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Australian Dollar
| Currency: | Australian Dollar |
| Currency Symbol: | $ |
| Sub unit: | cents |
| Bank notes: | $5, $10, $20, $50, $100 |
| Coins: | 5c, 10c, 20c, 50c, $1, $2 |
Chinese Yuan Renminbi
| Currency: | Chinese Yuan Renminbi |
| Currency Symbol: | ¥ |
| Sub unit: | yuán (元,圆), jiǎo (角), fēn (分) |
| Bank notes: | ¥0.1, ¥0.5, ¥1, ¥0.2, ¥2, ¥5, ¥10, ¥20, ¥50, ¥100 |
| Coins: | ¥0.1, ¥0.5, ¥1 |
When you send money to China or any other country, the exchange rate is a crucial factor that determines the cost of your transaction. The higher the AUD/CNY exchange rate that applies to your transaction, the better value for money you will get.
However, there are two factors you need to take into account when searching for the best exchange rate:
The "Rate" and "Amount Received" displayed are indicative rates that have been supplied by each brand or gathered by Finder.
Exchange rates are volatile and change often. As a result, the exchange rate listed on Finder may vary to the actual exchange rate quoted for the brand. Please confirm the actual exchange rate and mention "Finder" before you commit to a brand.
| USD | AUD | CAD | EUR | CNY | GBP | INR | MXN | PHP | |
|---|---|---|---|---|---|---|---|---|---|
| 1 USD = | 1.0000 | 1.6220 Inverse: 0.6165 | 1.4024 Inverse: 0.7131 | 0.8954 Inverse: 1.1169 | 7.0964 Inverse: 0.1409 | 0.8029 Inverse: 1.2455 | 74.8760 Inverse: 0.0134 | 23.3910 Inverse: 0.0428 | 51.0140 Inverse: 0.0196 |
| 1 AUD = | 0.6165 Inverse: 1.6220 | 1.0000 | 0.8646 Inverse: 1.1566 | 0.5520 Inverse: 1.8115 | 4.3751 Inverse: 0.2286 | 0.4950 Inverse: 2.0202 | 46.1628 Inverse: 0.0217 | 14.4211 Inverse: 0.0693 | 31.4513 Inverse: 0.0318 |
| 1 EUR = | 1.1169 Inverse: 0.8954 | 1.8115 Inverse: 0.5520 | 1.5662 Inverse: 0.6385 | 1.0000 | 7.9256 Inverse: 0.1262 | 0.8967 Inverse: 1.1152 | 83.6253 Inverse: 0.0120 | 26.1242 Inverse: 0.0383 | 56.9750 Inverse: 0.0176 |
| 1 GBP = | 1.2455 Inverse: 0.8029 | 2.0202 Inverse: 0.4950 | 1.7466 Inverse: 0.5725 | 1.1152 Inverse: 0.8967 | 8.8386 Inverse: 0.1131 | 1.0000 | 93.2581 Inverse: 0.0107 | 29.1335 Inverse: 0.0343 | 63.5380 Inverse: 0.0157 |
The Australian dollar (AUD) is the world’s fifth most traded currency. Introduced in 1966, the AUD is a floating currency free of any foreign exchange controls.
The Chinese renminbi (CNY) is the official currency of the People’s Republic of China. China’s communist party began issuing a unified currency in 1948, with the CNY introduced in 1949. Pegged to the US dollar (USD) until 2005, the CNY now floats within predetermined margins around a fixed base rate, which is set with reference to a portfolio of major world currencies.
The AUD has historically traded at a significantly higher value than the CNY. In the 10 years to 30/05/2017, AUD$1 has traded at between CNY4.14 and CNY7.12. Australia and China have also enjoyed increasingly close economic ties in recent years, with the success of Australia’s commodities-based economy heavily reliant on Chinese demand for natural resources.
The table below shows the value of the AUD relative to the CNY across the past 10 years:
| January 2007 | January 2012 | January 2017 | |
| AUD$1 = | CNY6.159666 | CNY6.424907 | CNY5.002962 |
That depends on a number of factors. The following factors can influence the AUD/CNY exchange rate:
With so many factors at play, exchange rates are constantly fluctuating and can move a significant amount in the space of just one day. Check out a graph tracking the past performance of the AUD/CNY rate for an example of just how far exchange rates can move.
If you can time your transfer when the AUD/CNY is at its peak, the cost of sending money to China will be a lot less.
How does a fluctuating exchange rate affect the cost of an international money transfer? Let’s take a look at the example of Liz, who wants to transfer $10,000 to China as a gift for her daughter’s 21st birthday. However, rather than sending the money straight away, Liz decides to wait around for an attractive exchange rate to become available.
When she first looks to send the transfer in June 2016, AUD$1 is worth just CNY4.73. Realising that, in historical terms, the AUD/CNY exchange rate is actually at a low point, Liz decides to wait a few months to see if a better rate becomes available.
She is soon rewarded when, in August 2016, AUD$1 has risen to a value of CNY5.11. Although tempted to send the money, Liz decides to wait a little longer for a higher rate and is thrilled when AUD$1 rises to a value of CNY5.26 in November. As the table below shows, by waiting a few months to send money to China, Liz is able to transfer an extra 5,300 CNY to her daughter.
