You will get familiar with the Australian currency very soon! Although if you want to know more about it before you arrive to Australia, here is some information which may help.
Australian currency is decimal with the basic unit of one dollar equivalent to 100 cents.
The Australian dollar is made up of the following banknotes and coins:
Banknotes $ 5, $ 10, $ 20, $ 50, $ 100
Coins ¢ 5, ¢ 10, ¢ 20, ¢ 50, $ 1, $ 2
The $ 1 and $ 2 coins are sometimes called "goldies or gold coins" by the Aussies because they are gold in color. Furthermore, it is interesting to see that in Australia, the coins with higher value are actually the smallest in size.
You also need to know that in Australia it is very common to release new versions of each coins to celebrate or commemorate an important occasion. Some international students like to collect these coins and sometimes trade them with other friends.
The Australian dollar has been in the past a very stable currency. The exchange rate usually presents small variations only. In the last years, the exchange rate has been almost the same. This is very useful for you to know as it will help you plan your expenses and to budget for your studymove.
Many international visitors prefer to change their money to Australian Dollars as soon as they get to Australia either at registered Currency Exchange places or in Australian Banks or simply withdrew Australian dollars from Automatic Teller Machines (ATM's) using their international bank cards. This avoids the risk of a major change in the exchange rate.
Where can you get Australian currency?
You can generally buy Australian dollars from the following places:
Major international airports
Major banks (international and Australian)
Automated Teller Machines (ATM's) of major banks
Authorized money exchange dealers
What is the exchange rate?
The exchange rate is basically the amount that one currency is worth in relation to another. The exchange rate varies every day according to economic policies, commercial and individual transactions between countries and international trade. As we mentioned before, in the last years the Australian dollar has been very stable against other treaties, however, it is important for you to check the exchange rate against the currency in your home country.
The following websites may be translated to determine the exchange rates:
Reserve Bank of Australia – Exchange Rates
XE (Free online currency converters)
FXConverter (Free online currency converters)