While ANZ previously offered favourable bank exchange rates, they recently discontinued their currency exchange operations.
Generally, no major bank offers the most competitive rates. In our comparisons, they consistently rank last due to the wide margins they set. This is primarily because they pass on the high operational costs (like maintaining physical branches) directly to you.
This is often called the ‘lazy tax’, which is a hidden cost incurred when customers don’t shop around for a better deal. Consequently, the rates banks offer are significantly closer to the rates listed by the RBA, rather than the real time rate found on Google.
