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 0.6451. 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

Buy US dollars online

Australian Dollar falls flat to end the week lower

In short The Australian dollar falls but remains above 68 cents USD and JPY strengthen Important Australian inflation (CPI) data next week Time Open High Low Today 0.6828 Yesterday 0.6812 0.6846 In the last week 0.6812 0.6880 In the 3 months 0.6676 0.6978 The AUD to USD rate fell overnight as tensions between the US and China rose once again. This has left the Australian dollar weaker after posting some strong gains earlier in the week. It also fell against the Japanese Yen and the Euro as so called ‘riskier’ currencies like the Aussie dollar got sold down. Moving into […]

No news is good news for the Australian Dollar

In short The Australian dollar is unchanged from yesterday A lack of news has left the Australian dollar flat around 0.6850 No major Australian economic data out until inflation (CPI) next week Time Open High Low Today 0.6848 Yesterday 0.6841 0.6857 In the last week 0.6780 0.6880 In the 3 months 0.6676 0.6996 The Australian dollar was kept to an exceptionally tight range. What is a ‘tight range’ Generally, if an exchange rate is in a tight range, it’s price movement both up and down has been minimal. In this case, the Australian dollar exchange rate traded between 0.6840 and […]

Is the AUD/USD exchange rate running out of steam?

In short The AUD has lost ground to the USD looking exhausted The AUD/GBP bounces higher after weeks of falling No major Australian economic data out until inflation (CPI) next week Time Open High Low Today 0.6843 Yesterday 0.6852 0.6880 In the last week 0.6729 0.6880 In the 3 months 0.6676 0.6980 Looking at the forecasts from the biggest banks in Australia, the Australian dollar is expected to fall further this year. The average bank forecast has the Australian dollar falling at least another 3-5% from its current rate above 68 cents. The AUD/USD has now improved nearly 3% since […]

The AUD remains on a high against the USD but down against the Pound (GBP)

In short The AUD/USD remains close to a 4-week high against the US dollar at 0.6860 The AUD/GBP continues to weaken as the British Pound gets stronger China leaves rates on hold Time Open High Low Today 0.6877 Yesterday 0.6857 0.6880 In the last week 0.6729 0.6880 In the 3 months 0.6676 0.7030 The Australian dollar continued higher on Tuesday as a weaker US dollar helped it to a fresh 1 month high at 0.6860. As the US and China come closer to ending the trade war, markets have been selling US dollars (making it weaker) and buying so-called ‘riskier’ […]

AUDNZD holds above 1.07 as the Aussie dollar moves up

In short AUD/NZD has remained above 1.07 after reaching 1.0826 this month – the highest rate since November 2018 The AUD/USD hit a 4-week high against the US dollar Comments from RBA governor help the Australian dollar higher Time Open High Low Today 1.0721 Yesterday 1.0738 1.0738 1.0738 In the last week 1.0754 1.0697 1.0792 In the 3 months 1.0411 1.0826 1.0318 The Australian dollar moved higher over the weekend as comments from RBA Governor Lowe talked down the chance of future rate cuts. Speaking in Washington on Friday last week, the head of the RBA remained optimistic about the […]

Australian Dollar motors higher to end the week on a 1 month high

In short AUD/USD hits a 1-month high, finishing the week strong The Australian dollar was flat against most other countries China and European interest rate decisions next week Time Open Low High Today 0.6855 In the last 24hrs 0.6831 0.6855 In the last week 0.6728 0.6855 In the 3 months 0.6702 0.7040 The Aussie dollar (AUD) continued higher against the US dollar on Friday night and into Saturday before markets closed for the week. Driving it higher was weakness in the US dollar. It came as analysts increased the chance of an interest rate cut in the US by the […]

by Founder
Updated: Posted on by
How we make money i