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Review: RedRate foreign currency exchange

Get competitive rates on 50 currencies, but make sure there's a branch near you.

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Quick verdict

Good for
  • Access to 50 currencies
  • Competitive exchange rates
  • Fee-free when you order more than a specified amount
  • Locations in NSW, VIC, WA and the ACT
Not so great for
  • Paying by bank account transfer
  • Limited locations outside Sydney

RedRate exchange rates and fees

RedRate's latest exchange rates are listed on its website and are better than those offered by the major banks. However, the company does add a margin on top of the mid-market exchange rate.

Handling fees also apply to the following transactions:

  • Online orders of less than $300
  • In-store purchases of less than $200

Available currencies

RedRate allows you to buy 50 global currencies, including:

  • EUR Euro
  • THB Thai baht
  • IDR Indonesian rupiah
  • INR Indian rupee

What types of transactions can you make with RedRate?

RedRate offers a range of foreign exchange and international transfer services to its customers, including:

  • Foreign currency exchange. If you need travel money, RedRate offers competitive exchange rates for 50 currencies. Currency orders can be placed online or in-store.
  • Traveller's cheques. If you have an American Express traveller's cheque, you can redeem it for cash at any RedRate location around Australia.
  • Cash passports. RedRate offers these multi-currency prepaid cards issued by Mastercard, which can be loaded with up to nine currencies and can be used at any ATM that accepts Mastercard.
  • International money transfers. RedRate's strategic partner Money Chain specialises in online international money transfers to Asia and other major currencies.

How long does an order with RedRate take?

If you place an online order before 4pm Sydney time, you can collect your foreign currency the next business day.

If your order is placed after this 4pm deadline, you'll need to allow an extra business day's processing time.

Which payment methods does RedRate accept?

You'll need to pay for your currency when you head to a RedRate branch to collect your order. Accepted payment method is cash for majority of the branches.

Orders typically takeClock icon for transfer speed

1-2 days

Is RedRate safe to use?

  • Security and regulation: Regulated in Australia by ASIC.
  • Established: 2009
  • Online protection: Transactions secured by SSL encryption.

First established in 2009, RedRate is regulated in Australia by the Australian Securities and Investments Commission (ASIC). The company says all transactions submitted through its website are protected by SSL technology, which ensures your personal data is encrypted to prevent it falling into the wrong hands.

How does RedRate make money?

RedRate makes money in two ways:

  • By adding a margin on top of the mid-market exchange rate. The mid-market rate is the "real" exchange rate you see quoted on Google.
  • By charging handling fees on small transactions.

How do I order foreign currency with RedRate?

You can place an online order with RedRate by completing the following steps:

  1. Visit the RedRate website.
  2. Select the currency and amount you want to buy before clicking "Calculate".
  3. Review the current exchange rate and click on "Make order".
  4. Add another currency to your order if you wish, or click "Continue".
  5. Select your pick-up store and pick-up date and then click "Continue".
  6. Enter your name, phone number, email address, residential address, date of birth, ID document details and mother's maiden name.
  7. Review the full details of your order before confirming your transaction.
  8. When the collection date arrives, take your ID to the nominated cash pick-up point to collect the currency.

What is RedRate?

RedRate is a foreign exchange company based in Sydney. Founded in the suburb of Auburn in 2009, the company offers foreign bank note exchange services, prepaid travel cards and the option to cash traveller's cheques.

RedRate now has 19 branches spread across NSW, VIC, WA and the ACT.

In a nutshell

Pros

  • Access to 50 currencies. RedRate allows you to buy a wide range of major and rare currencies, with the convenience of ordering either in-store or online.
  • Competitive exchange rates. RedRate's exchange rates are better than those you can get from the banks, allowing you to save money when purchasing foreign currency.
  • Large transactions are fee-free. There are no handling fees when you purchase $300 or more via online order or $200 or more in-store. However, remember you also need to include the exchange rate margin when calculating the cost of your transaction.
  • Multiple locations. RedRate has a total of 19 locations around Australia with branches in NSW, VIC, WA and the ACT.

Cons

  • Bank transfer not supported. There's no option to pay for your currency order using an electronic funds transfer.
  • Most locations in Sydney. Most of RedRate's locations are concentrated in and around the Sydney area, so there may not be a branch conveniently located near you.

How does RedRate compare to other providers?

