| Provider | Amount To Send | Fee | Exchange Rate | Speed | ||
|---|---|---|---|---|---|---|
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TorFX | AUD $10,000.00 | No Fee | 0.5148 | 1-3 days | more... |
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OFX (prev. OzForex) | AUD $10,000.00 | No Fee | 0.5135 | 1-3 days | more... |
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Smart Currency Exchange | AUD $10,000.00 | No Fee | 0.5135 | 1-3 days | more... |
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The Australian dollar (AUD) is the official currency of Australia. Originally a fixed currency, it switched to a managed floating exchange rate in 1971. During this time, it was briefly pegged to Great Britains pound sterling (GBP) in August of 1971, following the US dollars announced float. By December 1971 the AUD had been revalued and was again linked to the US dollar. The AUD moved to a free-floating exchange rate regime in December 1983, and Australia removed the last remaining foreign exchange controls. Today, the Reserve Bank of Australia (RBA) retains the power to intervene in the foreign exchange markets on an as-needed basis, but it rarely does so.
Since the dollar replaced the Australian pound in 1966, it has traded at a lower conversion rate against the pound sterling. Over the last ten years, the AUD has traded within a range of 0.3992 to 0.6849, with an average conversion rate of AUD to GBP 0.5295. The dollars highest point was reached in the spring of 2013, as the global recession and a quantitative easing program enacted by the UK government caused the pound sterling to dip in value against most of the worlds major currencies, including the AUD.
Since the early 2000s, the Australian dollar has traded in a fairly narrow range against the pound, with a conversion rate usually around AUD to GBP 0.60. Even at its highest conversion level in the past ten years, it still only managed a rate of 0.6849. This higher conversion rate for the Australian dollar was most likely not attributable to the Australian economy, which had been showing signs of a weakening economy for some time, brought on by slower annualized growth rates that had started cooling in 2011. The decline in growth was caused by a drop-off in mining investments, weakened consumer sentiment and consumption, and labor markets that were weakening.
The higher rate was more likely a cause of the weakening pound sterling, due to several factors in the UK. The monetary policy ascribed to by UK officials was one of quantitative easing. Increasing the money supply contributed to a declining pound sterling exchange rate against the euro, the US dollar, and the Australian dollar, as well as other major world currencies. The UK was also suffering from a heavy load of debt in its public sector. Analyst forecasts predicted that this debt level was set to rise even higher, and would ultimately account for too high a percentage of the countrys GDP. In line with these estimates, Moodys rating agency downgraded the UKs debt to AA1 in the spring of 2013, citing the countrys stagnant growth and the inevitable decrease in tax revenues brought on by the lack of growth as the main reasons for the downgrade.
The UKs current account deficit was also a concern. It was considered one of the worst in the developed world, and analysts believed it could eventually have a negative effect on the UK economy.
The Reserve Bank of Australia announced that it will hold interest rates steady during the first quarter of 2015, indicating that the Australian dollar will remain steady in the near-term. The long-term outlook for the AUD points to an overall weakening against the worlds major currencies, however, including the pound. Although analysts and economists think the pounds strength could eventually become an issue, and that its current account deficit, which is estimated to be at 5.2% of its GDP, is still too high, the revised outlook for the pound is one of optimism, while forecasts for the Australian dollar point to a gradual decline over time.
FXcompared.com is an fx money comparison site for international money transfer and to compare rates from currency brokers for sending money abroad. The website and the information provided is for informational purposes only and does not constitute an offer, solicitation or advice on any financial service or transaction. None of the information presented is intended to form the basis for any investment decision, and no specific recommendations are intended. FXC Group Ltd and FX Compared Ltd does not provide any guarantees of any data from third parties listed on this website. FX compared Ltd expressly disclaims any and all responsibility for any direct or consequential loss or damage of any kind whatsoever arising directly or indirectly from (i) any error, omission or inaccuracy in any such information or (ii) any action resulting therefrom.
