Best Australian Dollar / British Pound Exchange Rate Today: 0.5589 (2023)

FAQs

Is now a good time to buy GBP with AUD? ›

When is the Best Time to Buy British Pounds with Australian dollars? The AUDGBP just hit 0.0. 6186, making it the best time to buy British Pounds with Australian dollars in the last 5 year.

Predictions and Pound to Australian Dollar exchange rate forecasts from market pricing sources, investment banks and technical analysts. In one month the Pound / Australian Dollar exchange rate could be at 1.7896 according to market pricing as of 23/11/2022.

Local banks and credit unions usually offer the best rates. Major banks, such as Chase or Bank of America, often offer the added benefit of having ATMs overseas. Online bureaus or currency converters, such as Travelex, provide convenient foreign exchange services.

Though there may be a small fee, your bank or credit union will almost always be the best place to exchange currency (and the cheapest). You may be able to order currency at a branch location or by phone or online to have it delivered to you, or to pick up at a branch.

An analysis by Bloomberg has shown financial markets believe there is a 60% probability that sterling will reach dollar parity by the end of 2022. A long-term decline in the valuation of the pound increases the price of imported goods, which can feed into consumer price inflation.

Best day of the week to exchange currency

According to data from WeSwap and The Telegraph, you'll generally enjoy the best currency exchange rates on Fridays and Saturdays. Currency can fluctuate throughout the day too, with the morning or late afternoon cited as the best times to buy.

According to ANZ head of FX research Mahjabeen Zaman, the Australian dollar will increase in its value against the US dollar in the second half of 2023. Other big four banks agree with this sentiment, and are predicting exchange rates of around 0.69-0.72 by September 2023.

There are major financial events, such as Black Wednesday and Brexit, that impact the direction of the British pound for years. Most monthly economic data from the United Kingdom comes out between 2 a.m. and 4:30 a.m. Eastern Time in the United States, making this a good time for trading.

GBP/USD performance in 2022

Meanwhile analysts at CIBC Capital Markets predict GBP/USD will fall early in 2022 and rise higher to 1.36 by the end of the year. Citibank expects GBP/USD to decline to 1.29 across the coming 6-12 months.

Why is AUD so weak against GBP? ›

Another important factor is that Australia is one of the few countries to benefit from higher inflation. As Australia is a major exporter of commodities, the higher global prices for food and energy is boosting exports. Because of these economic factors, the Pound has lost value relative to the Australian Dollar.

It's not always better to exchange before you fly

If you're travelling with a popular currency such as US dollars or GBP, you're unlikely to have issues exchanging your currency once you touch down.

Best Pound to Dollar Exchange Rate Today, Live 1 GBP to USD = 1.2048 (Compare & Convert Pounds to Dollars)

Cape Town, South Africa remains best the value for long haul, with prices down 1.6% Reykjavik in Iceland remains the most expensive destination surveyed, followed by Barbados and Dubai. All three saw price increases of over 20% Sterling's strength against most currencies has helped keep costs down.

We've got great exchange rates with 0% commission on over 60 currencies. That's why we're a leading travel money provider. Get our best rates online. Order before 3pm on a weekday to get next-working-day delivery to your home or nearest branch.

Currency exchange shops and kiosks in airports are not the best places to exchange money. For the best rates, try a local bank or a bank ATM to make your currency exchanges.

Official exchange rate

Iran is the top country by exchange rate in the world. As of last month, exchange rate in Iran was 42,000 LCU per US dollars that accounts for 24.85% of the world's exchange rate.

Use your credit or debit card when possible

Fees aside, using your credit or debit card is probably your safest bet for getting an exchange rate that's closest to the market rate. But be aware that while your card's issuer bases its exchange rate on market conditions, it does set its own exchange rate for transactions.

Is it a good time to change dollars to sterling? ›

Due to the pandemic, the impact of the war in Ukraine and the cost-of-living crisis, the GBP -USD exchange rate has dropped below 1.20 . This is close to the bottom of the historical trading range and means now is likely to be a good time to consider converting US dollars to pounds.

The platform's GBP forecast for 2022 in relation to the euro had the pair finishing the year at an average of 1.16. WalletInvestor's GBP forecast for 2025 against the EUR was a steeper average of 1.212 by December that year. According to the website, the pair could rise to an average of 1.244 by September 2027.

Why is the Pound Sterling falling? The recent record slump in the British currency has resulted in a crisis. The most apparent reason behind Pound's falling is the recently introduced tax cuts, among others, by the UK government.

Key Takeaways. The forex market runs on the normal business hours of four different parts of the world and their respective time zones. The U.S./London markets overlap (8 a.m. to noon EST) has the heaviest volume of trading and is best for trading opportunities.

Currencies are traded around the clock – 24 hours per day. Even though trading hours vary – the morning in Tokyo occurs during U.S. nighttime – trade and banking continue around the world. Therefore, as banks around the world buy and sell currencies, the value of currencies remain in fluctuation.

Bank forecasts for the US Dollar in 2022

The U.S. dollar has been moving broadly higher since May 2022 as the US economic recovery ramps up and as the Federal Reserve started to rein in support for the economy. According to analysts at ING the US Dollar could continue to rise in the coming year.

AUD/NZD performance in 2022

Westpac forecast that AUD/NZD will stay at approximately the same level that it is now, across 2022. Analysts at NAB predict that the Australian Dollar will rise in value against the New Zealand Dollar, reaching 1.08 by the end of 2022.

