TorFX
- No transfer fees
- Price match guarantee
- Dedicated account manager
- Forex tools available
Compare foreign exchange
Find the best exchange rates and lowest fees on currency exchange in Australia.
Key takeaways
- Many providers like TorFX and Xe offer zero transfer fees for common transactions.
- Some services like Revolut and Wise facilitate transfers within minutes to many countries.
- Compare provider exchange rates and currency options for your specific personal or business needs.
Compare these foreign currency exchange providers and more
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We review money transfer providers for different features to assign them a score out of 10. The higher the score, the more competitive the product.
What is foreign exchange?
Foreign exchange is the process of converting one currency to another.
While investors can trade currency markets, foreign exchange is also for those looking to exchange money for personal or business use, such as sending money home to family overseas, investing in a foreign country or having spending money for a holiday.
How does the foreign exchange market work?
Currencies are traded through electronic communications networks (ECNs), with trillions of dollars traded everyday.
Factors that affect how a country's currency trades include inflation rates, political developments, monetary policy and foreign trade. Other factors are consumer confidence about the economy and economic growth, monetary policies in other countries, investor speculation and news about elections, new government policies and natural disasters.
How do you exchange currencies?
There are quite a few ways to exchange currencies:
- International money transfer services. More companies are popping up that offer a full range of forex services with larger varieties of available currencies. These companies are often online-only and let you send your money worldwide with competitive exchange rates and lower fees than the banks.
- Banks. The vast majority of Australian banks will let you exchange AUD for certain foreign currencies, but may not support smaller currencies. Banks also typically charge higher conversion fees and offer weaker exchange rates than dedicated money transfer providers.
- Foreign exchange kiosks and post offices. Usually found at airports, kiosks run by companies like Travelex offer foreign exchange services. Your local post office may offer currency exchange services. Make sure to compare the rates and fees you'll be charged before converting with these services.
- Debit and credit cards. If you're overseas, you'll normally be able to withdraw the local currency using your Australian debit or credit card. However, you'll likely need to pay an ATM fee and may also be charged a markup on the current exchange rate.
Our expert says: Make sure you shop around
"Don't just go with your bank if you're looking to convert currencies. Companies like Wise and Revolut have made a name for themselves by offering competitive foreign exchange with all the bells and whistles of digital banks."
What to look for with a currency exchange provider
- Transfer fees. Most banks and exchange companies will charge a commission or transfer fee when you convert currencies. This can be either a flat dollar fee or a percentage fee.
- The offered exchange rate. Nearly all providers add a markup or "spread" to the exchange rate they offer you. Banks typically add a larger margin to the mid-market rate than a dedicated money transfer service. The better the exchange rate, the more value you'll get.
- Processing times. It can often take 1-3 business days to convert one currency for another, but many companies may offer faster processing in return for an additional fee.
International money transfer guides
Frequently asked questions
Sources
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Hi George,
Thank you for your inquiry.
You can send money to Cameroon with WorldRemit. If you want to explore other options, you can learn more about how to send money to Cameroon and check other money transfer service providers.
I hope this information has helped.
Cheers,
Harold
sorry to bother you, how would i go about converting currency. the exchange rate isn’t 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
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
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