It's easy to see the AUD to USD exchange rate on XE, Yahoo or any other currency converter. It's the real exchange rate that is set by the foreign exchange market. It's also sometimes called the 'wholesale' rate or the 'interbank' rate because it's used for wholesale amounts between banks. It's the best rate to convert foreign currency but often, it's very hard to actually get.
Where is the best place to exchange AUD to USD?
It's simple to buy USD from AUD online, but it may not necessarily be as fast as walking into a money changer. Services like Australia Post also offer a foreign exchange service online but it takes between two and five business days before the currency is ready for pick-up or delivery so you need to be organised!
Alternatively, buying your US currency in-store can be a good option but it all depends on where you go. The money changers in the centre of the main cities like Sydney or Melbourne tend to be more competitive than smaller stores in the suburbs.
Only change money at the airport as a last resort. The exchange rates and fees at Australian airports are among the worst in the world so avoid it at all costs if you want to get the best bang for your buck.
Learn more: The Best Places to exchange AUD for USD in Australia
How can I convert AUD to USD at the best rate?
The key to finding the best foreign currency rate is to compare your options. Make sure that you compare not just the exchange rate, but the total cost of your currency including any service or delivery fees.
Learn more: Get the best AUD to USD exchange rate
What is the best time to exchange AUD to USD?
As a rule of thumb, if you are buying USD 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 American dollars for the same amount of Australian dollars.
Unfortunately there isn't a particular day of the week or time of the day that is the best time.
While it's impossible to pick the perfect time, you can set up a free rate tracker to keep an eye on the rate.
Also keep in mind that if you buy it online, it may take 2-4 business days to arrive so make sure you finalise your financial transaction at least a week before you are due to travel overseas.
Learn more: When is the best time to buy US dollars with Australian dollars?
Is the Australian dollar going up or down against the US dollar?
The 'Big 4" major Australian banks have lowered their AUD to USD forecasts by 5% in 2022, but they still expect exchange rates to range between 75 and 80 US cents. Early in 2021, the AUDUSD exchange rate hit nearly 3 year highs of 80 cents, only to decline again towards 70 cents in September.
Learn more: The 2022 Forecasts for the AUD to USD
