Where can you find the best exchange rates – in the Melbourne CBD or online?
Finding the best exchange rate when converting currency can make a huge difference to whether or not you get value for money or a raw deal.
We looked at the exchange rate being offered by travel money providers in the Melbourne CBD for USD$1,000 and €1,000, and compared these with bank exchange rates listed online. The results of the comparison are below.
Compare your Melbourne money transfer options below
Looking for a physical location to exchange money?
Based on user reviews and blogs, here are some locations that may give you more bang for your buck:
- United Currency Exchange, 228 Flinders Lane
- UAE Exchange, 45 Elizabeth Street
- Raffles Forex, 35 Elizabeth Street
Top tips to help you find the best exchange rate
If you don’t know what to look for, finding the best exchange rate on your currency conversion can be a tricky business. Keep the following tips in mind to help ensure you get the optimum value for money:
You might be surprised to learn how much exchange rates can vary from one foreign currency provider to the next, and from shopfronts to online offers. That’s why it’s essential to compare the exchange rates on offer from a number of providers before finalising your transaction.
It’s always a good ahead to phone ahead to a currency bureau and check whether it stocks the currency you want. If you’re after a currency a little more exotic than the British pound, US dollar or the euro, you may find the provider doesn’t have enough notes to complete your transaction.
You might be surprised to learn that a much better deal may be available if you’re willing to do a little negotiating. It can’t hurt to ask a foreign exchange provider if they can offer a better deal, and in many cases it will pay off.
Banks aren’t best
Although the convenience of exchanging money via your bank may be tempting, it’s important to remember they usually don’t offer the best exchange rates, as our comparison showed. You can generally find a much better deal with a specialist foreign exchange provider as they tend to have lower margins and trade larger volumes of currency.
One size does not fit all
Just because one currency service has the best exchange rate for US dollars it doesn’t always follow that it will offer the best rate for a different currency. Remember to shop around based on the currency you are interested in.
Look outside the CBD
There are plenty of other places you can exchange currency outside the Melbourne CBD. Areas with strong migrant communities are understandably popular locations for exchange bureaus, and it’s still possible to find great exchange rates in these locations.
Don’t transfer money overseas at an exchange bureau
Many foreign exchange providers also offer the option to send an international money transfer. However, the exchange rates on offer for these transactions are typically abysmal, so don’t choose this method unless absolutely necessary. You will find better exchange rates and lower fees by using a specialist online transfer provider.