Lyla Lindsey
If you're travelling to Australia, you may be wondering about the local currency and whether US dollars are accepted there. The official currency in Australia is the Australian dollar (AUD), and it's recommended that you use this currency for transactions when paying for goods and services. While some countries accept other currencies alongside their local one, it's best to use AUD when paying for things in Australia. However, if you're looking to hold US dollars in Australia, you can do so by opening a USD account with a bank or online provider.
| Characteristics | Values |
|---|---|
| Official Currency in Australia | Australian dollar (AUD) |
| Currency Symbol | $ or A$ |
| Best Places to Find Reliable ATMs in Australia | Local bank ATMs, Westpac (member of the Global ATM Alliance), Allpoint |
| Best Places to Buy US Dollars in Australia | Danesh Exchange, Commonwealth Bank (CBA), Bank of Queensland (BOQ), Fexco Currency, Wise |
| Best Places to Exchange USD to AUD | Wise, Revolut |
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What You'll Learn
Using a USD account to hold US dollars
A USD account can be extremely convenient if you regularly send or receive payments in US dollars or even if you plan on travelling to the US. It lets you hold and convert US dollars without the need to convert to and from AUD every time. You can hold a balance in USD and convert to AUD when you see a good rate.
Many Australians and expats living in Australia use a US dollar account to receive, hold, and spend US dollars. You might benefit if you get sent payments from the US regularly, if you need to pay bills in USD, or if you run a business that trades internationally.
Some of the major Australian banks do offer USD accounts for individuals and businesses, but they can be somewhat limited and come with relatively high fees. They are also often cumbersome, slow, and expensive. Specialist providers like Wise or Revolut can be good alternatives.
- Westpac US dollar account: USD account to hold, send and receive payments, no debit card available
- NAB US dollar account: USD account to hold, send and receive payments with no minimum balance
- Airwallex US dollar account: Business account supporting USD, AUD and 20+ other currencies to receive, hold, send and spend
- Wise US dollar account: Hold and exchange 40+ currencies including AUD and USD, with a debit card and no ongoing fees
To open a USD account, you can follow these steps:
- Compare providers that offer USD accounts. Look for the provider or bank that offers the best exchange rates on USD, and whether it has any additional account fees.
- Check if the account uses US bank account details. In many cases, you'll be given a US account number and routing number so that you can receive payments in USD as you would if you had a regular US bank account.
- Check if the account supports other currencies. Many accounts will also let you hold multiple currencies, allowing you to send and receive payments in USD, EUR, GBP and more.
- Check if the account is available for personal use. Some banks and transfer services only offer multi-currency accounts for business or personal use, but other providers offer accounts to suit both types of customers.
- Check if there is a linked debit card. Many foreign currency accounts come with a linked debit card that you can use to make ATM withdrawals and everyday payments.
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Exchanging USD at banks, kiosks, hotels or airports
If you want to exchange your USD for Australian dollars, you have several options. The most common way is to use a credit or debit card from major networks like Visa, MasterCard, or American Express, which are widely accepted in most shops. You can also exchange cash, which gives you more control over exactly how much you are spending.
You can exchange Australian dollars for US dollars online, at exchange houses, or at the airport. However, exchanging currency at an airport usually comes with higher fees. You can also exchange currency at banks or hotels, but their currency stock is usually limited to common currencies.
If you are looking to exchange currency in a store, you can use city and suburb guides to find the best exchange rates. Companies like Travelex have multiple ATMs in convenient locations to withdraw foreign currency, which is usually more convenient for transactions under $500.
Australia Post also offers currency exchange services at over 3,200 participating Post Offices. You can order online or in-store and pay with cash or EFTPOS (cheque or savings accounts only). You will need to bring photo ID, and regional areas can take up to 2 business days.
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Using a travel card to hold US dollars
Using a travel card is a great way to hold US Dollars in Australia. There are a few options to choose from, each with its own unique features.
One option is to use a prepaid travel card. This is a good option if you want to avoid linking your card to your bank account, as it offers protection against theft. However, these cards can come with high fees, so it is important to be mindful of this when making a decision.
Another option is to use a specialist provider such as Wise or Revolut, which offer multi-currency cards that allow you to hold US Dollars, as well as over 40 other currencies. These cards can be used to make purchases and withdraw cash from ATMs in Australia and other countries, with low fees. You can also use their app to manage your balance and reload your card.
If you are looking for a card that is specifically for use in the US, then the Revolut US Dollar Currency Card could be a good option. This card allows you to spend in US Dollars like a local, with no need to exchange cash before travelling.
It is worth noting that while cards are widely accepted in Australia, it is a good idea to carry some cash as well, as there may be some places that do not accept card payments or charge extra for using a card.