Historically, the Australian Dollar reached an all time high of 1.49 in December of 1973. Australian Dollar - data, forecasts, historical chart - was last updated on November of 2022.

The main reason for the strength of the Australian dollar is high commodity prices, says Shane Oliver, chief economist at AMP Capital. That is a big positive for our economy and creates demand for Australian-dollar denominated investments by foreign investors.

The key driver of the strong pound is interest rates. Typically, the two go hand in hand: the higher a country's interest rate, the more attractive the currency becomes to foreign investment, which in turn bolsters the pound.

Is the dollar getting stronger 2022? ›

The U.S. dollar is strengthening because the Fed adopted a hawkish monetary policy stance in response to skyrocketing inflation. It has lifted the federal funds rate from near zero at the beginning of 2022 to a range of 3.75% to 4% at the November FOMC meeting.

We expect inflation to fall back from the middle of next year towards the 2% target in two years' time. Why is inflation expected to fall from the middle of 2023? What is the Bank of England doing to help bring inflation down?

The US is best-placed to take advantage of the exchange rate, with the Australian dollar gaining 21 per cent over the past six months.

You must declare cash of £10,000 or more to UK customs if you're carrying it between Great Britain (England, Scotland and Wales) and a country outside the UK. If you're travelling as a family or group with more than £10,000 in total (even if individuals are carrying less than that) you still need to make a declaration.

It's good to carry some cash for smaller purchases or to use for tips. You'll easily find ATMs at banks, stores and gas stations — but try to only use your debit card. You'll pay steep fees getting a cash advance from your credit cards.

When you exchange cash, you get a significantly worse exchange rate than when you use a card. The difference can be as much as 6%. This is why using a card is better. However, you should not use a credit card to get money out of ATMs.

Let's look at an example of how to calculate exchange rates. Suppose that the EUR/USD exchange rate is 1.20 and you'd like to convert $100 U.S. dollars into euros. Simply divide the $100 by 1.20. The result is the number of euros: 83.33.

An ATM (preferably in your network)

The best way to exchange currency abroad while avoiding fees is through your bank's ATM network. Before travel, check to see if your bank has an ATM network — or even bank affiliates — at your destination so you have a better chance of avoiding unnecessary fees.

What is the average exchange rate for 2022? ›

Currency Menu

Welcome to the 2022 EUR USD history summary. This is the Euro (EUR) to US Dollar (USD) exchange rate history data page for the year of 2022, covering 327 days of EUR USD historical data. Best exchange rate: 1.1455 USD on 06 Feb 2022. Average exchange rate in 2022: 1.0536 USD.

Overseas

Buying local currency in your destination country is the cheapest way to buy currency, particularly if you are buying larger amounts of US dollars (USD), Euros (EUR) or Japanese Yen (JPY). Getting the best exchange rate comes down to how competitive the place you are buying it from is.

Today the best exchange rate for the Australian dollar is 0.6615. This is the rate that gives you the most money when you are converting your currency. It has many names including the 'wholesale rate', the 'interbank rate' or the ' live mid-market rate'. The good news is that it can easily be found in lots of places.

ANZ and Commonwealth Bank have foreign exchange outlets as well as more well know brands like Travelex or Travel Money Oz. The best place to buy foreign currency in Sydney though is through one of the less well known money changers like Crown Currency or WeXchange.

Any trip to Australia will require Australian currency, even if you plan to use your credit or debit card to pay for most things. TripAdvisor recommends using ATM machines to convert your U.S. dollars to Australian money.

Currency exchange shops and kiosks in airports are not the best places to exchange money. For the best rates, try a local bank or a bank ATM to make your currency exchanges.

3. Spending is almost always cheaper than withdrawing cash when you're on holiday. If you've a top overseas credit card, spending is almost always cheaper. Even on cards with no cash withdrawal fees, you'll usually still pay interest on the withdrawal until you pay it off.

The platform's GBP forecast for 2022 in relation to the euro had the pair finishing the year at an average of 1.16. WalletInvestor's GBP forecast for 2025 against the EUR was a steeper average of 1.212 by December that year. According to the website, the pair could rise to an average of 1.244 by September 2027.

As the mining and export industry thrives, the value of the Australian dollar rises. Strong demand – particularly from China – is driving this process. The current volatile market situation in the US and particularly Europe has helped make Australia's currency appear to be a safer alternative to investors.

You can search for the best exchange rates in advance before the trip. Comparing online is usually the fastest way and you'll see competitive rates – often much cheaper than at the airport.

Is post office good for currency exchange? ›

We've got great exchange rates with 0% commission on over 60 currencies. That's why we're a leading travel money provider. Get our best rates online. Order before 3pm on a weekday to get next-working-day delivery to your home or nearest branch.

There is no limit to the amount of physical currency that may be brought into or taken out of Australia. However, travellers entering and departing Australia must report any currency they are carrying of $10,000 or more in Australian dollars, or the foreign currency equivalent.

UK debit cards

Visa and Mastercard debit cards are widely accepted. However, be warned that many UK debit cards charge foreign usage fees. For example, you might be charged between 2.75% and 2.99% for purchases, plus another fee of around 2–2.75% for cash withdrawals.

Yes. With Visa Debit you can access your own money wherever Visa is accepted. There are more than 29 million outlets around the world. You can also make withdrawals from Visa ATMs whilst overseas and avoid carrying large amounts of cash.