Our table below lets you compare services you can use to send money abroad. Compare fees, exchange rates and discounts from different money transfer services, and when you have made your choice, click Go to site.
1 - 25 of 25
Name Product Filter Values Fastest Transfer Speed Fees (Pay by Bank Transfer)
TorFX
24 hours
$0
TorFX sends money overseas in 40+ currencies, with competitive rates for transfer amounts over $2,000.
Xe Large Transfers
24 hours
$0
Xe has fast transfers with low fees and a range of foreign currency tools.
OFX
24 hours
$0
OFX has no maximum limit transfers, with competitive exchange rates for 50+ currencies.
Send Payments
24 hours
$0

Send provides fee-free transfers via its 24/7 multi-currency payments platform with real-time quotes.
Revolut
Within minutes
$0
Send money with great rates and low fees in 30+ currencies.
Xe Money Transfers
Within minutes
$0
Xe has fast transfers with low fees and a range of foreign currency tools.
Instarem
Within minutes
From 0%
50% off first transaction fee from any country in APAC (outside India).
Minimum transfer of $250 and max transfer of $500,000
Wise (TransferWise)
Within minutes
From 0.43%
Wise uses the mid-market rate and transparent fees to help you send money in 50+ currencies.
TorFX
24 hours
$0
TorFX sends money overseas in 40+ currencies, with competitive rates for transfer amounts over $2,000.
Remitly
Within minutes
From $0
Remitly has quick, affordable transfers around the world, with both express and economy options.
WorldRemit
Within minutes
From $0.99
Use promo code 3FREE and pay no fees on your first 3 transfers. Conditions apply.
WorldRemit sends money to 110+ countries for bank-to-bank deposits, cash pick-ups or mobile top-ups.
Rocket Remit
Within minutes
From $0 to $5
Send money instantly to friends and family in over 45 countries using just your mobile number.
MoneyGram
Within minutes
From $1.99
MoneyGram has fast cash pick-up transfers to more than 350,000 agent locations worldwide.
SingX
Within minutes
From 0.5%
SingX offers the real exchange rate every time you make a transfer and can help you send money across the world.
CurrencyFair
Within minutes
€3
CurrencyFair has bank-beating exchange rates and fast transfer times on 15+ popular currencies.
OFX
24 hours
$0
OFX has no maximum limit transfers, with competitive exchange rates for 50+ currencies.
Send Payments
Send Payments
24 hours
$0
Send provides fee-free transfers via its 24/7 multi-currency payments platform with real-time quotes.
MasterRemit
Within minutes
From $0
Get your 1st and 2nd money transfer for free with promo codes FIRSTFREE and MASTERFINDER!.
Send money in minutes at competitive exchange rates to the Middle East, Africa and South Asia.
Western Union
Within minutes
From $0
Western Union sends money online to friends and family in 200+ countries around the world.
Qantas Business Money
Within minutes
$0
Limited time offer: Earn up to 125,000 bonus Qantas Points as a first-time converter. Ends 30 April 2024. Conversion limits and T&Cs apply.
Set up accounts in 11 different currencies and get rewarded for global business payments by earning Qantas Points.
Airwallex
Within minutes
$0
Streamline global payments in 60+ currencies. Send & receive securely in 150+ countries, with fast settlements & competitive rates. Simplify book-keeping & manage everything in one place.
TorFX Business Transfers
24 hours
$0
TorFX guarantees to match any competitor's exchange rate. Conditions apply.
TorFX sends money overseas in 30+ currencies, with competitive rates for transfer amounts over $2,000.
OFX Business Transfers
24 hours
$0
OFX has no maximum limit transfers, with competitive exchange rates for 45+ currencies.
WorldFirst
24 hours
From $0
Open bank accounts in Australia, the UK, US, Canada, Japan and Europe. Send and receive funds with zero fees for large sums, including same-currency supplier payments.
Send business
24 hours
$0

Send provides fee-free transfers via its 24/7 multi-currency payments platform with real-time quotes.
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Name Product Description Minimum Order Amount Maximum Order Amount Delivery/Pickup Method Commission Fees
Travelex Foreign Currency
Travelex Foreign Currency
Travelex makes it easy to exchange and get the best rate on over 40 currencies so you can be prepared for your next holiday.
$500
$5,000
In Store or At Airport
$0
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