| June 2016 | August 2016 | November 2016 | |
|---|---|---|---|
| Transfer amount (in AUD) | AUD$10,000 | AUD$10,000 | AUD$10,000 |
| Exchange rate | AUD$1 = CNY4.73 | AUD$1 = CNY5.11 | AUD$1 = CNY5.26 |
| Amount received (in CNY) | 47,300 | 51,100 | 52,600 |
| Mar 2010 | Mar 2011 | Mar 2012 | Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 AUD = | 6.2723 Inverse: 0.1594 | 6.7637 Inverse: 0.1478 | 6.5336 Inverse: 0.1531 | 6.4847 Inverse: 0.1542 | 5.7378 Inverse: 0.1743 | 4.7941 Inverse: 0.2086 | 4.9112 Inverse: 0.2036 | 5.2651 Inverse: 0.1899 | 4.8234 Inverse: 0.2073 | 4.7730 Inverse: 0.2095 |
| May 2019 | Jun 2019 | Jul 2019 | Aug 2019 | Sep 2019 | Oct 2019 | Nov 2019 | Dec 2019 | Jan 2020 | Mar 2020 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 AUD = | 4.7852 Inverse: 0.2090 | 4.8219 Inverse: 0.2074 | 4.7551 Inverse: 0.2103 | 4.8122 Inverse: 0.2078 | 4.8160 Inverse: 0.2076 | 4.8663 Inverse: 0.2055 | 4.7540 Inverse: 0.2103 | 4.8848 Inverse: 0.2047 | 4.6434 Inverse: 0.2154 | 4.5844 Inverse: 0.2181 |
| Mar 19 | Mar 20 | Mar 21 | Mar 22 | Mar 23 | Mar 24 | Mar 25 | Mar 26 | Mar 27 | Mar 28 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 AUD = | 4.0840 Inverse: 0.2449 | 4.1106 Inverse: 0.2433 | 4.1106 Inverse: 0.2433 | 4.0827 Inverse: 0.2449 | 4.1672 Inverse: 0.2400 | 4.2162 Inverse: 0.2372 | 4.2010 Inverse: 0.2380 | 4.2997 Inverse: 0.2326 | 4.3751 Inverse: 0.2286 | 4.3751 Inverse: 0.2286 |
Ideally, you want to transfer money to China when the AUD/CNY exchange rate is at its highest. That is, when the Australian dollar is trading at a strong value relative to the Chinese renminbi. This means that your Aussie dollars will be able to purchase a larger amount of Chinese currency, resulting in better value for money.
However, an extensive range of factors, including things like interest rates, inflation figures, supply and demand on global currency markets and even the result of political elections, can all have an effect on the exchange rate. This diversity of factors means it’s difficult to accurately predict which direction the exchange rate will take, but you can still take some simple steps to help make an informed opinion.
Whenever possible, stay up to date with key economic news and developments coming out of China and here at home in Australia. Check the mid-market AUD/CNY rate regularly to gauge trends, and look back at the past performance of the AUD/CNY rate to better understand when peaks and troughs occur.
If you look back at the past performance of the AUD/CNY exchange rate, shown in the graph below from xe.com, you can see what the best times were to send AUD to CNY in the year preceding 30/05/2017:
Meanwhile, the worst time to send AUD to CNY in the same period was in early June 2016, when AUD$1 was equal to CNY4.73.
* Screenshot taken from xe.com on 30/05/2017
Okay, so now you’ve decided on the best time to send Australian dollars to China. The next important step is to choose the best transfer provider to handle the transaction. The exchange rate each provider offers will vary depending on the margin they add to the CNY they sell you, and the difference between companies can be substantial.
There are three types of money transfer providers to consider:
Hayley needs to purchase CNY20,000 worth of stock from China for her arts and crafts supplies store. She initially plans to transfer the money to China using her regular bank, but when a friend tells her she’ll be able to find a much better exchange rate elsewhere Hayley decides to look around for a better deal.
She compares costs between her bank, a cash pickup transfer company and an online transfer company. As you can see in the table below, both the cash pickup company and the online provider are significantly cheaper than Hayley’s bank. However, by choosing the online transfer provider, Hayley’s transaction is more than AUD$160 cheaper than if she were to use her bank.
This is an excellent example of why it is so important to compare your transfer options before you transfer any money.
| Bank | Cash pickup transfer provider | Online transfer provider | |
|---|---|---|---|
| Exchange rate | AUD$1 = CNY4.878596 | AUD$1 = CNY5.0315 | AUD$1 = CNY5.0552 |
| Transfer fee | AUD$22 | AUD$18 | AUD$4 |
| Processing time | 2-5 days | 10 minutes | 2 days |
| AUD needed to send 20,000 CNY | AUD$4,121.54 | AUD$3,992.96 | AUD$3,960.32 |
| Cost in AUD compared to bank (including fee) | AUD$128.58 cheaper | AUD$161.22 cheaper |
Keep the following tips in mind to maximise value for money from your AUD/CNY transfer.
| What can I do? | Why should I do it? |
|---|---|
| Get several quotes | The only way to be sure of getting the best exchange rate is to shop around. Remember to factor in the transaction fee when calculating the total cost of the transaction. |
| Monitor the mid-market rate | Check financial broadcasts and foreign exchange websites for the current mid-market rate. This will help you work out whether the rate a transfer provider quotes you represents a good deal. |
| Send larger transfers | Some online transfer companies don’t charge any fees when you send a large amount of money, for example $10,000 or more. |
| Use forward contracts | Forward contracts are special types of transfers whereby you can lock in an exchange rate for a transaction that won’t take place for months or even years. They can be very useful if you think the exchange rate may drop and you want to protect yourself against those falls. |
| Use limit orders | Limit orders allow you to nominate the exchange rate you want, and then sit back and relax while the transfer provider monitors the market and waits for that rate to become available. |
With a little forward planning and a knowledge of how foreign exchange works, you can find the best possible AUD/CNY exchange rate and save hundreds of dollars when sending money to China.
| Australian Dollars (AUD) | Chinese Yuan Renminbi (CNY) |
|---|---|
| $1 | 0 |
| $100 | 0 |
| $500 | 0 |
| $1000 | 0 |
| $1500 | 0 |
| $2500 | 0 |
| $5000 | 0 |
