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Find the best currency exchange rates

Sending money overseas or planning a trip abroad? Learn the ins and outs of exchanging currency.

Two factors come into play when you're exchanging money: exchange rate and other fees. You can find a number of exchanges online, but these factors vary greatly between them. Read on to learn how to find the best exchange rate when you're sending money abroad.

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Rates last updated December 13th, 2018
Name Product Min. Transfer Amount Transfer Speed Services Description Online Transfer Fee Rate Amount Received
TorFX International Money Transfers
AUD 200
1 day
Online, Phone, Bank Account to Bank Account
TorFX guarantees to match any competitor's exchange rate. Conditions apply.
Send money overseas in over 30 currencies. Once registered, you'll be assigned an account manager who can provide support and guidance.
WorldFirst International Money Transfers
AUD 2,000
1 day
Online, Phone, Bank Account to Bank Account
Use code FINDER20 for $20 credit towards your next transfer*. Conditions apply.
Send 60+ currencies at competitive rates with $0 transfer fees for Finder customers. WorldFirst will beat any eligible quote from another provider.
*Offer valid for one-time use and only applies to transfers of AUD$10,000 or more.
OFX (Ozforex) International Money Transfers
AUD 250
1 - 2 days
Online, Phone, Bank Account to Bank Account
$0 transfer fees for Finder customers.
$0 transfer fee on transfers over AU$10,000, $15 flat fee applies otherwise. 24-hour customer service available with a local support team.
WorldRemit International Money Transfers
AUD 1
Within an hour
Online, Bank Account to Bank Account, Cash Transfer
An online money transfer service with cash pickup, bank account to bank account and airtime transfers available.
Global Reach (formerly FC Exchange) International Money Transfers
AUD 3,000
1 day
Online, Phone, Bank Account to Bank Account
Global Reach will match any competitor's exchange rates. Conditions apply.
No transfer fee when transferring more than £10,000 or equivalent. Send money in over 130 currencies. No maximum transfer amount.
XE International Money Transfers
AUD 10,000
1 day
Online, Bank Account to Bank Account
With global payments provider XE, enjoy fast and secure transfers and a range of foreign currency tools and calculators while benefiting from $0 transfer fees.
FlashFX International Money Transfers
AUD 200
1 day
Online, Bank Account to Bank Account
Low minimum transfer amount of just AU$200, with no set-up fees or transfer fees.
Exclusive: InstaReM International Money Transfers
AUD 200
1 - 2 days
Online, Phone, Bank Account to Bank Account
Exclusive: finder customers receive $15 off their first transaction. T&Cs apply.
InstaReM offers simple and quick international money transfers with zero-margin exchange rates. There's a flat 0.5% transfer fee for most transfers. Earn loyalty points on sign up, referral and every transaction, plus finder customers receive $15 off first transfer (T&Cs apply).
TransferWise International Money Transfers
AUD 1
1 - 2 days
Online
Make online transfers with transparent exchange rates, low fees and low minimum amounts.
Remit2India International Money Transfers
AUD 50
Same day
Online, Bank Account to Bank Account
Instant transfers to India from anywhere in the world with $0 transfer fees.
New customers who create an account with Remit2India and make a transfer of AUD$500 or more for the first time will receive a complimentary $25 Coles/Myer e-voucher. Click 'Go to site' for T&Cs.
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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What are currency exchange rates?

The exchange rate is the cost of converting one currency into another. Another way to think of it is the price of one country’s currency in terms of another. For example, how much Japanese yen is worth in Australian dollars.

How are exchange rates set?

Exchange rates are determined by the foreign exchange market, where traders and banks are buying and selling currencies throughout the week. This means the exchange rate is constantly moving. We call this the mid-market rate.

However, this is generally not the rate you’ll get quoted when you want to buy or sell currency yourself. Money transfer specialists and banks may add other costs to the mid-market rate to be able to make a profit off the exchange. There’s no blanket rule across money transfer companies on how much this markup is, so it’s best to compare your options.

How can I find the best currency exchange rate?

Wanting to exchange money at the best rate but don’t know where to start looking? These tips can help you out.

