Exchange rates change all the time and vary between countries
The best time to exchange AUD is when the Australian dollar is strong against global currencies
When looking to exchange money, look for the provider offering the best rate, but be careful of any hidden fees
You can use our live exchange rates to compare AUD to all global currencies, you can calculate how much your dollars are worth today and use historical data from the last 10 years to forecast trends.
Then, find out if you're getting the best exchange rate and find the service that is offering the best deal.
Compare live and historic AUD exchange rates
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Compare currency exchange services
Our table below lets you compare services you can use to send money abroad. Compare fees, exchange rates and discounts from different money transfer services, and when you have made your choice, click Go to site.
If 1 AUD = 0.66 USD, you can buy 0.66 US dollars for every 1 AU dollar
If 1 USD = 1.51 AUD, you can buy 1.51 AUD dollars for every 1 US dollar
In this example, you would be able to buy USD$66 with $100 Australian dollars.
However, because banks and money transfer providers need to make money, they often offer weaker rates compared to the rate you might see on the news.
This is due to the fact that the exchange rate you see on the evening news is the 'interbank rate', or the mid-market rate.
This is a rate used between banks when they buy and sell currency among themselves. The rate you receive will have a margin built into it, or other fees, which makes it less competitive than the mid-market rate.
Why do exchange rates matter?
Exchange rates change frequently. There is no guarantee that a rate you see today will be there tomorrow, or even in the next hour. Fluctuating exchange rates can affect a range of stakeholders:
Travellers. When you travel overseas, you may have less or more money to spend depending on the strengths or weaknesses of the currencies you're trading.
Locals. If your country has a strong foreign currency, you may see some imported items become cheaper while other items become more expensive.
Importers. If you import goods into your country, you may pay more or less - depending on how the rates have fluctuated - for the same goods.
Exporters. If you sell goods to other countries, you may pay more or less for the same goods.
Investors. Many trade in foreign currencies, so a drop in the value of a currency they're trading will mean losses, while a gain will see profits.
Knowing the value of your currency in relation to foreign currencies will help you understand your purchasing power or analyse your investments.
For example, if you are planning on traveling, knowing the exchange rate shows you your purchasing power so you know in advance what you can purchase with a certain amount of money. Or if you regularly send money overseas - for example, to your family - you'll want to know what the exchange rate is so you know how much money is actually reaching your destination.
Finder survey: What do Australians care about most when making a money transfer?
Response
I do not send money overseas
33.6%
Exchange rate
29.64%
Fees
28.02%
Transfer speed
5.95%
Customer service
1.8%
Simple sign up
0.81%
Other
0.18%
Source: Finder survey by Pure Profile of 1110 Australians, December 2023
What influences exchange rates?
Exchange rates are important factors of a country's economic performance. This is because countries depend on foreign trade with other countries across the world to sustain their economy.
Aside from demand and supply being major factors of exchange rates, there are a number of underlying factors which also have an impact:
Interest rates. Interest rates set by the country's central bank will affect the currency value of that country. If the bank has set higher interest rates, then lenders will see higher returns - which tends to attract foreign investors.
Inflation. A country with lower rates of inflation will have a higher currency value because its purchasing power increases in comparison with other countries.
Terms of trade. The terms of trade of a country are determined by the balance between exports and imports. If a country's exports are in high demand, then that country will receive more revenue from its exports. This in turn leads to its currency being in high demand and therefore increasing in value.
Political climate. Investors typically look for countries with a stable political climate so their capital is safely invested. Generally, countries with a stable political environment will have a stronger economy and will attract more investors.
Public debt. A country with high public debt is likely to look to measures such as printing money in order to reduce the debt. When this happens, the currency value of that particular country will be reduced and this will lower its exchange rate.
Exchange rates from AUD to other currencies
Take a look at the live exchange rates from AUD to your chosen currency:
In general, you will tend to get the best exchange rates if you use non-bank exchange services like OFX, WorldRemit or similar online money transfer services. Try to avoid exchanging money at airports or train stations, as these outlets tend to charge highly for convenience.
There is no specific 'best day' to exchange currency, as rates can fluctuate during the week. If you know you need to exchange your cash, then you can monitor rates and make your conversion when rates are favourable to you. Our live currency converter gives you the mid-market rate, which can be used as a proxy for when you next want to exchange your money.
Typically, a higher rate is better if you're buying or sending currency, as you will get more currency for your money. However, if you are selling currency, a lower exchange rate would be more preferable.
Currency exchange rates can vary depending on what provider you choose. Make sure to compare rates in order to find the best deal. You can use the mid-market rate for your currency as a baseline and learn who's offering the best exchange rate.
There is no official exchange rate. However, you may find that some countries have a restricted currency where the value is set by the government. But most of the time the exchange rate that you see is the mid-market rate, which is the middle point between two currencies where the buy and sell prices meet.
Kate Steere is a deputy editor at Finder, specialising in fintech, cryptocurrency and banking. She has previously written for The Motley Fool UK and Fitch Solutions, where she covered a wide range of personal finance topics and kept a close eye on market trends. Kate has a Bachelor of Arts in Modern History from the University of East Anglia. When not working, she can usually be found curled up with a good book or heading out for a run. See full bio
Kate's expertise
Kate has written 12 Finder guides across topics including:
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