Foreign Exchange Guide to Australia
The domestic currency in Australia is the Australian dollar with currency code AUD. Read this foreign exchange guide to Australia and the Australian dollar with money transfer and travel tips plus Australian dollar exchange cross rates.
In this guide we review :
- Australian dollar info - general info about the Australian dollar
- Australian dollar in the markets - recent AUD moves and predictions from the FX markets
- Travelling in Australia - currency & money saving tips
- Buying Australian dollar cash online - travel money for Australia
- Sending money to Australia - save on Australian dollar bank transfers to Australia
- Australian dollar exchange rates - latest & historic exchange rates.
Australian dollar (AUD) general currency information
The Australian dollar is the fifth most traded currency in the world and is popular with currency traders, because of the high interest rates in Australia, the freedom of the foreign exchange market from government intervention, the stability of Australia's economy and political system, and the view that the Australian dollar offers diversification benefits in a portfolio containing the major world currencies, especially because of its greater exposure to Asian economies and the commodities cycle.
The currency is commonly referred to by foreign-exchange traders as the "Aussie dollar".
What is the Australian dollar currency code and symbol?
The three letter currency code for the Australian dollar is AUD and the symbol is $.
Which countries use the Australian dollar?
Australian dollar (AUD) in the markets
The Australian dollar took a hit in February and March, during which it gave up 4% of its value against the US dollar, and it continues to struggle in April.
In the third week of April, a rather dovish set of RBA meeting minutes eliminated gains made during a modest recovery period earlier in the month and the Aussie was once again in the mid-0.76s versus USD – it had been as high as 0.813 in January – and was close to long-term lows against the euro, in the low 0.62s.
Over the medium term, the Australian dollar is likely to receive support from commodities, which will continue to rally according to a PIMCO analyst. Speaking in April, the analyst said that commodities “would shine” given the transition to an environment in which low and stable inflation is preferable.
Any support lent by commodities will, however, be offset by a central bank that sees little reason for a near-term increase in interest rates and by uncertainties surrounding a potential US-China trade war. Trade tensions were at least eased when at the Boao Forum in April, Chinese President Xi Jinping spoke of the need to ease tariffs and further open up China’s economy.
In March, the median estimate of analysts polled by Reuters had AUD/USD at 0.78 at year-end.
The interactive chart below shows the AUD to USD exchange rate for the previous 3 months with rate alerts for days when the exchange rate moved up or down significantly or for 30 day highs and lows.
Travel, Currency and Money saving tips for Australia
There are no limits on the amount of currency that can be brought in or out of Australia, but travellers must declare hard currency equivalent to AUD10,000 or higher. Australia is not usually considered a budget destination, in fact Sydney and Melbourne are consistently ranked as two of the world’s most expensive cities but if you’re careful with your spending it’s still possible to make your money go a long way, especially when the Australian Dollar is weaker.
Most nationalities will need to get a visa before you travel. Beware of scam adverts claiming to help you extend a working holiday visa. Several British nationals have had their visas cancelled as a result.
If you're a Singaporean national, there's good news in relation to visas which is that from January 2018 a new, long-term, multiple entry visa will be available. This will allow Singaporeans to stay for up to three months at a time over a six year period.
Australia Trip Checklist
- Compare AUD travel cash rates - probably why you are here!
- Search Hotel deals - Save on your accomodation in Australia
- Lonely Planet - world's best travel guide (coupon and deals)
Travel money for Australia
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 Money Exchange Rates Compared
Buying AUD Cash with USD 1,000
Rate timestamp : Wed May 23 2018 01:00:03 GMT+0000 (UTC)
Sending money to Australia
What are the limits on Sending Money to Australia?There are no limits on sending money to Australia and the government allows unhindered access to foreign investors. Investments over a value of AUD244m (or over AUD1.078bn for investors from the US and New Zealand in non-sensitive sectors) must be pre-screened, but all other capital inflows are unrestricted.
How affordable is Australia?The IMF’s Global Housing Watch has Australia ranked as the third least affordable place in the world to buy a house – behind only Belgium and Canada.
What prime property does $US1m buy in Australia?The area (㎡) of prime property that $US1million buys in Australia's capital cities (Q1 2018) is: Sydney 49㎡, Melbourne 91㎡, Brisbane 117㎡, Perth 126㎡. This is compared to equivalent areas for Hong Kong 22㎡, New York 25㎡, London 27㎡, Singapore 37㎡, Paris 45㎡, Shanghai 50㎡, Los Angeles 58㎡, Tokyo 70㎡, Berlin 74㎡, Miami 78㎡, Mumbai 94㎡, Istanbul 110㎡, Dubai 138㎡ and San Paulo 172㎡.
Is there extra costs for foreign citizens who buy Australian property?Foreign citizens who want to buy or invest in residential property in Victoria (VIC), New South Wales (NSW), Queensland (QLD), South Australia (SA) and Western Australia (WA) will need to pay a stamp duty levy and, in some states, a land tax surcharge. New South Wales recently increased the stamp duty surcharge for foreign investors to 8 per cent, making it the most expensive in the country.
How to save when sending money to Australia
When sending money to Australia 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 3 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 Australia.
Use our Send to AUD 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!
Sending a LARGER international money transfer? Request a Free Multi-Vendor Quote
Compare Foreign Transfers
Sending USD 10,000 to AUD
Rate timestamp : Wed May 23 2018 01:03:16 GMT+0000 (UTC)