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 0.6524. 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

Aussie Dollar dips on weak retail sales figures but recovers above 69 cents

In short The Australian dollar fell after soft retail sales figures but remained above 69 cents It recovered against the British pound (GBP), Japanese Yen (JPY) and Euro (EUR) but stayed down against the NZ dollar (NZD) RBA unlikely to cut rates on Melbourne Cup on Tuesday Time Open Low High Today 0.6915 In the last week 0.6813 0.6929 In the last month 0.6714 0.6929 The Australian dollar was under fire early in the week as soft retail sales data sent it south. Figures showed almost no growth in retail sales of 0.2% which was lower than the 0.4% from […]

Australian Dollar to Yen hits 75 for the first time in months

In short The Australian dollar hits a 3 month high against the Japanese Yen The AUD/JPY has not been above 75 since late July Japanese central bank leaves rates on hold but signals rates could fall further Time Open Low High Today 74.43 In the last week 73.98 75.28 In the last month 71.75 75.28 Yesterday, the Australian dollar continued to get stronger against most currencies including the Japanese Yen. It traded above 75 for the first time since late July before falling. The big news out of Japan was the central bank of Japan keeping interest rates on hold. […]

AUD to USD exchange rate reaches a 3 month high

In short The Australian dollar hits a 3 month high against the US dollar The US dollar was particularly weak but the Aussie dollar moved higher against most major currencies except the NZ dollar The AUD/USD is up more than 3% since the start of October Time Open Low High Today 0.6899 In the last week 0.6899 0.6812 In the last month 0.6899 0.6676 The Australian Dollar continued to charge higher overnight, hitting 69 cents for the first time since July. The AUD/USD has now gained close to 2 and half cents since bottoming out at 0.6676 earlier in the […]

Australian dollar stronger overnight against the US dollar, Euro and Kiwi dollar but fails to fire against the Pound and Yen

In short The Australian is mixed against the major currencies lacking real direction The head of the RBA speaks today Interest rates are likely to be cut in the US on Wednesday Currency Open Low High Now AUD to USD 0.6822 0.6814 0.6868 0.6865 AUD to EUR 0.6156 0.6133 0.6183 0.6178 AUD to GBP 0.5318 0.5291 0.5345 0.5334 AUD to NZD 1.0743 1.0666 1.0804 1.0794 AUD to JPY 74.12 73.98 74.80 74.69 The Australian dollar had a mixed night, moving higher against the US dollar, Euro and NZ dollar but ended up flat against the British Pound and Japanese Yen. […]

AUD climbs overnight as all eyes turn to the US Federal Reserve

In short The Australian dollar rebounded higher overnight against the US dollar It also moved up against the NZD, JPY and EUR but remained flat against the GBP Interest rates are likely to be cut in the US on Wednesday Time Open High Low Today 0.6837 In the last week 0.6880 0.6812 In the last month 0.6880 0.6676 Overnight, the Australian dollar posted modest gains against most major currencies. Markets were largely positive, sending stock markets, commodity prices and currencies like the Australian dollar higher. The Australian Dollar to US dollar exchange rate will be watched closely on Wednesday as […]

A Big Week for Exchange Rates

In short The Australian dollar posted strong gains but started to fade last week Interest rates in the US could be coming down on Wednesday Important Australian inflation (CPI) data this week Time Open High Low Today 0.6816 In the last week 0.6812 0.6880 In the 3 months 0.6676 0.6966 In October, the AUDUSD has been savaged to a 10-year low under 67 cents before making a reasonable comeback. Last week, it managed to hit 0.6880 before losing more than 1% since late last week to settle above 0.6700. The short-term direction of the Australian dollar could be defined by […]

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