AUD Exchange Rates
Ahh, Australia: the sunburned island continent home to plentiful marsupials and the good ol’ vegemite sandwich.
The Aussie dollar is one of the top five most traded currencies globally and is issued under the authority of the Reserve Bank of Australia (RBA). Since 1988, Australia has issued polymer banknotes--a world first at the time. These innovative notes not only baffle counterfeiters, but they are also waterproof and four times more durable than paper notes.1 As a result, many other nations have had banknotes printed in Australia including: Thailand, Sri Lanka, Mexico and New Zealand.
Commodity currencyThe Aussie dollar is usually considered a commodity currency, because the value of the dollar depends in part on its exports of oil, iron ore and other minerals. Since 2013, the IMF has included the Australian dollar amongst the top six official foreign exchange reserves.2 In recent years, the Australian dollar has often been used as a proxy for China’s yuan, but this relationship is expected to decline as the yuan gains credibility.
The Aussie dollar often ranks as one of the top five most traded currencies, because of its use in carry trades originating in Japanese yen. (Carry trades capitalise on the interest rate spread between two countries. Japan’s rates are usually low while Australian rates are comparatively higher.) Popular trading pairs for AUD include AUD/USD, AUD/GBP, AUD/JPY, AUD/EUR, and AUD/CAD.
Currency Name: Australian dollar
Also known as: Aussie dollar
Currency Code: AUD
Currency Symbol: A$
Central Bank: Reserve Bank of Australia
Countries Used In: Australia
Major Unit: One dollar
Minor Unit: One cent
Note Denominations: 5, 10, 20, 50, 100
Coin Denominations: 5¢, 10¢, 20¢, 50¢, one dollar, two dollars.
At OFX, we know you earned your money through hard work and careful planning. That’s why we keep our international transfer fees low, so you get a fair deal. Banks often charge up to 5% margins on your foreign exchange transfer, plus fees. At OFX, our margins are low and our fees are minimal. If you’re tired of banks being banks, register with OFX, and build your own bottom line--not your bank’s.