Leslie Massey
The Australian dollar is the fifth-most-traded currency in world foreign exchange markets, while the South Korean won is the currency of South Korea, with a separate North Korean won used in North Korea since the country's division in 1945. The exchange rate between the two currencies fluctuates; for example, on 7 May 2025, the rate was 1 AUD to 890.874 KRW. Currency converter websites and APIs can provide real-time exchange rate information for those seeking to exchange Australian dollars for South Korean won or vice versa.
| Characteristics | Values |
|---|---|
| Date | Wednesday, 7 May 2025 |
| Exchange Rate | 1 AUD = 890.874 KRW |
| Currency Codes | AUD, KRW |
| Currency Symbols | $, ₩ |
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What You'll Learn
Real-time exchange rate
When it comes to the exchange rate between the South Korean won and the Australian dollar, understanding real-time exchange rates is essential. Real-time exchange rates provide up-to-date information on the value of one currency in relation to another, allowing individuals and businesses to make informed decisions about currency conversions and international transactions.
In the context of the won-Australian dollar exchange rate, real-time data helps users determine the current value of one won in Australian dollars and vice versa. This information is particularly important for those looking to send money between South Korea and Australia or for businesses operating in both markets. By accessing real-time exchange rates, individuals can time their transactions optimally and ensure they are getting the most accurate value for their money.
For example, let's consider someone who wants to convert Australian dollars to South Korean won. By checking the real-time exchange rate, they can determine how much won they will receive for their Australian dollars at that precise moment. This is crucial as exchange rates fluctuate constantly due to various economic and market factors. Real-time data ensures users can make transactions with full knowledge of the current market value.
Additionally, real-time exchange rates are essential for businesses operating in international markets, such as those trading between South Korea and Australia. Businesses need to understand the value of their products and services in different currencies to price them competitively and manage their finances effectively. Real-time data allows companies to stay agile and make strategic decisions regarding their pricing strategies, import and export operations, and overall financial planning.
Overall, real-time exchange rates for the won-Australian dollar pair empower individuals and businesses to make well-informed decisions. Whether it's sending money to family overseas or managing international trade operations, access to up-to-date exchange rate information ensures that users can act promptly and optimise the value of their currency conversions.
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South Korean Won history
The South Korean won is the currency in circulation in South Korea since 1945, though it was temporarily replaced by the hwan in 1953. The first South Korean won was subdivided into 100 jeon. The currency was initially pegged to the Japanese yen at a rate of 1 won = 1 yen. In October 1945, the anchor currency was changed to the US dollar at an exchange rate of 15 won = 1 dollar.
The history of Korean currency dates back to the Goryeo dynasty (918–1392) when the first coins, called tongbo and jungbo, were minted in bronze and iron. During the Japanese colonial era from 1910 to 1945, the won was replaced by the Korean yen, which was equivalent to the Japanese yen. After World War II ended in 1945, Korea was divided into North and South, resulting in two separate currencies, both called the won. The Southern won replaced the yen at par, and the first notes were issued by the Bank of Joseon in denominations ranging from 5 jeon to 100 won.
In 1950, currency management switched to the Bank of Korea, and new notes were issued, mostly with higher denominations. The first South Korean won suffered a series of devaluations, partly due to the Korean War (1950–53). Towards the end of the war, the won was devalued to 6,000 won = 1 dollar. The hwan was introduced as a new currency on February 15, 1953, at a rate of 1 hwan = 100 won.
In 1962, the won was reintroduced, and in 1966, new coins denominated in won were introduced by the Bank of Korea. The 10 and 50 hwan coins were demonetized in 1975. In 1982, with inflation and the increasing popularity of vending machines, 500 won coins were introduced. The Bank of Korea continues to issue new series of banknotes and coins, with the most recent being the 50,000 won note in 2009, which became controversial due to its similarity in colour and denomination to the 5,000 won note.
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Australian Dollar popularity
The Australian dollar is the official currency and legal tender of Australia, including all of its external territories, and three independent sovereign Pacific Island states: Kiribati, Nauru, and Tuvalu. It is subdivided into 100 cents, with the $ symbol preceding the amount.
