Best places to exchange currency in Melbourne
Discover how to find the best deal when you need to exchange currency in Melbourne.
Whether you're an international traveller visiting Melbourne or a local planning a trip overseas, there are plenty of convenient places to exchange foreign currency in and around the Melbourne CBD.
Keep reading for details of some of the currency exchanges to compare when searching for the best value for money.
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Where can I change my money in Melbourne?
As one of the most recognised names in the world of currency exchange, Travelex allows you to buy and sell dozens of global currencies. You can order online or in-store, and Travelex has 24 locations within 20 miles of the CBD.
These include branches on Collins, Bourke and Swanston Streets as well as foreign exchange ATMs at Melbourne and Avalon Airports.
Travelex also offers the Travelex money card, which can be loaded with up to 10 currencies.
2. Travel Money Oz
Travel Money Oz lets customers buy and sell more than 60 currencies, and also offers international money transfers and a travel money card that can be pre-loaded with up to 10 currencies. You can buy currency from Travel Money Oz online or in-store, with the provider boasting 7 locations in the CBD of Melbourne, and a dozen more in the suburbs.
In the CBD, Travel Money Oz has branches on Spencer, Flinders, Bourke, Elizabeth and Swanston Streets as well as in Melbourne Central Shopping Centre. Hours vary, but most stores are open seven days a week.
3. Unimoni Australia (formerly UAE Exchange)
Though it's perhaps best known as a money transfer service, Unimoni (short for "universal money") also offers the opportunity to buy and sell more than 60 currencies. It offers CBD branches in Swanston and Elizabeth Streets as well as several suburban locations in suburbs like Footscray, Dandenong and Coburg.
In addition, the company offers a prepaid travel money card, which can be loaded with up to 11 currencies.
4. United Currency Exchange
United Currency Exchange is a Melbourne-based provider with branches in Flinders Lane, Swanston Street and QV Melbourne. The Flinders Lane and QV Melbourne branches are open seven days a week, while the Swanston Street store is open Monday to Friday.
You can place an order either online or in-store, and there are more than 35 currencies available.
WeXchange allows you to order more than 40 currencies online and then pick up your cash in-store. It has one location on Exhibition Street in the Melbourne CBD and another in Box Hill.
The CBD location is open Monday to Friday, while the Box Hill store is open Monday to Saturday.
Tips for getting the best deal when exchanging money
Here's how to get the best bang for your buck when exchanging currency:
- Know the mid-market rate. Use Google to find the current mid-market exchange rate. This will let you work out whether the rate being offered by a currency exchange service represents good value.
- Shop around online. Rather than visiting several stores in person, shop around online to find the provider with the best rates and lowest fees.
- Check for fees. Make sure you check the fine print to find out what fees apply to your transaction. Remember that even if an exchange bureau claims that it doesn't charge any fees, your transaction will still cost money as the provider always adds a margin to the mid-market exchange rate.
- Avoid airport exchange bureaus. These locations generally offer low exchange rates and higher fees.
- Steer clear of ATMs. Withdrawing money from a foreign ATM may be a simple and convenient option, but the high fees and disappointing exchange rates mean it's also quite expensive.
Compare money transfer services
Looking to send an international money transfer rather than exchange currency? Simply enter your transfer amount and desired currency into the calculator below to find out how much your transaction will cost with a range of leading transfer providers.
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.
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