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Foreign Exchange Guide to Australia

Read this currency guide to Australia with HKD money transfer and travel tips.   [HKD/AUD=0.1888]

 
Australia
Country Code:
AU
Domestic Currency:
Australian Dollar
Symbol - Code:
A$ AUD
Telephone Prefix:
+61

This is a foreign exchange guide to Australia, the Australian Dollar currency plus HKD to AUD transfers and travel tips.


In this Australia currency guide we take a look at :

  1. Australian Dollar info - general info about the Australian Dollar
  2. Australian Dollar in the markets - recent AUD moves and predictions from the FX markets
  3. Travelling in Australia - currency & money saving tips
  4. Buying Australian Dollar cash online - travel money for Australia
  5. Sending money to Australia - save on Australian Dollar bank transfers to Australia
  6. Australian Dollar exchange rates - latest & historic exchange rates.
  7. AUD News - the latest Australian Dollar related articles from our blog.

Australian Dollar (AUD) general currency information


What is the Australian Dollar currency code and symbol?

The three letter currency code for the Australian Dollar is AUD and the 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.

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".


Australian Dollar (AUD) in the markets

In early August the Australian dollar sunk to a 10 year low of 67¢ (Aug-7) to the US dollar. This was due to the offshore yuan breaking the symbolic and closely watched USD/CNY = 7.0 exchange rate, after the trade war flared up again and the US labelled China a "currency manipulator".

Investors have sold AUD in recent months as they’ve bet on aggressive interest-rate cuts by the Reserve Bank of Australia. These bets paid off: the RBA cut its cash rate in both June and July to a record low of 1 percent.

Lower borrowing costs are necessary, investors believe, in light of persistently soft domestic data and the fallout from a US-China trade standoff that shows no sign of nearing an end.

AUD will continue to track changes in interest-rate expectations. Economists expect at least one further cut this year and many expect two by early 2020. After July's cut, the RBA hinted it would leave rates unchanged for several months.

Interestingly, AUD has decoupled from commodity prices in 2019. The price of iron ore (Australia’s largest export) nears multi-year highs while AUD languishes.

Further RBA interest rate cuts this year are now a certainty, and that doesn’t bode well for currency valuations. Westpac has predicted three cuts this year.

For more details read the full article Australian Dollar Forecasts.

The interactive chart below shows the HKD to AUD exchange rate and trend for the previous 3 months:

Travel, Currency and Money saving tips for Australia

 

Travel tips for Australia.

The classic error first-time visitors make is trying to 'do' Australia in two or three weeks, forgetting that it's a continent as well as a country. It's far better to pick two or three areas to tackle well than attempt to tick off the highlights in one visit. Otherwise, most of the visit is spent in transit. Not only are the gaps between major cities bigger than they are in Europe or the US – there are generally far fewer small towns between them. This delineation between urban and bush is massively to Australia's credit. Once out of the city, it feels like you're in the wild.

Australia has a Goods and Services Tax (GST) of 10 per cent. You may be able to claim a refund for the GST paid on goods if you have spent AUD$300 or more with a single business, no more than 60 days before departing Australia. Tourist Refund Scheme facilities are located in the departure area of international terminals.

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.

Hotels and restaurants do not add service charges to your bill, and tipping is always your choice. In upmarket restaurants, it is common to tip waiters 10 percent of the bill for good service. Americans, in particular, struggle to grasp the absolutely impeccable Australian tipping system. Basically, you tip if you want to, but nobody particularly expects you to or pressures you to.

Do I need a Visa for Australia?

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.

 

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.

   

Australia Trip Checklist    

 
  1. Compare AUD travel cash rates - probably why you are here!
  2. Search Hotel deals - Save on your accomodation in Australia
  3. Lonely Planet - world's best travel guide (coupon and deals)

Sending money to Australia

When searching around for information on how to get a good exchange rate when sending money to Australia you need to start with finding out the latest Australian Dollar foreign-transfer exchange rate.

Then compare your bank's exchange rates to several licensed FX providers exchange rate and fees to see how much you can save (we make that calculation easy here).

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 percent, making it the most expensive in the country.


Get a better deal for foreign transfers 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 4 simple steps :

  1. Open an account with a BER reviewed FX provider (id docs may be required)
  2. You specify the local or Australian Dollar amount you want to transfer
  3. Make a local currency domestic transfer for the requested amount to the provider's bank account in your country
  4. 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!

