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You might assume that as a multi-national bank, ANZ offers highly competitive exchange rates, but once you compare them to other options, you'll probably find that specialist money transfer services can offer much lower fees and better rates.
A more favourable exchange rate can make a significant difference when sending money overseas, so it's worth shopping around before settling with your bank.
What are ANZ's currency exchange rates?
You can use the calculator below to see what exchange rates ANZ is offering, accurate as of 07 March 2021. You'll also be able to see how much money your receiver will get with certain transfers.
Disclaimer: Exchange rates change often. Confirm the total cost with the provider before transferring money.
The mid-market rate is the current official price of a currency. It's called the mid-market rate because it's the average "mid" price of a currency on the global markets at any given time. By comparing a quoted exchange rate to the mid-market rate, you can calculate exactly how much you're losing to potentially unfavourable exchange rates and consider whether you're getting value for money.Once you start looking at the mid-market rate, you might be shocked to find that you've been paying 5% or even more of the total on your currency transfers.
You can find the mid-market rate for any currency by searching online or looking on business news sites like Reuters.
Many big banks will charge similar exchange fees and exchange rates. But even if ANZ's fees are lower than others, it's still generally not as cost-effective as using a specialist money transfer service.
See how much you could save on your next transfer, and which providers are available, by entering your currencies and transfer amount into the table below.
Disclaimer: Exchange rates change often. Confirm the total cost with the provider before transferring money.
Andrew Munro is the cryptocurrency editor at Finder. He was initially writing about insurance, when he accidentally fell in love with digital currency and distributed ledger technology (aka “the blockchain”). Andrew has a Bachelor of Arts from the University of New South Wales, and has written guides about everything from industrial pigments to cosmetic surgery.
The ANZ Rewards Platinum Credit Card offers a competitive rewards program, $0 annual fee for the first year, a $500 gift card, a balance transfer offer and a range of complimentary insurance covers.
Special offer: $40 off when you transfer more than $250+ with code AUFIND40, conditions apply. Azimo sends money directly to a bank account or over 280,000 cash pick-up points. It also has fast transfers to 50+ countries.
TorFX guarantees to match any competitor's exchange rate. Conditions apply. TorFX sends money overseas in 30+ currencies, with competitive rates for transfer amounts over $2,000.
Better exchange rates for Finder customers. WorldFirst sends 60+ currencies at competitive rates with no fees. If you find a better eligible quote, WorldFirst will beat it.
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