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Foreign Exchange Finder™ - Compare foreign exchange products below

Rates last updated August 26th, 2016
Description Min. Transfer Amount Transfer Speed Services Online Transfer Fee Rate Amount Received
TorFX International Money Transfers
TorFX International Money Transfers
TorFX guarantee to beat any competitor's exchange rate for a transaction
Conditions apply
AUD 200 1 day Online, Phone, Agent Go to site More
Exclusive: World First Foreign Exchange
Exclusive: World First Foreign Exchange
Exclusive offer: $0 transfer fee
Transfer money into a range of currencies online and over the phone.
AUD 250 2 days Online, Phone Go to site More
Exclusive: CurrencyFair International Money Transfers
Exclusive: CurrencyFair International Money Transfers
Exclusive offer: 3 Free transfers (after your first transfer).
A peer-to-peer transfer service with a large range of currencies on offer.
EUR 8 3 - 5 days Online Go to site More
Exclusive: OFX (Ozforex) International Money Transfers
Exclusive: OFX (Ozforex) International Money Transfers
Exclusive offer: Special exchange rates and $0 transfer fee
OFX is currently offering finder.com.au exclusive exchange rates and $0 transfer fee on all transfers.
AUD 250 1 day Online, Phone, Agent Go to site More
Currency Online International Money Transfers
Currency Online International Money Transfers
Enjoy regular scheduled transfers, one off transfers and a range of currencies. Also enjoy your first transfer for free. AUD 0 2 days Online, Phone Go to site More
Compass Global Markets International Money Transfers
Compass Global Markets International Money Transfers
Send money in as little as 24-48 hours to a range of countries with Compass Global Markets. AUD 1,000 2 days Online, Phone Go to site More
1st Contact International Money Transfer
1st Contact International Money Transfer
$0 online fee without any minimum limit on money transfers. AUD 0 2 days Online, Phone, Bank Account to Bank Account Go to site More
LogoProductDescriptionSpreadsApply
FP Markets FX Trading AccountTrade forex using an Electronic Communications Network (ECN) model, meaning FP Markets doesn't profit from client losses. Two account types to choose from.From 0.8 pipsEnquireMore
Plus500 CFD ServiceTrade Australian and international CFDs on shares, forex, indices, commodities and more. $30 welcome bonus available.Spread onlyEnquireMore
tradedirect365TradeDirect365 CFD TradingTrade CFDs on over 500 ASX shares, as well as international shares, indices, foreign exchange and commodities with TradeDirect365. Stop loss orders and a 24 hour trade desk available.$5 or 0.07%EnquireMore
IG CFD TradingTrade from over 10,000 markets with Australia's leading service for CFD trading and forex.N/AEnquireMore
Rates last updated August 26th, 2016
Details Features
Halifax Online
Halifax Online
Trade US and Australian shares, options, futures and CFDs with no registration fees. Trade 24/7 on your desktop, tablet or smartphone. Commission - AUS shares: $10 or 0.12% Go to site More info
TradeDirect365 CFD Trading
TradeDirect365 CFD Trading
Trade CFDs on over 500 ASX shares, as well as international shares, indices, foreign exchange and commodities with TradeDirect365. Stop loss orders and a 24 hour trade desk available. Commission - AUS shares: $5 or 0.07% Go to site More info
Plus500 CFD Service
Plus500 CFD Service
Trade Australian and international CFDs on shares, forex, indices, commodities and more. $30 welcome bonus available. Commission - AUS shares: Spread only Go to site More info
FP Markets CFD Account
FP Markets CFD Account
Trade CFDs with FP Markets using the IRESSTrader platform. Trade CFDs on international equities, futures and forex. Commission - AUS shares: $10 or 0.10% Go to site More info
IG CFD Trading
IG CFD Trading
Trade from over 10,000 markets with Australia's leading service for CFD trading and forex. Commission - AUS shares: $8 or 0.10% Go to site More info

Just some of the financial institutions we compare

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Citibank
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International money transfers

About foreign exchange

ForeignexchangeForeign exchange refers to the act of changing one nation’s currency into another nation's currency. Today, foreign exchange, otherwise known as Forex or FX, can refer to a few different aspects of dealing with international currencies. It can refer to trading currencies, where investors will buy and sell different currencies trying to make a profit largely in the same way as a stock trader would, and it can also apply to simple exchanges of currencies for personal or business use. Foreign exchange can be particularly important if you live or have family overseas, invest in a foreign country, or have clients or suppliers located overseas.

How does the foreign exchange market work?

Currencies are traded on a regular basis for a variety of reasons, including companies investing in foreign companies or services, tourists exchanging their regular currency for the currency of the country they’re travelling to and more.The currency of any given country will have a value determined by a large number of factors concerned with supply and demand, including inflation, interest rates, the overall balance of trading between two countries, a nation’s debt and more.

