The mid-market rate is the official exchange rate for two currencies. It's called the mid-market rate because it's the exact mid-way mark between the standing buy and sell prices for the two currencies on the global currency markets. The difference between the mid-market rate and the price you're getting is called a margin.The margin is similar to a fee and the goal is generally to find as small a margin as possible.1
Bendigo Bank exchange rates
Find today's Bendigo Bank exchange rates ahead of your next money transfer.
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Exchange rates can make a significant difference to the amount of money that arrives at the other end of an international money transfer, so they're worth paying attention to.
However, exchange rates are constantly changing and will also vary widely from one money transfer service to another.
This guide shows today's foreign currency exchange rates at Bendigo Bank and how they compare to other options.
What are Bendigo Bank's foreign exchange rates?
The rates in the table below are for Bendigo Bank's international money transfer exchange rates, otherwise known as its telegraphic transfer rates. The rates are updated daily, so are accurate as of 03 August 2021.
- The buy column: This is how much Bendigo Bank pays, in Australian dollars, when buying each currency. In other words, this is how much you'll get when exchanging foreign currencies to Australian dollars at Bendigo Bank.
- The sell column: This is the price tag, in Australian dollars, on the different foreign currencies that Bendigo Bank sells. When you're converting money, you're selling Australian dollars for foreign currency.
|Country code||Country||Bendigo Bank sells||Bendigo Bank buys||For AUD$10,000, you'll get|
|EUR||Euro Monetary Union||0.5836||0.6495||EUR 5,836|
|GBP||United Kingdom||0.4978||0.555||GBP 4,978|
|NZD||New Zealand||1.0031||1.0843||NZD 10,031|
|HKD||Hong Kong||5.3743||5.9423||HKD 53,743|
|ZAR||South Africa||10.1778||11.1688||ZAR 101,778|
|Tiering (if applicable)||Currency|
|USD $500 to USD $1000||USD|
|USD $25||USD $1000 and above|
|PHP 500||(for instant transfers)|
Sending money with Bendigo Bank: What to know
What we like
- Bank drafts. Bendigo Bank offers bank drafts in 16 different currencies for $10 (or $5 for bank shareholders). This can be a slower but more cost-effective way of sending money.
- Shareholder discounts. Bendigo Bank shareholders may be eligible for discounts on the cost of online money transfers.
What to watch out for
- High fees. Sending an international money transfer costs $30 online and off, plus correspondent bank fees. Receiving an international money transfer in your Bendigo Bank account will also incur a fee.
- Uncompetitive exchange rates. Bendigo Bank's exchange rates aren't as good as what's offered by some specialised money transfer services.
How do Bendigo Bank's exchange rates compare?
Bendigo Bank can be a relatively cost-effective money transfer option compared to other banks, especially if you want to use bank drafts. But even so, it's still not the most cost-effective option overall.
Compare some other services on fees and exchange rates below to see if you could save.
The "Rate" and "Amount Received" displayed are indicative rates that have been supplied by each brand or gathered by Finder.
Exchange rates are volatile and change often. As a result, the exchange rate listed on Finder may vary to the actual exchange rate quoted for the brand. Please confirm the actual exchange rate and mention "Finder" before you commit to a brand.
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