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    Currency in Tuvalu

    A practical currency and money guide to travel, living and doing business in Tuvalu and the Australian dollar (AUD).

     

    What currency is used in Tuvalu?

    The official currency of Tuvalu (country code: TV) 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:

    1. The symbol for the AUD is $ and it is abbreviated as "AUD" or "A$" to distinguish it from other currencies with the same symbol.

    2. The currency is commonly referred to by foreign-exchange traders as the "Aussie dollar".

    3. The AUD is a freely floating currency, meaning that its value is determined by the market forces of supply and demand.

    4. 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.

    5. 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.

    6. Australia has a strong and stable economy, which makes the AUD a popular choice for investors.

    7. 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.

    8. The AUD is accepted as a form of payment in a number of countries around the world, including Fiji, Kiribati, Nauru, Tuvalu, and Vanuatu.

    9. 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.

    An example Australian dollar banknote

     

    Travel Ideas and Money Tips for Tuvalu

    Because Tuvalu is one of those off-the-beaten-track destinations (most of your friends won’t know where it is when you say you’re going there), it can be handy to have a bit of pre-travel information up your sleeve before arriving. Tuvalu is a remote island nation in the Pacific Ocean. It’s just south of the Equator, west of the International Date Line, two hours by air north of Fiji and part of the Commonwealth. It consists of nine islands and atolls (three true islands and six coral atolls), of which the main one is Funafuti, an atoll with the country’s only airstrip. Visitors are issued with a free 30-day tourist visa on arrival, and there’s no departure tax.

    What currency is used in Tuvalu?

    The local currency of Tuvalu is the Australian dollar, with Tuvaluan coins featuring Queen Elizabeth II on one side and local marine life (turtles, octopus, flying fish) on the other. There are no ATMs and credit cards aren’t accepted anywhere, so it’s cash-only even at hotels and guesthouses.

    Getting around in Tuvalu?

    In Funafuti, the best way to get around on the main island (called Fongafale) is by motorbike – rent one for $10 a day or hitch a ride on the back of someone else’s. No one wears a helmet, and there don’t seem to be any available for rent, but people tend to ride slowly and there’s little traffic. There are no flights to Tuvalu’s outer islands; they’re accessible by passenger ferry from Funafuti, and it can be a long trip (overnight or multi-day trips aren’t uncommon).

    Most Tuvaluans speak English, even if they’re shy of using it, and all signs are in English. Still, it’s a good idea to learn a few words of Tuvaluan as an icebreaker, such as “talofa” (hello), “fafetai” (thank you) and “fetaui” (see you later).

     

     

    Expat Money & Business Guide to Tuvalu

     

    Managing your finances in Tuvalu

    Here we list some key points for expats and businesses to consider when managing financial dealings in Tuvalu:

    1. 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.

    2. 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 Tuvalu. It may also be more convenient to use a local AUD bank account to make purchases and withdraw cash.

    3. Research local laws and regulations: It is important to understand the local laws and regulations that apply to financial transactions in Tuvalu. This can help you avoid legal issues and ensure that you are complying with local requirements.

    4. Consider the tax implications: It is important to understand the tax implications of living or doing business in Tuvalu. This can help you plan your finances and ensure that you are paying the correct amount of tax.

    5. Seek financial advice: If you are unsure of how to manage your finances in Tuvalu, 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.

     

    AUD/USD – Market Data

    The exchange rate of Australian dollar (AUD), or the amount of AUD that can be exchanged for a foreign currency, can fluctuate rapidly based on a number of factors, including economic conditions, interest rates, and political events. Below you can check the latest AUD/USD rate plus recent trend, chart, forecasts and historic rates.

    1 AUD = 0.7071 USD
    Sell AUD  →  Buy USD
    AUD to USD at 0.7078 is 4.3% above its 90-day average 0.6786 with range 0.6285-0.7151.
    |
      1 USD = 1.4143 AUD
     
    AUDUSD :
    90-DAYHIGH4d
    1-DAY-1.0%
     

    From December and into early 2023 the AUD/USD has surged back towards 0.68. This is well up from recent lows below 0.62 in October, when the Reserve Bank of Australia surprised markets raising interest rates by a quarter of a percent (less than expected), a sign that inflation down-under may be under control.

    However, the rise of AUD/USD has been more about USD weakness than any AUD strength as the greenback drops back from multi-year highs.

    AUD-USD Forecasts

    DateAUD/USDChangePeriod
    17 Jan 2023
    0.6988
    1% 2 Week
    02 Nov 2022
    0.6338
    11.3% 3 Month
    31 Jan 2022
    0.7068
    0.2% 1 Year
    01 Feb 2018
    0.8040
    12.2% 5 Year
    02 Feb 2013
    1.0404
    32.2% 10 Year
    05 Feb 2003
    0.5910
    19.4% 20 Year
    AUD/USD historic rates & change to 31-Jan-2023

     

    Compare Australian dollar Exchange Rates & Fees

    The below comparison table makes it easy to find the best exchange rates and lowest fees when you want to make an International Money Transfer to Tuvalu or planning a trip or maybe living there, so will need to exchange and spend Australian dollar.

    Loading comparison rates...

    ProviderAmountsRateTotal Cost
       
       
       
       
     

    It is important to note that the exchange rate of the Australian dollar can change rapidly and that past performance is not necessarily indicative of future performance. It is advisable to carefully consider the risks and factors that may affect AUD exchange rates before making any financial decisions.

     

    The Australian dollar is also the domestic currency in 7 other countries.

     

     

     

     

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