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
Available currency pairs
Transaction types
FX
Spot
Delivery date
T+1; T+2
Liquidity
High
FX
Forward
Maximum maturity
24 months
Liquidity
High
Did you know?
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.
Key Features of AUD
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.
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.
Expert Opinion
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.
AUD Regulations
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.
Important information
Payments in AUD to Australia
Payment instructions must contain:
Payment instructions should contain the beneficiary's IBAN, name, and address.
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.
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
Currency Reference Guide
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