This is a foreign exchange guide to Norfolk Island, the Australian Dollar currency plus sending AUD transfers and travel tips.
In this Norfolk Island currency guide we take a look at :
- 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 Norfolk Island - currency & money saving tips
- Buying Australian Dollar cash online - travel money for Norfolk Island
- Sending money to Norfolk Island - save on Australian Dollar bank transfers to Norfolk Island
- Australian Dollar exchange rates - latest & historic exchange rates.
- 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?
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
At the end of October the AUD surged to a three month high against the US dollar following the third rate cut in a year by the US Federal Reserve. The gains were mainly due to the fall in the US dollar after the market sensed that US rates are more likely to rise now than fall further.
The RBA also added to the positive sentiment with an optimistic assessment of easing risks from the US-China trade war and Brexit. Accordingly markets are pulling back from bets that the cash rate will drop to 0.5 per cent and the possible start of quantitative easing.
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 AUD to USD exchange rate and trend for the previous 3 months:
Travel, Currency and Money saving tips for Norfolk Island
Travel money for Norfolk Island
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.
Norfolk Island Trip Checklist
Sending money to Norfolk Island
When searching around for information on how to get a good exchange rate when sending money to Norfolk Island 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).
Get a better deal for foreign transfers to Norfolk Island
When sending money to Norfolk Island 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 Norfolk Island.
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!