ANZ used to offer the best bank exchange rates, however they recently shut down their currency exchange operations. None of the banks offer the best exchange rates. In our comparison tables, they always come last with the worst exchange rates. This is because they pass on the cost of a traditional storefront to the consumer. They also charge you a ‘lazy tax’. This is when you don’t know or can’t be bothered to look around for a better cost. The rates offered by banks for foreign currency are closer to the exchange rates listed by the RBA than the rate […]
Unlike booking flights, exchange rates for foreign exchange do not have a ‘best day to buy’. Within the travel industry, it is known that Tuesdays are the cheapest day to fly, but exchange rates don’t work that way. Movement in foreign exchange rates depends on the global demand and supply of goods and services, as well as political and economic factors. These bank forecasts will help give you a great understanding of which direction Australian dollar currency pairs will move in the future.
In most cases, it is cheaper to buy your foreign currency at home in Australia before you head overseas, but there are some important exceptions. It’s cheaper to convert Australian dollars into foreign currency if you are travelling to Singapore, Bali, Thailand or Hong Kong. Learn more: Where is it Cheaper to Buy Foreign Currency, Australia or Abroad?
Compared to the traditional way of buying currency in person, ordering foreign currency online is usually cheaper. Money changers that have a retail store have to pay for rent, staff and insurance. Online money changers like S Money don’t have these large costs, making it easier to provide better exchange rates and lower fees. Buying foreign currency online is also a lot easier. Unlike physical stores, all exchange rates are displayed clearly so you know what you are going to pay. In most cases, you can also get your currency delivered to your door, saving you the hassle of driving […]
If you have some leftover currency from a trip abroad or have some US dollars stashed away from a gift, selling it and getting your Australian dollars can be expensive. The best exchange rate when selling currency is the same as when you are buying it. That is, the “mid-market rate” or “live” rate that you see on Google. Most money changers will give you an exchange rate well above this real rate. The closer you can get to this rate, the more Australian dollars you’ll have when you convert your currency.
Why are all exchange rates different? Great question! Why don’t all banks, money changers, travel cards and money transfer services just offer the rate you can see online? Well, they offer a different rate to make money. The difference between your rate and the rate you see online is a hidden margin and can add up. Learn more: Why Every Currency Exchange Offers a Different Rate
