Lexi Webster
Australia's currency is the Australian dollar, which is divided into 100 cents. The Australian dollar is a major global currency and is readily available for exchange worldwide. If you're looking to exchange currency in Australia, you can do so at banks, currency exchange providers, or at the post office, which has American Express Currency Exchange centres. It's important to compare exchange rates and be aware of any fees, charges, or commissions. Additionally, when buying something in Australia, always choose to be charged in AUD to get the best exchange rate from your bank.
| Characteristics | Values |
|---|---|
| Date of changeover | 14 February 1966 |
| Transition period | 2 years |
| Old currency | Australian pound |
| Old subunits | Shillings and pence |
| New currency | Australian dollar |
| New subunits | 100 cents |
| Conversion rate | £1 = $2 |
| Current exchange rate | Fluctuates, check Google for the "real" exchange rate |
| Best exchange rates | Banks, ATMs, peer-to-peer, currency exchange providers in competitive areas |
| Worst exchange rates | Airports, hotels, exchange bureaus |
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What You'll Learn
Exchanging currency in Australia
Firstly, it is important to understand the history of Australian currency. Australia transitioned from the Australian pound to the decimal currency system, adopting the Australian dollar on 14 February 1966, also known as Changeover Day or 'C-Day'. This was followed by a two-year transition period during which both currencies were considered legal tender. The decision to adopt the decimal system was pragmatic and economic, reflecting Australia's developing identity and self-assurance as a nation.
When it comes to exchanging currency in Australia, there are a few options available. One option is to use a currency exchange service, which can be found at airports, banks, or specialised money exchange bureaus. These services allow you to convert your home currency into Australian dollars. However, it is important to be cautious when using currency exchange services, as they may offer less favourable exchange rates or charge additional fees. It is recommended to shop around for the best exchange rates and be wary of potential scams, especially at airports.
Another option for exchanging currency in Australia is to use ATMs, which are widely available throughout the country. ATMs offer a convenient and reliable way to withdraw Australian dollars directly in the local currency, avoiding unfavourable exchange rates associated with Dynamic Currency Conversion (DCC). Before your trip, check with your home bank about their fees for foreign withdrawals, as some banks are part of a global network that offers fee-free withdrawals from ATMs in Australia.
Additionally, it is generally advisable to carry at least one widely accepted major credit or debit card when travelling to Australia. Cards are widely accepted in Australia, and they provide a convenient and secure alternative to carrying large amounts of cash. Informing your bank about your travel plans beforehand can help prevent any issues with fraudulent activity flags and account freezes.
Lastly, it is worth considering exchanging your currency through your bank before departing on your trip. This option allows you to shop around for the best exchange rates and have the necessary cash ready before arriving in Australia. However, always ensure that the banknotes you intend to exchange are clean and crisp, as exchange offices may refuse to accept damaged or worn-out notes.
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Australia's transition to decimal currency
Australia's transition from the Australian pound to decimal currency, the Australian dollar, was a significant event in the country's history, reflecting its developing identity and confidence as a nation. The change, also known as decimalisation, was driven by pragmatic economic reasons and provided an opportunity for Australia to assert itself as a forward-thinking country.
The process of decimalisation in Australia was seamless and well-executed, thanks to a comprehensive public awareness campaign and a two-year transition period. The Decimal Currency Board played a crucial role in educating the public about the new system and reassuring them about the technicalities of the change. The board's campaign included a catchy jingle, "Click go the shears", and a cartoon character, Dollar Bill, who appeared in various media outlets, including television advertisements, newspaper comic strips, and crosswords.
The Currency Act 1963 officially designated 14 February 1966 as Changeover Day or "C-Day". This day marked the beginning of the transition period, during which both the old and new currencies were legal tender. The public could use either currency to pay for goods and services, receiving Australian dollars and cents as change. The old currency was gradually withdrawn by the Reserve Bank, and some of the old coins were even recycled to mint the new ones.
