A Guide to Understanding and Exchanging Money in Australia

Australian money is fairly easy to understand because it does not differ that greatly from American money. The Australian dollar (AUD symbol A$) is100 cents just like in America. You can have denominations of Australian money in A$5 ,A$10, A$20, A$50, and A$100. Australia does have coins that are in denominations of A$1 and A$2. Their change is broke down into simple 1, 5, 10, 20, and 50 cent pieces. They do not have a 25 cent piece like we do in America.

When you first arrive in Australia it is recommended that you perform all money exchange at the exchange facilities which are located in easy to find areas of the International airports. These facilities will give you a good exchange rate and they are happy to help you. You can also go to banks to exchange money in Australia. The vast majority of major hotels exchange money in the country but the rates will be best and easiest at the exchange facilities at the airports.

You can use your ATM and major credit cards in all large cities in Australia but when you head into the smaller towns and regions it becomes more difficult to utilize them and it is recommended that you deal in cash.

If you must go to a bank then remember that they are closed on Saturdays and Sundays. The banks are only open Monday-Friday and the hours vary from bank to bank but the majority open promptly at 09:30am.

The current currency conversion rate for November 10, 2009 is as follows.

1.00 GBP = 1.81 AUD 1.00 USD = 1.07 AUD 1.00 EUR = 1.61 AUD
Visit the easy to use Universal Currency Converter for up to date information.

You can also purchase currency online using Travelex. I have never utilized this service so please visit their website for more information. I am told that it is cheaper to convert money at the airports then utilize these services. However, it is always wise to bring enough foreign currency with you to last 24-72 hours with you so you will need to exchange before arrival.

Travelers checks are not widely accepted in Australia unless you are in the city and it is very hard to use them in any extreme rural areas. So you might want to carry only enough for your city stays and by pass them when going into the country.

You will normally be faced with a 5 percent rate between the buy and sell prices so please try to convert large amounts of money for extra savings.

Credit cards will offer you the best exchange rates on your money so try to use them or ATM's whenever possible for added savings.

If there is an extreme emergency the US State Department will forward money within hours to the nearest consular. There is a thirty dollar fee to do this and it is only done in very extreme cases. It is a good idea to carry the information needed to do this with you on any major trip. You will need to contact the Overseas Citizens Services division of the US State Department ( +1-202-501-4444, from US +1-888-407-4747).

Australia does charge a 10 percent tax on goods and services. Food and medication is not subject to this tax, however. Tourists are entitled to receive a refund on their departure for the tax paid. You can receive your refund from TRS booths in international airport terminals. You will have to show your receipts, your passport, and proof of your travel plans.

Sources:

http://www.xe.com/ucc/

http://www.letsgo.com/2683-asia_and_pacific-travel-guides-australia-planning_your_trip-money-c

http://www.worldtravelguide.net/country/19/money/Australia-and-South-Pacific/Australia.html