About the Australian Dollar
The Australian dollar is the currency of Australia, issued by the Reserve Bank of Australia. It has floated freely since December 1983 and is one of the most traded currencies in the world.
Australia is a large exporter of iron ore, coal, natural gas and other commodities, and China is its largest trading partner. As a result, the Australian dollar tends to move with commodity prices and with the outlook for China's economy, and it usually weakens when global markets turn risk-averse.
The Reserve Bank targets inflation of 2% to 3%. It has set interest rates eight times a year since 2024, and since March 2025 those decisions have been made by a dedicated Monetary Policy Board.
Paying in AUD
- BSB and account number
- Australia does not use IBANs. A domestic account is identified by a 6-digit BSB (bank, state and branch) and an account number. Payments from abroad need the bank's SWIFT/BIC code together with the BSB and account number.
- Instant payments
- Most Australian banks send domestic payments through the New Payments Platform, which settles within seconds, 24 hours a day. Many accounts can be paid through a PayID, such as a phone number, email or business number, instead of the BSB and account number.
- Reporting to AUSTRAC
- Australian banks report every international funds transfer, of any amount, to AUSTRAC, the financial intelligence agency. Have the purpose of the payment ready, as banks may ask for it.
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