How to Get the Best Exchange Rates in Australia
Where to find the best cash rate
In Australia, the best cash rates for exchanging Australian dollars are found in major cities. This is because there are more foreign exchange providers competing for your currency conversions.
We regularly check the main money changers in each CBD to find out the best exchange rates in town.
How to track down the best rate
You can either walk around to each money changer, try and call each one and check their rate or you can use our city and suburb guides:
Online exchange rates
Unless you're heading into the city or exchanging a big wad of cash for travel money, buying currency online can often be the best way to exchange Aussie dollars into a foreign currency. You can choose where to pick up the order from, and in some instances even get home delivery.
How to track down the best rate
It's much easier to compare exchange rates online than in-store. You can either go to each website and check their rate by setting up different accounts or use our comparison tool.
Some money transfer services have useful calculators to help you work out your transaction fees. However, they often show you the market exchange rate instead of the rate you'll actually be charged for your money transfer. Often you'll only get your rate when you've set up an account with them.
To compare multiple provider's exchange rates, simply click one of the following buttons:
Get the best transfer rates
Sending money overseas can be full of loaded fees. Some foreign exchange providers offer better exchange rates than others.
Companies like Wise or InstaReM, give you the market exchange rate and charge you a percentage fee. Other money transfer services like OFX or XE Money Transfers add a small margin to the market rate for their transfer fee. Banks transfers can be the most expensive and often have the slowest transfer speeds.
Additional fees
Extra fees can also add to the transfer cost. These include:
- payment method - bank transfer is cheapest, POLi payments has a small fee, but debit card and credit card is most expensive
- fees for smaller transfers - it's best to transfer one large transfer and pay a single fee so you don't get charged multiple times
- transfers in the local currency without any foreign currency conversion
With every company charging different foreign exchange rates and fees, finding the best deal can be a minefield.
How to track down the best rate
We bring together all your options, highlight the fees and rates per money transfer provider, and show you the best possible deals. With all the information in one place, you know you’re making the right choice for your back pocket and peace of mind.
Top Currency Exchange Rates
| AUD | USD | EUR | GBP | NZD | JPY | IDR | CNY | |
|---|---|---|---|---|---|---|---|---|
| 1 AUD | 1 | 0.6239 | 0.6001 | 0.4975 | 1.1052 | 97.9226 | 10104.1 | 4.5535 |
| 1 USD | 1.603 | 1 | 0.962 | 0.7975 | 1.7716 | 156.965 | 16196.3 | 7.299 |
| 1 EUR | 1.6664 | 1.0396 | 1 | 0.8291 | 1.8417 | 163.1 | 16836.9 | 7.5876 |
| 1 GBP | 2.0099 | 1.2539 | 1.2062 | 1 | 2.2214 | 196.811 | 20307.7 | 9.1518 |
You should know
Please understand that these rates are NOT the exchange rates that The Currency Shop is offering today.
The rates displayed are the “interbank” or “wholesale” exchange rates that you can find on Google or XE
We show these rates so you can compare them to what each money changer, bank and transfer provider are offering.
Want to find the best time to buy?
Simply use our free email alerts to track the rate daily. Or set the rate you want and we'll email you when it's time to buy.
