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Summary: Here you will find information on the Australian currency and travellers cheques.
Australian – Currency
Primary Currency – The Australian Dollar
Identifying Australian Currency
Similar to the U.S. and Canada, Australia uses Dollars and Cents.
Paper money is actually plastic! Australia was the first country in the world to introduce bank notes made of plastic (polymer). The design of the notes include see through plastic sections, to help prevent forgery, and last on average four times longer than paper notes. They come in different colours, and vary slightly in size, the higher denominations being slightly larger in size. Featuring famous Australians, the notes are as follows:
$100 bills are green in colour with Dame Nellie Melba and Sir John Monash
$50 bills are yellow in colour with David Unaipon and Edith D Cowan
$20 bills are red with Mary Reiby and Dr John Flynn, The Flying Doctor
$10 bills are blue with AB ‘The Banjo’ Paterson and Dame Mary Gilmore
$5 bills are purple and feature Queen Elizabeth II and Old and New Parliament House.
Coins come in the form of 5, 10, 20 and 50 cent coins, which are generally silver coloured; 1 and 2 dollar coins are usually gold or bronze coloured. The coins are very recognisable owing to the variation in sizes.
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L-R 5 cents 2 dollars 10 cents 1 dollar 1 dollar 20 cents |
As in many countries, there are special issues of Commemorative coins to celebrate special events, such as the Olympic Games in 2000, and anniversaries of famous Australians.
Although 1c and 2c coins were phased out in 1990, goods are often still marked up in these increments, retailers will round prices up or down to the nearest 5c on the total bill, not on individual items.
Travellers Cheques
Traveller’s cheques are pretty universal the world over and Australia is no exception. They can occasionally be used as a cash substitute and in this situation will be accepted by shops, hotels and restaurants (smaller denominations are preferred) and generally have to be in Australian dollars. It is generally best to take Australian Dollar travellers cheques for this reason.
Large, established hotels will normally give you a decent exchange rate for your Sterling; similar to that you may get from a bank.
Cash Machines and Plastic
Known as ATM’s (automated teller machine) cash machines are readily available in populated locations.
The cards widely used for payment for most goods and services are:
American Express; MasterCard; Diners Club and Visa.
Credit cards can be used to get cash from any bank provided you also take some form of photo ID such as a passport. Credit cards and usual cash cards can be used in ATMs (cash dispensers), but check with your card issuer for any restrictions and charges that may be incurred for using cards abroad. Many banks will charge for using debit or credit cards abroad, if you plan to use yours a lot, consider getting one with where these charges are not applied. It could save a fair amount if you are away for an extended period on time.
One other thing to take in account is the security aspect. Some banks and credit card providers offer insurance for travellers and also various forms of fraud protection (check with your issuer for exact details). Cards can also be cancelled with a simple phone call if lost, misplaced or stolen.
Don’t forget to inform your bank/card issuer that you will be using your card outside of the country.
Exchanging Currencies
It is possible to exchange currency and travellers cheques at many financial institutions such as banks, currency exchanges and bureaux de change. As commented above, many hotels will also exchange your currencies but more often than not at a lower rate. Central branches of major banks have foreign exchange facilities, but remember some Fees may apply.
Generally trading hours are: Mon-Thurs 9.30am-4pm, Fri 9.30am-5pm.
Some banks and building societies also offer a limited Saturday service.
Taxes
GST (Goods and Services Tax) is charged at 10% and was introduced on July 1, 2000 on most goods and services purchased in Australia. Similar to VAT in the UK, these taxes can sometimes be included in a stated price or occasionally they are added separately when paying. This is something to be aware of!
And don't forget you may be able to claim tax back on some purchases on leaving the country, depending on the value of the item. Many retail outlets will automatically ask and package the item with the neccessary paperwork. Keep your receipts, and check at the airport.Click here to go back to our Australia page.
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