Melbourne CBD

Compare exchange rates available in the Melbourne CBD

Where can you compare exchange rates – in 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

Rates last updated September 25th, 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, Agent
TorFX guarantees to match any competitor's exchange rate for a transaction. Conditions apply.
Send money overseas in 45 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
Great rates and $0 transfer fees for Finder customers. Access live rates, currency converter and market updates via the WorldFirst Money Transfer mobile app.
FC Exchange International Money Transfers
AUD 3,000
1 day
Online, Phone, Bank Account to Bank Account
FC Exchange 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.
OFX (Ozforex) International Money Transfers
AUD 250
1 day
Online, Phone, Agent
$0 transfer fees for Finder customers.
Transfer any amount from $250 upwards. $0 transfer fee on transfers over AU$10,000, $15 flat fee applies otherwise. 24-hour customer service available with a local support team.
ANZ Access Advantage Account
AUD 0
2 days
Online, Phone, Agent, Bank Account to Bank Account
Send money safely to over 60 countries in as little as two days. Available to those with an ANZ bank or credit card account.
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.

Compare up to 4 providers

Rates last updated September 25th, 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, Agent
Forward contracts and order types available

Receive currency analysis by market professionals, free transfers and competitive exchange rates
OFX (Ozforex) International Money Transfers
AUD 250
1 day
Online, Phone, Agent
$0 transfer fees for Finder customers.
Transfer any amount from $250 upwards. $0 transfer fee on transfers over AU$10,000, $15 flat fee applies otherwise. 24-hour customer service available with a local support team.
WorldFirst International Money Transfers
AUD 2,000
1 day
Online, Phone, Bank Account to Bank Account
Forward contracts and spot contracts available

View live rates, graphs and economic commentary. eCommerce-tailored solutions.
FC Exchange International Money Transfers
AUD 3,000
1 day
Online, Phone, Bank Account to Bank Account
FC Exchange 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
USD 0
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.
HiFX International Money Transfers
AUD 50
2 days
Online, Phone, Agent
HiFX business services are designed to save you time and money.
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.

Compare up to 4 providers

Rates last updated September 25th, 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, Agent
TorFX guarantees to match any competitor's exchange rate for a transaction. Conditions apply.
Send money overseas in 45 currencies. Once registered, you'll be assigned an Account Manager who can provide support and guidance.

WorldFirst Money Transfers for Online Sellers
1 day
Online, Phone, Agent
Open bank accounts in Australia, the UK, US, Canada, Japan and Europe. Send and receive funds with zero fees, including same-currency supplier payments.
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.

Compare up to 4 providers

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:

Shop around

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.

Call ahead

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.

Negotiate

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.

Shirley Liu

Shirley Liu is a program manager at finder, formerly the publisher for Banking and Investments. She is passionate about helping people make an informed decision, save money and find the best deal for their needs.

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International Money Transfer Offers

Important Information*
TorFX International Money Transfers

TorFX guarantees to match any competitor's exchange rate for a transaction. Conditions apply.
Send money overseas in 45 currencies. Once registered, you'll be assigned an Account Manager who can provide support and guidance.

OFX (Ozforex) International Money Transfers

$0 transfer fees for Finder customers. Transfer any amount from $250 upwards. $0 transfer fee on transfers over AU$10,000, $15 flat fee applies otherwise. 24-hour customer service available with a local support team.

WorldFirst International Money Transfers

Great rates and $0 transfer fees for Finder customers. Access live rates, currency converter and market updates via the WorldFirst Money Transfer mobile app.

FC Exchange International Money Transfers

FC Exchange 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.

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