Australian Currency

Australian Money

The basic monetary unit is the Australian dollar (A$) which is made up of 100 cents (exactly like in the USA). Coins are available in denominations of 5, 10, 20, and 50 cents, as well as $1 and $2. Notes are available in dollar denominations of $5, $10, $20, $50, and $100. The current exchange rate for the Australian dollar (AUD) can be viewed here.

Major credit cards are widely accepted, as are traveler's checks.

If you have an ATM card, debit or credit card from a North American bank, this will be best for a short term stay in Australia. ATM's are everywhere and you can get cash advances from these ATM's just like in the USA, except they spit out Aussie dollars.

Many Australian banks are also linked to international systems (Cirrus, Maestro etc) so you may also be able to use your normal checking or savings account ATM card to withdraw money from your bank in the USA.

Getting Money to Australia

As mentioned above, you may never need to have to send money to Australia if you use a US bank or credit card because it lets you withdraw money in Australia from your US bank account or credit card.

If, however, you need to receive money from the USA while in Australia, other popular methods include bank wiring (requiring you to open a bank account in Australia). In case of emergencies, money may be wired to College Down Under's Australian bank account and withdrawn from the College Down Under office.

Another great service for international money transfer is Paypal which allows anyone to send you money via email. You must have a credit card to withdraw this money in Australia, but it makes it very easy to send and receive money over the internet without the hassle of going to a bank branch for a wire transfer. See www.paypal.com for further information.

Mailing a check from the USA is not a good idea since it will take up to 8 weeks to clear because it must be returned to the US bank to get cleared and then wired to the Australian bank via several clearing banks. And, you still need an Australian bank account to deposit it into.

College Down Under can answer any financial questions you have in this regard and advise the best method for you.

The Economy

Australia is a well-developed, affluent, well educated, and industrialized country that supplies its own basic food needs while exporting large quantities of foodstuffs and mineral products. It is also one of the world's most urbanized and technologically advanced societies.

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