The Australian dollar is one of the most popular and traded currencies in the world. In April 2022, it was the sixth most-traded currency in the foreign exchange market and, as of Q1 2024, it is the sixth most-held reserve currency in global reserves. It is also the fifth-most-traded currency in world foreign exchange markets, according to another source. The Australian dollar is a reserve currency and its popularity is influenced by a variety of factors, including commodity prices, lack of central bank intervention, and the general stability of the Australian economy. During the mining investment boom, a large increase in commodity prices led to large inflows of foreign investment, which positively impacted the value of the Australian dollar.
The Royal Australian Mint has an international reputation for producing quality numismatic coins. It first issued commemorative 50-cent coins in 1970, commemorating James Cook's exploration along the east coast of Australia. Since then, it has issued various commemorative coins, including for Queen Elizabeth II's Silver Jubilee, the wedding of Charles and Lady Diana Spencer, and the Australian Bicentenary. The Mint has also issued Australia's first triangular coin to mark the 25th anniversary of the opening of Parliament House.
The Australian dollar has a floating exchange rate, which means that its movements are determined by the demand for and supply of Australian dollars in the foreign exchange market. The Reserve Bank of Australia (RBA) can still intervene in the foreign exchange market if the market becomes disorderly or dysfunctional or if the Australian dollar becomes grossly misaligned from its implied value. The RBA's intervention has become less frequent and more targeted over time.
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Exchange rate alerts
One such service is offered by Xe. This company provides a currency converter and international money transfer service. They offer a free rate alert service for any currency pair, including the Won-Australian Dollar rate. Users can set their desired rate, and Xe will notify them when that rate is reached. In addition to this, Xe provides a daily analysis of markets, exchange rates, and news, which can be sent straight to users' inboxes.
Another option is to use a currency exchange API. These are tools that provide real-time, accurate, and reliable data for hundreds of currencies. One example is Xe's exchange rate API, which sources its data from financial data providers and reputable banks. This can be a good option for those who need cross-border payments or FX risk management solutions.
It is worth noting that the mid-market rate provided by converters is for informational purposes only and may not be the rate received when sending money. This is because money transfer services often have their own rates, which can be different from the mid-market rate. However, these services still offer flexible, secure, and low-fee ways to send and receive money internationally, with some offering transfers to 190 countries across 130 currencies.
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Australian Dollar code and symbol
The Australian dollar is the official currency of Australia and several independent countries and territories in the South Pacific. It is also referred to as the dollar, Aussie dollar, or Aussie. The Australian dollar is abbreviated as A$ or sometimes AU$ to distinguish it from other dollar-denominated currencies. The currency code for the Australian dollar is AUD, and the currency symbol is $.
The Australian dollar replaced the Australian pound in 1966, with the conversion rate of A£1 = A$2. The first coins introduced were in denominations of 1 and 2 cents (bronze); 5, 10, and 20 cents (cupronickel); and 50 cents (silver, then cupronickel). The $ symbol precedes the amount and was intended to have two strokes, but the version with one stroke has also always been acceptable.
The Australian dollar is one of the most traded currencies in the world and is known as a commodity currency due to its substantial raw material exports. It is also used in a number of other countries, including Kiribati, Nauru, Tuvalu, and Christmas Island. The Australian dollar is managed by the Reserve Bank of Australia (RBA), which monitors economic conditions to ensure the stability of the currency.
Australia has issued special edition coins and banknotes to commemorate various events, such as the wedding of Charles, Prince of Wales, and Lady Diana Spencer in 1981, and the Brisbane Commonwealth Games in 1982. All Australian coins feature Queen Elizabeth II on the obverse, with different images on the reverse of each coin.
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Frequently asked questions
As of Wednesday, 7 May 2025, the exchange rate for one Australian dollar to South Korean won is 890.874.
The currency code for the Australian dollar is AUD and its currency symbol is $.
The currency code for the South Korean won is KRW and its currency symbol is ₩.
