The currency chart below is based on August 2008 exchange rates between Australian dollars (AUS$) and Canadian dollars (CDN$), European Union euro (EUR€), New Zealand dollars (NZ$), British pounds (UK£), and US dollars (US$). Check the currency converter on websites like www.xe.com or www.bloomberg.com for the latest exchange rates.
Australia’s currency is
Australian dollars ($) and cents (¢). Notes come in $5, $10, $20, $50, and $100 bills, and coins in 5¢, 10¢, 20¢, 50¢, $1, and $2 denominations. Credit cards are widely accepted in cities; in rural areas it’s a good idea to carry cash. Personal checks are rarely accepted, and even traveler’s checks may not be accepted in some locations.
As a general rule, it’s cheaper to convert money in Australia than at home. While currency exchange will probably be available in your arrival airport, it’s wise to bring enough foreign currency to last for at least 24-72hr.
When changing money abroad, try to go only to banks or bureaux de change that have at most a 5% margin between their buy and sell prices. Since you lose money with every transaction, it makes sense to convert large sums at a time (unless the currency is depreciating rapidly).
If you use traveler’s checks or bills, carry some in small denominations (the equivalent of US$50 or less) in case you’re forced to exchange money at poor rates, but bring a range of denominations since charges may be applied per check cashed. Store money in different forms. At any given time, you should be carrying some cash, some traveler’s checks, and an ATM and/or credit card. All travelers should also consider carrying some US dollars (about US$50 worth), which are often preferred by local tellers.
Traveler’s checks are one of the safest means of carrying funds and are generally accepted in metropolitan areas of Australia. American Express and Visa are the most-recognized brands. Many banks and agencies sell them for a small commission. Check issuers provide refunds if the checks are lost or stolen, and many provide additional services, such as toll-free refund hotlines abroad, emergency message services, and stolen credit card assistance. Ask about toll-free refund hotlines and the location of refund centers when purchasing checks, and always carry emergency cash.
Credit cards are accepted at most locations in Australia, though particularly small or rural accommodations, restaurants, and businesses may only accept cash. Credit cards should be used as often as possible, as they offer superior exchange rates—up to 5% better than the retail rate used by banks and other currency exchange establishments. Credit cards may also offer services such as insurance or emergency help, and are sometimes necessary to reserve hotel rooms or rental cars. MasterCard and Visa are most often welcomed; American Express cards work at some ATMs and at AmEx offices in large Australian cities and airports. Discover is generally not accepted in Australia.
The use of ATM cards is widespread in Australia. Depending on the system that your home bank uses, you can most likely access your personal bank account from abroad. ATMs get the same wholesale exchange rate as credit cards, but there is often a limit on the amount of money you can withdraw per day (around US$500). There is typically a surcharge of US$1-5 per withdrawal, unless explicitly stated otherwise.
Most ATMs charge a transaction fee paid to the bank that owns the ATM. However, Bank of America cards are accepted, with no fees, by Westpac ATMs in Australia. Cirrus (US ☎+1-800-424-7787; www.mastercard.com) is the most widespread ATM network in Australia; PLUS (US ☎+1-800-843-7587; www.visa.com) is almost as frequent, and Visa, though probably third best, is still fairly common. MasterCard and American Express are found less often and NYCE not at all. Though ATMs are increasingly prevalent in smaller towns and rural areas, they are scarce in northwestern Australia and remote interior areas.
Debit cards are as convenient as credit cards but have a more immediate impact on your funds. A debit card can be used wherever its associated credit card company (usually MasterCard or Visa) is accepted, and the money is withdrawn directly from the holder’s checking account. Debit cards often also function as ATM cards and can be used to withdraw cash from associated banks and ATMs throughout Australia. Check with your credit card company to see if your credit card can also function as an ATM card. While in Australia, you might see references to Electronic Funds Transfer at Point Of Sale (EFTPOS), which works like a debit card and is a way in which Australians pay for goods.
If you run out of money while traveling, the easiest, cheapest solution is to have someone back home make a deposit to your bank account. Otherwise, consider one of the following options.
It is possible to arrange a bank money transfer, which means asking a bank back home to wire money to a bank in Australia. This is the cheapest way to transfer cash, but it’s also the slowest, usually taking several days or more. Note that some banks may only release your funds in local currency, potentially sticking you with a poor exchange rate; inquire about this in advance. Money transfer services like Western Union are faster and more convenient than bank transfers—but also much pricier. Western Union has many locations worldwide. To find one, visit www.westernunion.com, or call in Australia ☎1800 173 833, in Canada and the US +1-800-325-6000, or in the UK +44 0800 833 833. To wire money using a credit card (Discover, MasterCard, Visa), call in Canada and the US ☎+1-800-CALL-CASH, in the UK +44 0800 833 833. Money transfers are also available to American Express cardholders and at selected Thomas Cook offices.
In serious emergencies only, the US State Department will forward money within hours to the nearest consular office, which will then disburse it according to instructions for a US$30 fee. If you wish to use this service, you must contact the Overseas Citizens Services division of the US State Department (☎+1-202-501-4444, from US +1-888-407-4747).
The cost of your trip will vary considerably, depending on where you go, when you leave, how you travel, and where you stay. The most significant expenses will probably be your round-trip (return) airfare to Australia (see Getting to Australia, ). Before you go, calculate a reasonable daily budget.
A bare-bones day in Australia (camping or sleeping in hostels or guesthouses, buying food at supermarkets) costs about $50; a slightly more comfortable day (sleeping in hostels, guesthouses, or the occasional budget hotel, eating one meal per day at a restaurant, sightseeing, going out at night) costs about $70; and for a luxurious day, the sky’s the limit. Don’t forget to factor in emergency reserve funds (at least $200) when planning how much money you’ll need.
Some simple ways to keep cash include searching out opportunities for free entertainment, splitting accommodation and food costs with trustworthy fellow travelers, and buying food in supermarkets rather than eating out. Bring a sleepsack to save on sheet charges in hostels and do your laundry in the sink (unless you’re explicitly prohibited from doing so). Museums often have days when admission is free; plan accordingly. Consider getting an ISIC or an IYTC if you’re eligible for either; many sights and museums offer reduced admission to students and youths. For fast travel, bikes are an economical option; renting one is cheaper than renting a moped or scooter. But don’t forget about walking; you can learn a lot about a city by seeing it on foot. Drinking at bars quickly becomes expensive; it’s cheaper to buy alcohol and imbibe before going out. That said, don’t go overboard. Though staying within your budget is important, don’t do so at the expense of your health or travel experience.
In Australia, tipping is not expected at restaurants, bars, taxis, or hotels, since service workers do not rely on tips for income. Tips are occasionally left at restaurants—especially fancier ones—when the service is exceptional. In this case, 10% is more than enough. Taxes are always included in the bill.
The New Tax System of 2000 provides for a 10% Goods and Services Tax (GST). Some goods, such as basic foods and medicines, are not subject to this tax. However, the System also implemented a Tourist Refund Scheme (TRS), which may entitle tourists to a refund of the GST and of the Wine Equalisation Tax (WET) on purchases of goods bought from Australian retailers. The refund is good for GST or WET paid on purchases of $300 or more. Travelers can claim the refund at TRS booths in international airport terminals by presenting tax receipts from retailers, a valid passport, proof of travel, and the items themselves. See the Australian Customs Service website for details (www.customs.gov.au).
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For 52 years, we have published the world’s favorite budget travel guides, written entirely by students and updated every year. With pen and notebook in hand and a few changes of underwear stuffed in our backpacks, we spend months roaming the globe in search of travel bargains.
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