Converting currency

There are many ways to convert funds from one currency to another. Each will appeal to different types of people. These include:

  • Banks. Almost every bank will have a selection of currencies to allow you to convert funds, although it should be noted that more exotic currencies are usually not available on short notice. Banks traditionally charge high conversion fees and have less favourable exchange rates.
  • International money transfer companies. There are more and more companies cropping up in Australia offering the full range of foreign exchange services with large varieties of currencies available. These companies also offer money transfer services so you can send the funds wherever in the globe they need to go. These companies utilise many different methods to achieve competitive exchange rates and low fees, including peer-to-peer trading.
  • Foreign exchange kiosks and post offices. Usually found within airports, kiosks run by companies such as Travelex or banks offer foreign exchange services. Always be sure to compare the rates and fees you’ll be charged before converting these. Many Auspost post offices will allow you to convert funds into different currencies too.
  • Credit and debit cardsAustralian credit and debit cards will automatically convert Australian dollars into foreign currencies when you’re overseas. Unless these are specifically designed for international travel you’ll usually have to pay foreign transaction fees and ATM withdrawal fees. Travel cards are an offshoot of these which allow you to lock in different currencies at specific rates, and require you to load funds onto them, often waiving many foreign transaction fees.

How do I compare foreign exchange services?

  • Fees. Most banks and exchange companies will charge a fee for converting currencies. These can vary wildly depending on who you go with. Some banks and companies will charge a percentage rate of say 1% of the total sale amount when buying, and others will charge a flat fee, which can be as much as $10 or even more.
  • Rates. In addition to fees, most companies and banks will add a margin to the exchange rate they offer you. Some foreign exchange providers will add a large margin to rates, while more competitive providers will minimise this margin. Exercise your due diligence before going with one provider and you’ll be sure to get more value out of your exchange.
  • Processing times. The importance of this will depend on why you want to convert funds from one currency to another and how much you’re converting. For those making large conversions and sending funds overseas, processing times will matter. Companies can provide priority services for an extra fee, so be sure to add this to your comparison.
  • Processing options. You might want to conduct regular transactions if you have to make overseas mortgage payments for example, so be sure to add this to your comparison of foreign exchange providers.
  • Extras. Other providers might also offer one-on-one services to business clients, as well as the ability to negotiate over the rate. You might also be able to take advantage of foreign exchange market analysis with your foreign exchange provider.

Keep in mind that some providers might offer competitive rates but high fees, while others might offer low fees but unfavourable foreign currency rates. What service you decide to go with should depend not only on convenience but also on the rates and fees they offer. Compare at least three providers, ideally both banks and other companies, before deciding on a service.

What are the pros and cons of foreign exchange?

Pros

  • Convenient way to exchange one currency for another
  • Some companies can organise regular money transfers for you so you can pay overseas bills or mortgages easily
  • Competitive rates and fees are available through specialised money transfer companies
  • You can trade currencies to make profits

Cons

  • Currencies can fluctuate each day, so trading is risky
  • Exchanging currencies can be expensive depending on the provider
  • The market can be complicated to grasp

Frequently asked questions

How long does it take to convert and transfer money across the globe?

This will depend on the currency being exchanged and the exchange service you use. Major currencies can usually be exchanged and transferred within one to two days, while other more exotic currencies can take up to four days.

What is a spot rate?

Many exchange services will advertise what’s called a spot rate. This is the value of the currency you’re buying or selling at that moment in time, and this is different to the ‘forward rate’ you will receive when going through with your transaction.

How do I know if my foreign exchange service is safe?

Always ensure that the provider you use is regulated by the Australian Securities and Investments Commission (ASIC), and that they employ online security systems such as VeriSign to protect your payment details and money. Also ensure that if you’re carrying out a money transfer, the service holds your funds in segregated client accounts. This means your funds are separate from the company’s corporate accounts.

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6 Responses to Foreign Exchange

  1. Default Gravatar
    jake | August 2, 2016

    sorry to bother you, how would i go about converting currency. the exchange rate isnt available on the site although it is on forex sites, i have 2 500million zimbabwe dollar notes and would like them converted to aud in a new citibank account

    • Staff
      Clarizza | August 2, 2016

      Hi Jake,

      Thanks for your question.

      Once you open a city bank account, you can make a foreign currency deposit at one of their branches and it will be converted to AUD. Please note, we are a comparison website and provide general advice only.

      Hope this helps.

      Clarizza

  2. Default Gravatar
    maica | May 6, 2015

    necesito enviar 10.000 pesos a BUZIOS ,COO TENGO QUE GACER ,,VIVO EN CAPITAL FEDERAL—ES URGENTE

    • Default Gravatar
      vaperperian | June 17, 2015

      is there an expiration date on frequent flyer?

    • Staff
      Sally | June 18, 2015

      Hi Vaperperian,

      Depending on which frequent flyer program you’re referring to, some frequent flyer memberships or points can expire.

      Generally, most frequent flyer points expire if the frequent flyer account has been inactive for over 36 months.

      You may wish to look over the terms and conditions of your preferred frequent flyer program to confirm if the same expiration terms and conditions apply there.

      I hope this has answered your question.

      Thanks,

      Sally

    • Staff
      Marc | May 11, 2015

      Hola Maica ,
      gracias por la pregunta.

      Desafortunadamente en este momento no nos comparamos activamente servicios de transferencia para el envío de pesos dentro de América del Sur.

      Es posible que desee comparar los servicios que permiten las transferencias de dinero de forma activa en América del Sur , como Viamericas , Xoom , Western Union o Intermex .

      Espero que esto ayude ,
      Marc .

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