National currency of Australia

2024 Author: Howard Calhoun | [email protected]. Last modified: 2023-12-17 10:16

The national currency of Australia is the Australian dollar, which is represented by banknotes of various denominations: 5, 10, 20, 50 and 100. In addition to banknotes, this country also has coins of 1 and 2 dollars.

In addition to the main currency, there are also change money - cents - which are in circulation and are represented by coins of various denominations. One dollar equals one hundred cents. The Australian dollar is a convertible currency that is in circulation throughout the Commonwe alth of Australia, the Cocos Islands, Christmas Islands, Norfolk and the Pacific states of Kiribati, Nauru and Tuvalu.

A bit of history

Dollars in this country were put into circulation only in 1966. Prior to this, Australian pounds were used. Yes, and the first paper money was a copy of the pound notes of 1, 2, 10 and 20 dollars.

The predecessor of the dollar was duodecimalcurrency, and the modern currency of Australia is decimal. When the new currency was introduced, Prime Minister Robert Menzies suggested giving it the name the Royal, which was used for a short time. But due to the unpopularity of this option, it was decided to call the currency Dollar.

Plastic money in Australia

This is the first country to issue polymer banknotes. Issuing using such new technologies is undoubtedly more expensive, but the life of such money is much longer. In addition, thanks to the developments, in addition to the standard security measures that are used on paper banknotes, plastic money is protected even more reliably, no doubt, they are quite difficult to fake. To date, there is no paper currency in the country, each banknote is made of special thin plastic.

The first polymer money was issued in 1988, by 1996 paper money was completely withdrawn from circulation. Today, the "paper" currency of Australia is money made of thin flexible plastic. The design uses transparent elements. Such banknotes are not afraid of moisture, they can be washed randomly and swim in the sea with them.

Australian currency today

Modern Australian dollars are decorated in different colors. The banknotes depict politicians and other famous people, and not only Australia itself. For example, on a banknote of 5 dollars there is a portrait of Elizabeth II - Queen of Great Britain - and on a bill of 100units emblazoned with a portrait of Australian singer Nellie Melba.

Australian dollar currency: value and exchange operations with it

This is a fairly common currency in the world, so there should be no problems with the purchase. Tourists traveling to this country can make currency transactions:

• at all international airports in the country;
• in most hotels;
• in many exchange offices that are located in a fairly dense network in Australia;
• in banks;
• many ATMs support currency exchange.

Today the Australian dollar against the ruble is 1 to 49 rubles. Transferring money into local currency using ATMs can be a costly process due to the presence of a rather high commission fee. Therefore, it is recommended to carry out such operations through a bank that is affiliated with the bank servicing the card, where the Australian dollar to ruble exchange rate will be more profitable.

The cost of the local currency and the American counterpart at different times varied. For the entire period of this monetary unit, it reached its maximum value on March 14, 1984, then the Australian dollar against the US dollar was 1 to 96.68 US cents. Today 1 AUD to 1 USD – 1 to 0, 7.

ATM features

It is worth noting that ATMs, like exchange offices, cover the country's territory with a dense network. They are located in the walls of buildings onstreet, in the foyer of many shopping centers, at bus stations and airports. But they have one feature. Most of the ATMs only accept $20 and $50 denominations and only allow you to withdraw amounts combined from these notes.

The working schedule of banking institutions is represented by a five-day week - from Monday to Thursday. Banks open most often at 9.00, and close at 16.00, but on Friday the working day of these institutions is one hour longer. And in some large cities, you can find open bank doors on a day off.