  • Find out what the current rates are. You should have a reliable baseline to compare the rates offered by money transfer companies and banks. Two well-known currency conversion resources are XE and Oanda. These are free tools you can use to see live conversion rates, and both feature currency conversion calculators.
  • Compare by asking for a quote. Getting the best exchange rate can be difficult because money transfer services can charge high fees but offer competitive rates. This means sometimes it’s a good idea to ask for a quote and then compare this to quotes from other providers.
  • Ensure you’re comparing the most accurate rate. Until you register with a money transfer service, you’re more than likely seeing their indicative exchange rates, and not the most accurate rates available. If you choose not to compare quotes, compare the exchange rate you’ll actually receive. This will usually require you to register with a service or make a call.
  • Use forward contracts. A forward contract allows you to lock in an exchange rate for a transfer that will take place in the future. In most cases, you can lock in a rate for up to 12 months in advance, saving you from receiving a poor rate when you make a money transfer in the future. Not all transfer companies will allow you to use a forward contract, so ensure you consider this when comparing. The transfer service may only offer forward contracts on larger transfer amounts.
  • Consider a market order. A market order, also known as a limit order, allows you to choose a favourable rate, and then instructs your money transfer company to buy or sell your chosen currencies only once that rate is available. Like a forward contract, some money transfer companies will only offer these for larger transfer amounts.
  • Consider a multi-currency bank account. If you regularly deal in currencies, whether this is due to an international business or for personal reasons, a multi-currency bank account can be a good idea. Also known as a foreign currency account, they allow you to hold different currencies and convert them into Australian dollars when you want. This means you can avoid short-term rate fluctuations from harming your balance.
  • Carry out one large transfer rather than several smaller transfers. If you’re looking to send a large amount of money, try to send it all at once rather than in smaller batches. Many transfer companies can offer better rates and lower fees for large transfers.

When’s the best time to exchange currency?

You can exchange currency at any time, but it’s near-impossible to predict how the exchange rate will move. Historical trends may give you a hint, as well as seeing if there are any events coming up that could change the stability of a country’s currency, like a political election.

How can I exchange currency in Australia?

From foreign currency booths at the airport to banks and even Australia Post, there are many different services that let you exchange currency. Start off by comparing your options before choosing which one to use.

To do this, check the Reserve Bank of Australia website to get an idea of current market rates. Compare the exchange rates from various providers to find the most favourable one. While most services will advertise that they don’t charge fees or commissions on currency exchange, this could mean that they offer you a less favourable exchange rate and profit on the spread between the buy/sell rates and the wholesale market rate.

Your options boil down to four main ones:

  • Bureaux de change. Foreign exchange bureaus are operated in airports and shopping centres by companies like Travelex.
  • Banks. You can purchase foreign currency from major Australian banks. It is advisable to call the bank and order your currency in advance to ensure they have the currency and the amount you need.
  • Online foreign exchange companies. Travel Money Oz, Travelex and other similar companies offer convenient exchange services online.
  • Prepaid travel cards. These cards, offered by major banks, airlines and a selection of travel money companies, allow you to load money onto a card in the currency (or currencies) of your destination(s).

Common terms when dealing with currency exchange

Buy rate

The price at which a trader or bank buys foreign currency. If you were coming back from the UK, the buy rate is the exchange rate you’d get when converting your pounds back to Australian dollars.

Sell rate

The price the trader or bank sells a foreign currency in exchange for the local currency. Say you’re heading to the US, you would be exchanging your money into USD using the sell rate your bank or provider is offering.

Spot rate

This is the rate the banks use when trading large amounts of foreign currencies between themselves. The spot rate is also known as the mid-market or inter-bank rank. If you look on Google or XE for the current rate, it will be quoting you the spot rate.

Wholesale rate

The wholesale rate only applies to very large amounts of currency. It’s used mostly by governments and financial institutions and is normally the inter-bank rate, plus a small markup fee.

Floating exchange rate

This kind of exchange rate changes based on the market conditions. As supply and demand changes, the exchange rate changes with it. In Australia, we use a floating exchange rate. The US and Canada are other examples of this.

Fixed exchange rate

A fixed exchange rate is the opposite to a floating one. Instead of going with the market movements, it’s set and maintained by the government and uses a central bank to manage the process.

The currency is pegged against another major world currency to work out the exchange rate. For example, the currencies of Hong Kong and the United Arab Emirates are pegged to the US dollar.

Image: Shutterstock

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International Money Transfer Offers

Important Information*
TorFX International Money Transfers

TorFX guarantees to match any competitor's exchange rate. Conditions apply.
Send money overseas in over 30 currencies. Once registered, you'll be assigned an account manager who can provide support and guidance.

WorldFirst International Money Transfers

Use code FINDER20 for $20 credit towards your next transfer*. Conditions apply.
Send 60+ currencies at competitive rates with $0 transfer fees for Finder customers. WorldFirst will beat any eligible quote from another provider.
*Offer valid for one-time use and only applies to transfers of AUD$10,000 or more.

OFX (Ozforex) International Money Transfers

$0 transfer fees for Finder customers. $0 transfer fee on transfers over AU$10,000, $15 flat fee applies otherwise. 24-hour customer service available with a local support team.

WorldRemit International Money Transfers

An online money transfer service with cash pickup, bank account to bank account and airtime transfers available.

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