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Using a specialist online currency exchange platform
Step 1: Choose a Reputable Platform
Select a well-known and trusted specialist provider that offers multi-currency accounts or travel cards. Wise, Revolut, and S Money are some popular options in Australia. Compare their features, fees, and exchange rates to find the best fit for your needs.
Step 2: Sign Up and Verify Your Account
Visit the website or download the app of your chosen platform. Create an account by providing your personal details and setting up a password. You will likely need to verify your identity by uploading images of your ID documents and proof of address. This step ensures the security and legitimacy of the platform.
Step 3: Fund Your Account
Fund your account by topping it up with Australian dollars (AUD). You can use various payment methods, such as a bank transfer or debit/credit card, depending on the platform's options. Some platforms may charge a fee for funding your account, so be sure to check their fee structure.
Step 4: Exchange AUD to USD
Once your account is funded, you can exchange your AUD to USD within the platform. Compare the exchange rates offered by different platforms, as they may vary slightly. Some platforms may also charge a fee for the currency exchange, so factor that into your calculations.
Step 5: Hold and Use Your US Dollars
Your exchanged US dollars will now be available in your multi-currency account. You can choose to hold them there or withdraw them as cash. If you plan to spend while travelling, consider getting a linked debit card that allows you to access and spend your US dollars conveniently. Some platforms offer cards with low or no foreign transaction fees.
By using a specialist online currency exchange platform, you can benefit from competitive exchange rates, low fees, and the convenience of managing your US dollars digitally. Be sure to research the platform's reputation, security measures, and regulatory compliance to ensure your funds are safe and secure.
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Using a local bank ATM to withdraw US dollars
Withdrawing US dollars from a local bank ATM in Australia is a convenient way to access your money. Here are some detailed steps and tips to help you with the process:
Step 1: Choose the Right ATM
Locate a local bank ATM that is part of a global network or has partnerships with international banks. This can help you reduce or waive international withdrawal fees. For example, Westpac, one of Australia's major banks, is a member of the Global ATM Alliance. If you have an account with an Alliance member, you can use Westpac ATMs without incurring additional charges. Additionally, some banks, like Citibank and ING, allow you to withdraw money free of charge when you're overseas.
Step 2: Inform Your Bank
Before travelling to Australia, inform your home bank about your travel plans. This helps prevent your card from being blocked due to suspected fraudulent activity. Additionally, ask your bank about their fees for international withdrawals and foreign transactions. Some banks may offer reduced or waived fees through partnerships or global networks.
Step 3: Withdraw Cash
When using the ATM, you may be offered the option to pay in your home currency through Dynamic Currency Conversion (DCC). It is generally recommended to decline DCC and choose to be charged in the local currency (AUD) to obtain a better exchange rate. However, be mindful of any foreign transaction fees or ATM access fees, which typically range from $2.00 to $3.00 USD per transaction. To minimise fees, consider withdrawing larger amounts of cash at once instead of making multiple withdrawals.
Step 4: Compare Exchange Rates
Before exchanging large amounts of currency, it is beneficial to compare the offered exchange rate to the mid-market or interbank rate. This "real" exchange rate is the benchmark against which you can determine the true cost of the exchange. Exchange rates at banks, currency exchange kiosks, hotels, and airports are often less favourable, so using an ATM to withdraw cash directly can be a more cost-effective option.
Step 5: Consider Alternative Options
If you frequently travel between the US and Australia or regularly receive and send US dollars, consider opening a USD account with an Australian bank or an online specialist service. These accounts allow you to hold and convert US dollars without the need to convert to and from AUD each time. However, be mindful of the fees and restrictions associated with these accounts.
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Frequently asked questions
The Australian dollar (AUD) is the official currency in Australia.
You can hold US dollars in Australia by opening a USD account with a bank or online provider. Some of the major Australian banks that offer USD accounts include Commonwealth Bank (CBA) and Bank of Queensland (BOQ). Online providers such as Wise, Revolut, and Danesh Exchange are also popular alternatives.
A USD account allows you to receive, hold, and spend US dollars without the need to convert to and from AUD each time. This can be beneficial if you regularly receive payments from the US, pay bills in USD, or run a business that trades internationally. Additionally, you can hold onto your USD funds until you need to make a payment in that currency or until the exchange rate improves.
The USD accounts offered by large Australian banks often come with relatively high fees and may be cumbersome and slow. They typically require you to have an AUD account with the same institution, and you may not get a card to spend or withdraw funds in USD. Online providers may offer more flexibility, but it's important to research the terms and conditions, as well as the fees, before opening an account.
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