Australian Dollar_flag

Australian Dollar

The official currency of the Commonwealth of Australia, including its territories, is the Australian Dollar, commonly referred to as the AUD. The Reserve Bank of Australia manages the currency. The currency code is AUD, and the symbol is $, or A$ to distinguish it from other dollar-denominated currencies.

Convertible:Yes

Transferable:Yes

Exchange rate regime:Floating

Did you know?

Australia's Monetary Policy

check

Australia's monetary policy is set by the Reserve Bank of Australia (RBA), whose primary objective is to maintain currency stability, full employment, and the economic prosperity and welfare of the Australian people. The RBA uses an inflation-targeting regime, aiming to keep consumer price inflation between 2% and 3%, on average, over the medium term.

check

The Australian Dollar is divided into 100 cents. Coins are available in denominations of 5, 10, 20, 50 cents, and 1 and 2 dollars. Banknotes come in 5, 10, 20, 50, and 100 dollars.

check

Australian banknotes are made from a polymer, which gives them a distinctive feel and increased durability. Each note's design includes images that celebrate Australia's history, culture, and accomplishments.

check

Experts commend Australia's monetary policy, particularly its inflation-targeting framework, for contributing to the country's economic stability. However, like all economies, Australia is susceptible to global economic conditions, which can impact the AUD's value. Moreover, being a commodity-based economy, Australia and its currency are significantly affected by commodity price shifts.

check

The Reserve Bank of Australia (RBA) regulates the Australian Dollar. Its policies aim to maintain a stable financial system, foster the efficiency and effectiveness of payments, and promote competitive and fair markets. The RBA also sets rules on the issuance and distribution of the AUD and works closely with APRA, the Australian Prudential Regulation Authority, to oversee the financial industry's stability.

background graphic

Important information

Payments in AUD to Australia

Payment instructions must contain:

check

Payment instructions should contain the beneficiary's IBAN, name, and address.

check

Payment Processing Time

The time taken for a payment to reach the recipient's bank account can vary. Domestic transfers within Australia are typically processed quickly, while international transfers may take a few business days. Consider the processing time when planning your payment to ensure timely delivery. The iBanFirst Payment Tracker can help you track those payments, and ensure a smooth and efficient payment experience.

check

Fees and Charges

Banks and financial institutions may apply fees and charges when processing international payments. These fees can vary, so it is advisable to check with your bank to understand the charges associated with your transaction. Check out iBanFirst’s Savings Calculator to estimate how much you could save on your next international payment.

Keep in mind

Bank holidays

When a holiday falls on a weekend, the next business day becomes a holiday.

01

January

New Year's Day

26

January

Australia Day

25

April

ANZAC Day

25

December

Christmas Day

26

December

Boxing Day

Good Friday

Variable, March or April

Easter Monday

Variable, March or April

King's Birthday

Second Monday in June, except in WA and QLD

Labor Day

First Monday in October, except in WA and QLD

people-to-people
people-to-people

Currency Reference Guide

Get the full currency reference guide, updated by the iBanFirst currency market experts.

iBanFirst S.A. is duly authorised and regulated by the National Bank of Belgium (under CBE number 0849.872.824) as a payment institution. It is a direct member of the SWIFT network and is certified to make payments throughout the SEPA zone. As a payment institution, iBanFirst S.A. only offers hedging solutions (forward, flexible forward and dynamic forward) connected to underlying payment transactions. iBanFirst S.A. does not offer options or any other financial instruments for investment or speculative purposes.