Where to Find the Best Exchange Rates

In Australia, trying to find a good rate isn't that easy. Each currency exchange service, bank, card or money transfer company quote different rates. Most of the time it's nothing like the rate everyone can see online, in the paper or on the news.

What is the best exchange rate?

Today the best exchange rate for the Australian dollar is 0.6581. 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. For example, if you wanted to buy some US dollars to travel overseas you can find the best AUD to USD exchange rate on Google by searching "AUD to USD". Alternatively you can find it on XE or Yahoo. In fact, most currency converters use the same exchange rate.

Which services offer it?

Foreign Exchange Cash

S Money gives you the REAL exchange rate (above) that you can see on Google or XE.  It's the best online exchange rate without any hidden fees, mark ups or loaded rates.

International Money Transfers

Wise (formally TransferWise) use the best exchange rate for international money transfers to and from Australia. They offer a foreign currency account and travel money card which uses the same rate.

Travel Money Cards

A handful of travel money cards offer the best exchange rate. They have a great app and the card can be used almost anywhere on the planet.

Foreign exchange rates in Australia

Here are different ways to find the best rate depending on what city you live in or what product you looking for.

foreign exchange currency banknotes

Currency Exchange

The best foreign exchange rates are found online. This is because they don’t have to pay extra costs for a physical store. S Money is online only, so they don’t have any bricks and mortar stores. If you order online, you can pick up your currency locally or have it delivered to your home.

S Money are the only money exchange that offer the same exchange rate seen on Google or XE but they do charge a service fee. To make sure you are getting the best deal, compare exchange rates, fees and services using this table.

Offline alternatives

Ordering money online isn't for everyone even if you can find a better deal. Offline alternatives like Travelex, Travel Money Oz or Crown Currency don't have the best exchange rates, however they don't charge a service fee.

Currency Exchange Sydney

Sydney

Surprisingly, even though there are more money changers in Sydney than any other city, the exchange rates aren't as competitive as Melbourne or Adelaide.

In the CBD

There is a lot of choice in the city, particularly on George Street and Pitt Street. 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.

In the suburbs

There are plenty of stores in the suburbs but the rates aren't as competitive as the city.

For a full run down on the different places to buy foreign currency, check out our full currency exchange guide to Sydney.

Currency exchange Melbourne

Melbourne

Most of the best currency exchangers are near Flinders Street station on Elizabeth Street. The small money changers on Swanston street aren't as competitive.

Outside of the CBD, most of the money changers are based in shopping malls or strips. The rates aren't nearly as good as the CBD.

For a full run down on the different places to buy foreign currency, check out our full currency exchange guide to Melbourne.

Currency Exchange Brisbane

Brisbane

Unlike Sydney or Melbourne, currency exchangers are scattered throughout the CBD and can be hard to find. Travelex is inside a HSBC branch on Queen Street.

Outside of the CBD, Brisbane has lots of options. Crown Currency and Travel Money Oz both have lots of locations in major shopping malls.

For a full run down on the different places to buy foreign currency, check out our full currency exchange guide to Brisbane.

Currency Exchange Adelaide

Adelaide

King William Street is where you need to go if you are heading into the city. Within 200 metres, you'll find the ANZ Foreign Exchange Centre, the Commonwealth Bank foreign exchange branch, Crown Currency stores, Travelex on the corner of Rundle Mall, Travel Money Oz and WorldEx.

While the city has many options and some of the best exchange rates in Australia, there are much fewer options in the suburbs.

For a full run down on the different places to buy foreign currency, check out our full currency exchange guide to Adelaide.

currency exchange Perth

Perth

All around the Perth CBD there are few reasonable options. There are 2 money exchangers in London Court, a couple in the Murray Street Mall and a Travelex on St Georges Terrace.

Outside the city, Exchange Now in Morley is the pick of the bunch although you'll have more options in Freo.

For a full run down on the different places to buy foreign currency, check out our full currency exchange guide to Perth.

sending money overseas

International Money Transfers

Just like money exchange, the rates you are offered when transferring money overseas are different depending on which service you use. Most money transfer services don't offer the same rate that you see on Google or XE. While many won't charge a service fee, the difference between the rate you see online and the rate you are offered is their exchange rate margin, or profit.