The choice of the name for the new currency was a notable aspect of the transition. A public competition generated suggestions with a distinctively Australian flavour, including Boomer, Roo, Digger, Oz, and Dinkum. However, Prime Minister Menzies initially rejected these proposals, favouring the name "Royal". This decision faced widespread public disapproval, leading the government to reverse its stance. Eventually, then-treasurer Harold Holt announced that the new currency would be called the "dollar", divided into 100 cents.
The successful implementation of decimalisation in Australia had a significant impact, influencing other countries' currency reforms and paving the way for metrification in the 1970s, where weights and measures were simplified and modernised. Today, the Australian dollar is a major global currency, easily accessible for exchange worldwide.
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The Australian dollar
The adoption of the Australian dollar was about more than just finances; it reflected Australia's developing identity and self-confidence as an emerging post-war nation. The designs of the new currency captured the imagination of Australians and reflected a growing awareness of their unique wildlife and history. The transition to decimal currency was also a major logistical and public relations triumph, with the public education campaign fronted by the cartoon character Dollar Bill, who appeared in various media formats, including a TV advertisement and comic strips.
In 1966, coins were introduced in denominations of 1 and 2 cents (bronze); 5, 10, and 20 cents (cupronickel); and 50 cents (silver, then cupronickel). The 50-cent silver coins were discontinued in 1968 due to the rising value of silver, and 1 and 2 cent coins were phased out in 1991. The $1 banknote was replaced by a $1 coin in 1984, and the $2 banknote was replaced by a smaller $2 coin in 1988. Australia's coins are produced by the Royal Australian Mint, which has an international reputation for producing quality numismatic coins.
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Currency exchange providers
Some currency exchange providers in Australia include Prosegur Change and Travelex. Prosegur Change offers the Cash Passport, a prepaid, reloadable, multi-currency card that can be used securely worldwide in over 140 countries. Travelex offers a similar product with its Money Card, which can be used online and in all of its 25 branches across Australia.
When choosing a currency exchange provider, it is important to compare exchange rates and fees across different providers. Even if a service advertises 'Zero Commission', their profit is often built into the offered rate. To find the fairest deal, use an online currency converter to compare the live mid-market rate to the offered exchange rates. Additionally, make sure that the banknotes you plan to exchange are clean and crisp, as exchange offices may refuse to accept damaged notes.
It is also worth considering the advantages of using electronic money specialists, such as Revolut and Wise, which allow you to exchange currency and hold it in an online account, which can then be used overseas with an attached debit card.
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Exchanging currency at the post office
Australia Post, also known as Auspost, offers currency exchange services at over 3,000 branches across Australia. You can exchange your currency in-store or order it online and collect it from your nearest post office at a time that suits you.
To order online, you can visit the Australia Post website or the Foreign Xchange website, where you can select the amount of foreign currency you want to purchase with your Australian dollars. You can choose from over 40 foreign currencies with Australia Post or over 60 with Foreign Xchange, including the Fiji Dollar.
After ordering, you will need to pay online via bank transfer and provide proof of identification when you collect your order. There is a maximum limit of AUD 5,000 for cash exchanges and a $30 flat-rate delivery fee for Foreign Xchange orders.
Australia Post also offers a prepaid Travel Mastercard, which allows you to access your money safely and easily. Additionally, you can send money overseas using Western Union at Australia Post.
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Frequently asked questions
The currency of Australia is the Australian dollar.
Before the introduction of the Australian dollar, Australia used the Australian pound, which included shillings and pence.
Australia switched from pounds to dollars on 14 February 1966, also known as Changeover Day or 'C-Day'. There was a two-year transition period during which both currencies were legal tender.
The switch to the decimal currency system was a pragmatic and economic decision, allowing Australia to create a new currency that reflected the nation's identity and self-assurance. It also simplified the monetary system by being based on the number 10.
There are several options for exchanging currency in Australia. You can use a bank, a currency exchange provider, or a service like Wise or Travelex. It is generally recommended to avoid exchanging large amounts of cash at the airport or hotels due to unfavourable exchange rates. Researching the mid-market rate and comparing it to offered rates can help you get the best exchange rate. Additionally, using a credit or debit card and withdrawing from ATMs upon arrival is also an option.
