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Currency in Australia


Currency in Australia

Australian currency is known as the dollar, and the currency symbol is $. There are 100 cents in every dollar. The dollar is called 'the Australian dollar' usually written as 'AUD' or A$ when it is necessary to distinguish it from other currencies. No other currency is accepted for transactions in Australia. The coin denominations are 5c, 10c, 20c, 50c, $1 and $2. The note denominations are $5, $10, $20, $50 and $100. Australian notes are produced in plastic polymer rather than paper. If the total of a transaction is not a multiple of 5 cents the amount will be rounded to the nearest five cents if you are paying in cash. The exact amount will be charged if paying by card. The dollar is not pegged to any other currency, and is highly traded on world foreign exchange markets, particularly by currency speculators. Its exchange value to other currencies can be quite volatile, and 1-2% changes in a day are a reasonably regular occurrences. Money changers in Australia operate in a free market, and charge a range of flat commissions, percentage fees, undisclosed fees built into the exchange rate, and a combination of all three. Generally the best bet is to avoid airports and tourist centres when changing money, and use banks in major centres. Expect fees to vary considerably between institutions. Always get a quote before changing money.

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Australia Travel Guide from Wikitravel. Many thanks to all Wikitravel contributors. Text is available under Creative Commons Attribution-ShareAlike 3.0, images are available under various licenses, see each image for details.

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