There are some companies that do offer the best exchange rate to send money overseas. These include

All of these companies give you the best exchange rate to send money abroad and charge a small transparent fee.

wallet with cards

Travel Cards

If you are heading overseas, one of the biggest hidden costs of a holiday can be getting a bad exchange rate when spending money on your cards. Traditionally, Australian banks have slugged customers when using their everyday card overseas. Luckily, things have changed. There are now a range of debit and cards that offer the best exchange rate.

These debit and cards offer the best exchange rate when travelling overseas:

All of these companies give you the best exchange rate to send money abroad and charge a small transparent fee.

FAQs

Latest Exchange Rate News

Strong Chinese and weak US data sends the Australian dollar higher

In short Strong Chinese manufacturing data helps the Aussie dollar higher Weaker than expected economic data from the US also sent the US dollar lower The AUD/USD went above 68 cents but the AUD/NZD fell below 1.05 Time Open Low High Today 0.6817 In the last week 0.6756 0.6823 In the last month 0.6756 0.6926 The Australian dollar opened up on Tuesday above 68 cents for the first time in a week an a half. There were 2 main drivers of the move higher. Firstly, manufacturing data out of China was better than expected. Why should this help the Australian […]

Australian Dollar opens the month heading down

In short The Australian dollar is falling against the US dollar It is also down against the New Zealand Dollar, Euro, British Pound and Japanese Yen The RBA meeting on Tuesday headlines a busy week for currency markets Time Open Low High Today 0.6760 In the last week 0.6756 0.6799 In the last month 0.6756 0.6926 The Australian dollar will open the week and the last of the month lower against the US dollar. It has been falling steadily for the last 3 weeks, particularly against the US dollar and NZ dollar losing 2-3%. It has not been volatile though. […]

Australian Dollar likely to end November on a low point

In short The Australian dollar has lost ground in November It has lost the most ground to the US dollar but is also down against the New Zealand Dollar, Euro, British Pound and Japanese Yen Interest rate expectations in Australia weighs on the AUD Time Open Low High Today 0.6766 In the last week 0.6761 0.6811 In the last month 0.6761 0.6926 The Australian dollar falling In November, the Australian dollar has fallen: 1% against the US dollar and more than 2% from it’s recent peak at 0.6926 1% against the British Pound and more than 2% from it’s recent […]

Australian Dollar Opens Below 68 cents and under pressure

In short The Australian dollar was flat on Friday and Saturday, opening Monday below 68 cents The AUD has been under pressure this month This week, we hear from the RBA on Tuesday morning and Tuesday evening. Time Open Low High Today 0.6791 In the last week 0.6782 0.6830 In the last month 0.6776 0.6926 The Australian dollar had a lacklustre end to the week, limping into the weekend below 68 cents. It was a quiet day for most currency markets with little movement against the other major currencies. This week, we hear from the RBA on Tuesday morning and […]

GBP/AUD hits 1.9000 for the first time in years

In short The GBPAUD hits 1.9000 for the first time since the Brexit in June 2016 The British Pound has gradually been getting strong against the Australian dollar for 3 years The AUD/NZD also broke new ground, sinking below 1.0600 Time Open Low High Today 1.9020 In the last week 1.8350 1.9064 In the last 5 years 1.5909 2.2089 The Australian dollar lost a little ground overnight. The AUD/USD fell below 68 cents while the AUD/NZD fell under 1.0600 for the first time in almost 3 months. The small fall was enough to push the GBP/AUD up above 1.9000 for […]

Aussie dollar bounces back above 68 cents

In short The Australian dollar fell below 68 cents yesterday before bouncing last night Minutes from the RBA indicated they nearly cut interest rates in November Despite the bounce overnight, it remains lower against most major currencies compared to last week Time Open Low High Today 0.6827 In the last week 0.6772 0.6853 In the last month 0.6772 0.6926 The Australian dollar had a wild ride yesterday, dropping about half a cent below 68 cents before bouncing last night. Once a month the Reserve Bank of Australia releases the minutes from its meeting. Yesterday, the market got a look at […]

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