Leslie Massey
Australia's official currency is the Australian dollar, also known as the AUD. The Australian dollar is also used in some independent island states like Kiribati, Tuvalu, Christmas Island, Norfolk Island, and Nauru. The Australian dollar comes in both notes and coins, with notes made of polymer plastic and featuring a range of colourful designs. The coins are either gold or silver in colour and feature an image of Queen Elizabeth II, soon to be replaced with King Charles III.
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What You'll Learn
The Australian dollar
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 intrinsic value of the silver content rising above the face value of the coins. 1-dollar coins were introduced in 1984, followed by 2-dollar coins in 1988, replacing the banknotes of that value. 1 and 2-cent coins were discontinued in 1991 and withdrawn from circulation in 1992, and since then, cash transactions have been rounded to the nearest 5 cents.
The first paper issues of the Australian dollar were also issued in 1966, with $1, $2, $10, and $20 notes. The $5 note was issued in 1967, the $50 in 1973, and the $100 in 1984. The $1 banknote was replaced by a $1 coin in 1984, and the $2 banknote was replaced by a smaller $2 coin in 1988. All previous notes of the Australian dollar remain legal tender. Australia was the first country to produce polymer banknotes, made of polypropylene polymer, in 1988.
Australia has a reputation for producing quality numismatic coins, with the Royal Australian Mint issuing its first commemorative 50-cent coin in 1970. Commemorative designs have also been featured on the circulating two-dollar, one-dollar, and 20-cent coins.
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Exchanging money
The official currency of Australia is the Australian dollar, also known as the AUD. The Australian dollar is also used in some independent island states, such as Kiribati and Tuvalu.
When it comes to exchanging money, there are a few options available. Firstly, you can exchange money at a currency exchange counter at the airport. However, it is worth noting that these counters often charge high fees and offer unfavourable rates of interest, so it is recommended to only use them in emergencies.
A better option may be to exchange money through an authorised Forex agent in your home country. These agents often offer competitive rates of interest and can provide you with Australian dollars before your trip.
Alternatively, you can use ATMs to withdraw cash in Australia. ATMs are widely available and accept most major credit and debit cards. However, be aware of any fees and charges that may apply when using a foreign card, as well as the dynamic currency conversion (DCC) offered by some ATMs. DCC allows you to see the cost of a transaction in your home currency, but the exchange rate used may not be favourable. It is usually recommended to choose to be charged in the local currency to avoid these unfavourable rates.
If you plan to use your credit or debit card for transactions in Australia, it is a good idea to inform your bank beforehand to avoid any suspicion of fraudulent activity. Additionally, it is worth comparing exchange rates across different providers to ensure you get the best value for your money.
Finally, you can also consider using a travel card, such as the Travelex Money Card, which can be loaded with money and used wherever prepaid cards are accepted. These cards offer a safe and convenient way to manage your holiday money.
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Using cards
Australia's official currency is the Australian dollar (AUD). Australian dollars and cents come in notes or coins. The notes are made of polymer plastic, which may feel strange if you're used to paper notes. They also have a range of colourful designs, with the $50 note known locally as a "pineapple" due to its vibrant yellow colour.
Major cards such as credit and debit cards are widely accepted in Australia. Mastercard and Visa are widely accepted, while Amex or Diners Club may be more challenging to use. Most outlets will accept UK cards, and you can use them in most ATMs. Practically every ATM in Australia accepts credit and debit cards, so you can acquire AUD with ease. However, smaller stores and food stalls may not always accept cards, so it's a good idea to carry some cash.
If you're using an international debit or credit card, it's a good idea to find out about any fees and charges before you use it in Australia. Different banks have different rates, so it's worth speaking to your bank to get a full understanding of the costs. ATMs are a trusted, safe, and reliable way to withdraw cash. They are convenient, so you can take out cash as you need it rather than carrying around large sums. However, be aware of the fees and charges when using an ATM in Australia. Dynamic Currency Conversion (DCC) may be offered, which will give you an unfavourable exchange rate.
Prepaid cards are also an option. The Travelex Money Card, powered by Mastercard, can be loaded with money and used across Australia wherever Mastercard prepaid is accepted. You can top it up via the Travelex Money App with a range of currencies, including Australian dollars. You can also use travel cards, which are preloaded with a certain amount of money and can be used as local debit cards to make payments or withdraw cash from ATMs.
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ATMs
The Australian retail banking market is dominated by the 'Big Four' national banks, but there are also several global banks operating in the country. ATMs are widely available in Australia, and most machines accept credit and debit cards. Mastercard and Visa are widely accepted, while American Express and Diners Club are less common.
When withdrawing cash from an ATM with a foreign card, you may be offered Dynamic Currency Conversion (DCC). This option may appear as a choice between being charged in your home currency or the local currency (AUD). Choosing to be charged in the local currency is generally recommended, as the ATM's exchange rate may be less favourable. Additionally, some ATMs may offer to apply their own exchange rate or use your home bank's rate.
It is always a good idea to notify your bank of your travel plans to avoid potential issues with fraudulent activity flags and account freezes. Additionally, comparing exchange rates across different providers can help you get the best value for your money.
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Australian coins
Australia's official currency is the Australian dollar (AUD), which is also used in some independent island states like Kiribati, Tuvalu, Christmas Island, Norfolk Island, and the Micronesian islands of Nauru.
During the early days of the Australian colonies, foreign as well as British currency was used. The first British coins to be officially exported to the Australian colonies were George III one-penny coins, known as "Cartwheel pennies", dated 1797 and 1799. In 1812, Governor Lachlan Macquarie of New South Wales bought Spanish dollar coins, which were cut into segments to make "shillings" and "sixpences". In 1812, Macquarie also introduced "Holey dollars" (valued at five shillings) and "dumps" (valued at around 15 pence). The Holey dollar was no longer legal tender after 1829. British currency became the official currency of the Australian colonies after 1825.
In 1901, the Commonwealth gained constitutional power to issue coins, and in 1910, Australian silver coins were introduced, including florins, shillings, sixpences, and threepences, which featured a portrait of King Edward VII. Australian pennies and half-pennies were introduced the following year. In 1931, gold sovereigns stopped being minted in Australia. The Australian pound was replaced by the Australian dollar on 14 February 1966 as part of the decimalisation process, with 1, 2, 5, 10, 20, and 50 cent coins issued. $1 coins were introduced in 1984, followed by $2 coins in 1988. The one- and two-cent coins were discontinued in 1990 and withdrawn from circulation in 1992.
The Royal Australian Mint has announced that, following the death of Queen Elizabeth II in 2022, it will produce one million $1 coins bearing King Charles' face in 2023, with the new effigy to fully replace a temporary memorial effigy of Queen Elizabeth II by May 2024.
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Frequently asked questions
The official currency of Australia is the Australian dollar, also known as the AUD.
Australian currency is made up of 5 banknote denominations and 5 coin denominations. The banknotes come in a range of colourful designs, while the coins are either gold or silver in colour. The banknotes also have a number of security features, including holograms, patterns, shadow images, and serial numbers.
There are a few different ways to exchange money for Australian dollars. Many travellers use ATMs and credit or debit cards. Most ATMs in Australia accept foreign cards, but be aware of any fees and charges that may apply. You can also exchange money at a currency exchange counter, which can be found at most airports and in major cities. However, these often charge high fees and unfavourable exchange rates. Alternatively, you can buy Australian dollars online or from a money changer before you travel.
