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Whether you're sending money overseas to pay for tuition, investing in a property or as a present for a loved one, you'll want the biggest bang for your buck. Don't leave this up to chance. Find which money transfer provider offers the best exchange rates for you by using our currency calculator below.
Compare exchange rates
Compare the exchange rates of popular providers to find the best one for you. All you need to do is enter how much money you want to convert into the tool below.
What's the mid-market rate today?
The mid-market rate, referring to the mid-point between the buy and sell rates on the foreign exchange market, is generally different to what the money transfer providers are offering. Compare the provider rates with real-time exchange rates below, which shows some of the more popular currency pairs.
How is currency converted?
Every day, traders buy and sell currency on the forex market. As they do, they increase and decrease the value of currency.
When the market says one currency is worth a specific amount of another currency, we call that the mid-market rate. For example, the mid-market rate between the US dollar (USD) and Japanese yen (JPY) could be 1 USD = 100 yen. This is the rate that banks use to trade money with one another.
How currency is converted for consumers
When you convert money through a money transfer provider, you likely won’t get the mid-market rate. Instead, your provider adds a margin on top of the exchange rate.
Let’s say you want to transfer US dollars to Japan and the mid-market rate is 1 USD = 100 JPY. Your money transfer provider could instead offer a rate of 1 USD = 96 JPY.
If you transfer $1,000, you won’t receive 100,000 JPY. Instead, at the rate the provider’s offering, you’ll receive 96,000 JPY.
Your provider pockets the 4,000 JPY, which means you’ve lost around $30 to the exchange rate.
How can I get the best currency conversion?
In the old days, you had only a few ways to transfer money. Today there are better methods.
Keep these tips in mind to get the best currency conversion rate.
1. Use an online money transfer service.
Back in the day, banks had an iron grip on the money transfer market. They freely charged high markups on exchange rate. Even today, you’ll generally pay a margin of 2% to 5% on the mid-market rate when exchanging money at a bank.
When converting and transferring money, first look online. You’ll likely pay much less than you will at your local bank branch.
Exchange rate histories
Understanding historical exchange rate patterns can help you understand if what you're looking at is a good rate, or if it could be better. Choose a currency pair from the drop-down list to see historical currency conversions:
Historical Rate chart of AUD and CNY
3. Use forex tools to get the best exchange rates.
If you’re okay with a more complex process, exchange your money on a forex platform. These platforms often offer advanced tools to get the best rates, including:
- Limit orders. Your currency trade is executed only when a currency reaches a price you’ve set beforehand. Learn more about limit orders.
- Forward contracts. Receive a guarantee that you can exchange money at a specified rate in the future. Learn more about forward contracts.
Many money transfer providers offer limit orders and forward contracts. Contact your provider to learn more.
Mistakes to avoid
- Transferring through banks or brick-and-mortar providers. These providers tend to charge high fees and offer poor exchange rates.
- Forgetting to look at both fees and exchange rates. Providers usually make big money in these two categories. If a service charges no fees, be wary - it may include a huge margin on the exchange rate.
- Not comparing providers. Many of the cheapest providers are online. Before settling on one, compare several to get the best rate.
Sending money to France
You want to transfer $5,000 to France. Say the mid-market rate is 1 AUD = 0.65 EUR – this means your $5,000 should be worth 3,250 EUR.
Transferring through your bank
Your bank charges a $30 fee for a wire transfer and converts at a rate of 1 AUD = 0.62 EUR.
You pay the $30 fee first, then your $5,000 is transferred to France. Your recipient receives $5,000 x 0.62 or 3,100 EUR.
- Your $5,000 is worth 3,250 EUR, but your recipient received 3,100 EUR. This means you’ve lost 150 EUR to the exchange rate, which is about $237.
- When you tally in the $30 wire transfer fee, you’ve lost $267 on the exchange.
Transferring through an online money transfer provider
You can find online money transfer providers that charge no fees. Yours converts at a rate of 1 AUD = 0.64 EUR.
This means your recipient receives $5,000 x 0.64 or 3,200 EUR.
- Your $5,000 is worth 3,250 EUR, and your recipient receives 3,200 EUR. This means you’ve lost only 50 EUR to the exchange rate — or about $79.
What’s the verdict?
Ultimately, you’ll pay much less when you use an online money transfer provider rather than a bank. Among online providers, you can find even better deals than you’d expect.
Here’s the takeaway: The more online providers you compare, the more money ends up with your recipient at the end of the day.
Exchange rates from AUD to other currencies
You can find out more details about your currency of choice below, including real-time currency exchange rates.
- Bahamian Dollar (BSD)
- Bahraini Dinar (BHD)
- Bangladeshi Taka (BDT)
- Barbadian Dollar (BBD)
- Belarusian Ruble (BYN)
- Belize Dollar (BZD)
- Bermudian Dollar (BMD)
- Bhutanese Ngultrum (BTN)
- Bitcoin (BTC)
- Bolivian Boliviano (BOB)
- Botswana Pula (BWP)
- Brazilian Real (BRL)
- Brunei Dollar (BND)
- Bulgarian Lev (BGN)
- Burundian Franc (BIF)
- Macanese Pataca (MOP)
- Macedonian Denar (MKD)
- Malagasy Ariary (MGA)
- Malawian Kwacha (MWK)
- Malaysian Ringgit (MYR)
- Maldivian Rufiyaa (MVR)
- Mauritanian Ouguiya (MRU)
- Mauritius Rupee (MUR)
- Mexican Peso (MXN)
- Moldovan Leu (MDL)
- Monero (XMR)
- Mongolian Tugrik (MNT)
- Moroccan Dirham (MAD)
- Mozambican Metical (MZN)
- Salvadoran Colon (SVC)
- Samoan Tala (WST)
- São Tomé and Príncipe Dobra (STD)
- Saudi Riyal (SAR)
- Serbian Dinar (RSD)
- Sierra Leonean Leone (SLL)
- Singapore Dollar (SGD)
- Solomon Islands Dollar (SBD)
- Somali Shilling (SOS)
- South African Rand (ZAR)
- Sri Lankan Rupee (LKR)
- Surinamese Dollar (SRD)
- Swazi Lilangeni (SZL)
- Swedish Krona (SEK)
- Swiss Franc (CHF)
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