 
Foreign Transfer ProvidersReceive AUD(A$)Exchange RateFee HKDTotal CostDeal Links
OFX logo
9,230 AUD0.18460 for BER users (normally $15)2.22%
DBS Bank logo
9,130.86 AUD0.1828503.27%
Banks - Average Rate
DBS Bank logo Citibank logo HSBC logo
9,033 AUD0.1808554.31%
HSBC logo
9,005.57 AUD0.1804$804.6%
Citibank International Money Transfers
Citibank logo
8,962.85 AUD0.1793125.05%
 
OFX: Foreign Transfer HKD→AUD
HKD amount:$50,000 HKD
Fee:0 for BER users (normally $15)
Exchange Rate:0.1846 (2.22% from mid-rate)
AUD amount:9,230 AUD
Total Cost:2.22%
Time:
Rate Fetched: Fri Aug 23 2019 00:16:14 GMT+0000 (UTC)
Transfer Speed:1-2 days
Services:Bank Transfers - Online & Phone, Foreign Currency Accounts
Rating:
 
: 4.8/5.0
Reviews:
 

DBS Bank logoDBS Bank

DBS Bank: Foreign Transfer HKD→AUD
HKD amount:$50,000 HKD
Fee:50
Exchange Rate:0.1828 (3.18% from mid-rate)
AUD amount:9,130.86 AUD
Total Cost:3.27%
Difference:
99 AUD less than using OFX
Time:1:05 Local
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
Rating:
: /5.0
Reviews:
 

Banks - Average Rate

Foreign Transfer HKD→AUD
HKD amount:$50,000 HKD
Fee:55
Exchange Rate:0.1813 (3.97% from mid-rate)
AUD amount:9,033 AUD
Total Cost:4.31%
Difference:
197 AUD less than using OFX
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
 

HSBC logoHSBC

HSBC: Foreign Transfer HKD→AUD
HKD amount:$50,000 HKD
Fee:$80 HKD (Minimum fee)
Exchange Rate:0.1804 (4.45% from mid-rate)
AUD amount:9,005.57 AUD
Total Cost:4.6%
Difference:
224 AUD less than using OFX
Time:1:05 Local
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
Rating:
: /5.0
Reviews:
 

Citibank logoCitibank

Citibank: Foreign Transfer HKD→AUD
HKD amount:$50,000 HKD
Fee:12
Exchange Rate:0.1793 (5.03% from mid-rate)
AUD amount:8,962.85 AUD
Total Cost:5.05%
Difference:
267 AUD less than using OFX
Time:1:05 Local
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
Rating:
: /5.0
Reviews:
 
Snapshot 08/23/2019 - See full table
 

AUD/USD - Australian Dollar to United States Dollar - Historical Rates

PeriodChange*AUD/USDDate
1 Day-0.41%0.678521 Aug 2019
1 Week-0.22%0.677215 Aug 2019
1 Month-3.43%0.699723 Jul 2019
6 Months-5.24%0.713123 Feb 2019
1 Year-7.87%0.733422 Aug 2018
5 Years-27.47%0.931623 Aug 2014
10 Years-19.55%0.839924 Aug 2009

*For period to 22-Aug 21UTC when AUD/USD was 0.6757

AUD/EUR - Australian Dollar to Euro - Historical Rates

PeriodChange*AUD/EURDate
1 Day-0.31%0.611721 Aug 2019
1 Week+0.05%0.609515 Aug 2019
1 Month-2.81%0.627423 Jul 2019
6 Months-3.05%0.629023 Feb 2019
1 Year-3.67%0.633022 Aug 2018
5 Years-13.32%0.703523 Aug 2014
10 Years+3.85%0.587224 Aug 2009

*For period to 22-Aug 21UTC when AUD/EUR was 0.6098

AUD/GBP - Australian Dollar to British Pound Sterling - 10 Year History

PeriodChange*AUD/GBPDate
1 Day-1.41%0.559321 Aug 2019
1 Week-1.55%0.560115 Aug 2019
1 Month-1.97%0.562523 Jul 2019
6 Months+0.93%0.546323 Feb 2019
1 Year-2.97%0.568322 Aug 2018
5 Years-1.9%0.562123 Aug 2014
10 Years+7.93%0.510924 Aug 2009

*For period to 22-Aug 21UTC when AUD/GBP was 0.5514

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