How to get the best money transfer exchange rate 2026
Expert tips to get the best exchange rate when you transfer money overseas.
Key takeaways
- Specialist money transfer services typically offer better exchange rates than banks.
- Utilise market trends and transfer tools like forward contracts to secure better rates.
- Avoid exchanging currency at airports or tourist locations due to poor rates.
How to find the best exchange rates
When transferring money internationally or exchanging currency for a trip overseas, you will want to get the most bang for your buck. So here's our top tips on how to get the better exchange rates:
Do
- Use money transfer specialists:
Specialists such as OFX and Wise often add lower markups to exchange rates and charge cheaper transfer fees than the big banks. Many transfers arrive within a day or two, and some arrive within minutes, depending on the currency and destination. - Convert money when rates are favourable: Keep an eye on rates and convert when the rate suits your budget. Rates are hard to predict, so if you have a large transfer coming up, ask your provider about a forward contract, which lets you lock in today's rate for a future transfer.
Don't
- Exchange money at airports or train stations: Airport exchange counters are convenient, but they typically charge some of the highest markups. You'll usually get a better rate by organising your currency before you travel.
- Use a card that charges foreign transaction fees: Many cards add around 3% to overseas purchases. Check your card's fees before you go, or use a card with no international transaction fees. If a merchant offers to charge you in AUD, say no and pay in the local currency.
How to get the best exchange rate on international money transfers
If you plan to use an international money transfer service, then it's best to shop around and compare your options. The more time you can leave yourself before needing to make the transfer the better. Here are a few things to think about when comparing money transfer exchange rates:
- Compare providers. Use our table to compare online providers. It is also worth getting quotes from a few providers and seeing which offers the better deal.
- Know the mid-market rate for your currency. Many providers add a margin to the exchange rate, while others charge a separate fee instead. Use the mid-market rate as a baseline to see how much each provider is really charging.
- Use transfer tools. A forward contract lets you lock in a rate for a future transfer, a limit order sends your money automatically if your target rate is reached, and recurring payments make regular transfers easier to manage.
- Check your bank's rate against specialists. The big banks are often more expensive than specialist providers. Banks build a margin into the exchange rate they quote you and generally don't say how big it is, so compare their rate against the mid-market rate.
- Send larger amounts. Many providers offer better exchange rates on bigger transfers. For example, OFX doesn't charge its transfer fee on transfers of AU$10,000 or more, though the recipient's bank may still charge a fee.
Which Australian bank offers the best foreign exchange rate?
Based on the exchange rates offered on the top three currency pairs, NAB was the Big Four bank with the best foreign exchange rates in Australia, and ANZ offered the weakest rates. Westpac doesn't publish its rates online, so you'll need to sign in or call the bank to check yours.
This is based on the FX rates of the major banks as of 30 September 2026 and should only be used as a guide. Exchange rates change daily, so check the current rate with each bank before you transfer.
You're also likely to get a much better deal by using a dedicated money transfer specialist such as Wise, OFX and TorFX if you're sending money overseas.
| Bank | AUD to USD | AUD to Euro | AUD to GBP |
|---|---|---|---|
| ANZ | 0.6757 | 0.5945 | 0.5098 |
| Commonwealth Bank | 0.6796 | 0.5951 | 0.5099 |
| NAB | 0.6799 | 0.5996 | 0.5134 |
| Mid-market (Wise) | 0.6974 | 0.6153 | 0.5305 |
The data contained within the table was captured on 30 September 2026.
How to monitor exchange rates?
If you know in advance you will be sending money abroad or travelling overseas, then you should monitor currency trends ahead of time. Take a look at our live currency converter to see what exchange rate you would get for converting your cash today. Market demand dictates how much one currency is worth compared to another - this is known as the mid-market rate. It is also the rate that banks use to trade money with one another.
When you convert money through a money transfer service, you will typically find that the provider adds a margin on top of the exchange rate to make money. So it is worth keeping this in mind when you are monitoring exchange rates.
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Where to exchange currency before your trip
If you know in advance that you will be travelling abroad, then there are several options to exchange money:
- Order foreign currency online. You can order currency online from a service similar to S Money and pick it up from a local store. Compare the rate you are quoted against the mid-market rate before you order, because online currency sellers set their own margins.
- Check local money changers. Take a trip into the city and view rates at money exchange services such as United Currency Exchange, Travelex, Travel Money Oz and Crown Currency.
- Check your local bank. If you have an account with one of the larger banks in Australia, they should be able to sell you a wide range of foreign currencies. Just beware of poor exchange rates.
Where to exchange currency outside of Australia?
When traveling internationally you'll typically get better exchange rates at banks, ATMs and post offices. If you have a bank card that doesn't charge international ATM fees, this will most likely be the strongest and most convenient option.
It may be possible to exchange money at your hotel, but double-check the rate against the mid-market rate to see how strong it is. You may also find that some local shops and restaurants offer to accept payment in your native currency.
Here's our dos and don'ts when it comes to exchanging currency outside of Australia:
Do exchange money at:
- ATMs
- Post offices
- Banks
- Your hotel, but only after you check the rate against the mid-market rate
Do not exchange money at:
- Tourist destinations
- Street-side exchange bureaus
- Airports, train stations, bus stations and the like
Frequently asked questions
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Ask a question
I have to buy something in USA which will cost $18000 US. What is the best way to arrange payment getting the best exchange rate and other costs. The payment will be made next week.
I have the money in an ING account
Hi Fiona,
Thanks for your question.
Since you’re buying a product your options are limited. Unless the retailer is willing to accept an international money transfer, you may need to purchase the item using your bank account.
You can be charged a currency conversion fee with an ING bank account. You may shop around for banks that has minimal fees and don’t charge currency conversion fees.
Cheers,
Shirley
I wish to transfer $10,000 AUD into a debit card that I can use whilst travelling overseas. Can I do this through Macquarie and Ox Forex? What is the process? I have a cash management account with Macquarie. How do I transfer AUD funds from that account into EUR and then into my Debit Card.
Hi Kevin,
Thanks for the question – you must be excited to be travelling!
At the current time, Macquarie Bank does not offer a specific travel card option which allows you to load funds onto and spend overseas, and they also do not offer a specific debit card, although they do offer credit cards which could in theory be used overseas and then paid off.
OFX on the other hand does offer a specific travel card, and the way this works is simple: You activate your account, and then pay your funds into it using BPAY. The funds will still be in AUD at this point. Once you see a favourable exchange rate, you can convert your funds into EUR, which helps you avoid any exchange rate fluctuations while you’re travelling.
You can also compare other travel money options from other providers to make sure you’re getting the best deal.
I hope this helps,
Marc
I have a Citibank plus account which has no foreign conversion fees or transaction fees. When I withdraw money from an ATM in Britain, are Citibank conversion rates applied or the bank owning the ATM’s rates. Is it better to convert Aussie dollars to British pounds here or wait till I arrive in Britain?
Hi Lyn,
Thanks for your question.
As finder.com.au is a financial comparison service, we can’t actually recommend any one product, service or strategy to our users, as the ‘best’ option will always depend on the user’s individual needs.
However, we can compare that the exchange rates applied are determined by the Visa exchange rates at the time of purchase. Although there are no international ATM withdrawal fees charged by Citibank, please note that a local ATM fee may apply.
I hope this has answered your question.
Thanks,
Sally