list some key points for expats and businesses to consider when managing financial dealings in Nauru:
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 Nauru. 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 Nauru. 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 Nauru. 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 Nauru, 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.
