|USA, Canada, UK, Singapore, Australia||/5||$1||Read the review|
|Australia||/5||$50||Read the review|
|Australia||/5||$450||Read the review|
|Australia||/5||$1||Read the review|
|Australia||/5||$100||Read the review|
|Cyprus, Australia||/5||$100||Read the review|
As the fifth most traded with currency, the Australian dollar’s role in the global Forex market should not be overlooked. It should come as no surprise then that Forex trading in Australia is a popular practice among its residents, with all local brokers offering accounts with the Australian Dollar as a base currency.
A local Bank Transfer in a local currency, in this case Australian dollars, will take no longer than a couple of hours, 24 hours at the most, in comparison to 2 to 5 business days for international transfers.
Even more so, local Bank Transfers in AUD are much cheaper when in comparison with international wire transfers.
The cost for international wire transfers is on average $25 AUD. And let us not forget that respective banks will most certainly bill an international Wire Transfer; the sum being determined according to the financial institutions involved.
If you wish to deposit in AUD using a Credit/Debit card you must consider two things. First, that the processing times for transactions are instant, and on rare occasions up to a couple of minutes. Second, Credit/Debit card transaction fees are calculated in percentages, rarely exceeding 2%. Be wary if depositing/withdrawing higher sums ($10 000+), for those 2% may result in a substantial transaction cost.
If you want to go alternative, the most popular for Australia surrogate payment methods are POLi and Bpay. Bpay’s 1-2 days payment wait time is disadvantageous when compared to POLi’s instantaneous dealing. The most significant pro for POLi is that all fees are capped at a maximum of $3 AUD, no matter the size of the payment. Meanwhile, Bpay’s processing charges shouldn’t exceed $1 AUD per transaction. For local transaction we recommend using these methods, due to their lower commissions.
The Australian dollar is popular with traders, because of the relatively high interest rates in Australia, the stability of the local economy and its exposure to Asia and the commodities cycle.
The AUD accounts for roughly 7% of the world’s daily share, lagging only behind the US dollar, the Euro, the Japanese yen and the British pound.
The Australian dollar is the national currency of Australia, but is also used in three independent Pacific Island states – Kiribati, Nauru, and Tuvalu.