If you are travelling overseas from Australia, the best time to buy US dollars with Australian dollars in the last year was on February 2 2023. This is because the AUD/USD peaked at 0.7145 and has fallen slowly since.
The same applies to anyone transferring money overseas in US dollars.
On the other side of the coin, the worst time to buy US dollars was on October 16 2022 when the AUD/USD briefly touched 62 cents. This is just lower than the currency rate of 0.6577.
In general, if you are buying US dollars with Australian dollars, you want the AUD/USD exchange rate to be as high as possible. The higher the rate, the better it is for you. It means that you will receive more US dollars for the same amount of Australian dollars (AUD).
Working out the best time to buy US dollars (USD)
With a rate tracker, you can get
- Daily emails that tell you what the rate is
- An alert email for a particular rate that you want. For instance, if the AUD/USD is at 0.7200 but you want to buy it when it gets to 0.7500 then you can set a rate alert for 0.7500 and we'll notify you if it gets there
Make sure to also tell us you date of travel. You won't receive any more emails after this date.
You can also set up more than one alert. Choose a number of currencies including Euro (EUR), Japanese Yen (JPY). British Pounds (GBP) and New Zealand Dollars (NZD).
It's important not to leave it to the last minute. Even though S Money is one of the fastest ways to buy currency in Australia, you can't buy it on the day you are travelling. To allow for time, make sure you have ordered and paid for your US dollars at least 4 days before you fly out.
Related: 2023 AUD to USD Forecasts