Melbourne CBD

Finding the best exchange rate in the Melbourne CBD

Information verified correct on December 3rd, 2016

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

Rates last updated December 3rd, 2016
Description Min. Transfer Amount Transfer Speed Services Online Transfer Fee Rate Amount Received
TorFX International Money Transfers
TorFX International Money Transfers
TorFX guarantee to beat any competitor's exchange rate for a transaction
Conditions apply
AUD 200 1 day Online, Phone, Agent Go to site More
Exclusive: World First Foreign Exchange
Exclusive: World First Foreign Exchange
Exclusive offer: $0 transfer fee
Transfer money into a range of currencies online and over the phone.
AUD 500 2 days Online, Phone Go to site More
Exclusive: CurrencyFair International Money Transfers
Exclusive: CurrencyFair International Money Transfers
Exclusive offer: 3 Free transfers (after your first transfer).
A peer-to-peer transfer service with a large range of currencies on offer.
EUR 8 2 days Online Go to site More
FC Exchange International Money Transfers
FC Exchange International Money Transfers
No transfer fee via online, branch or phone when transferring more than £10,000 or equivalent. GBP 10 1 day Online, Phone, Bank Account to Bank Account Go to site More
Exclusive: OFX (Ozforex) International Money Transfers
Exclusive: OFX (Ozforex) International Money Transfers
Exclusive offer: Special exchange rates and $0 transfer fee
OFX is currently offering finder.com.au exclusive exchange rates and $0 transfer fee on all transfers.
AUD 250 1 day Online, Phone, Agent Go to site More
Currency Online International Money Transfers
Currency Online International Money Transfers
Enjoy regular scheduled transfers, one off transfers and a range of currencies. Also enjoy your first transfer for free. AUD 0 2 days Online, Phone Go to site More
Compass Global Markets International Money Transfers
Compass Global Markets International Money Transfers
Send money in as little as 24-48 hours to a range of countries with Compass Global Markets. AUD 1,000 2 days Online, Phone Go to site More
1st Contact International Money Transfer
1st Contact International Money Transfer
$0 online fee without any minimum limit on money transfers. AUD 0 2 days Online, Phone, Bank Account to Bank Account Go to site More
Currency Solutions International Money Transfers
Currency Solutions International Money Transfers
Send money overseas for a range of reasons, including regular payments and buying overseas property. 97% Trustpilot score. AUD 3,000 2 days Online, Phone, Bank Account to Bank Account Go to site More
Rates last updated December 3rd, 2016
Description Min. Transfer Amount Transfer Speed Services Online Transfer Fee Rate Amount Received
TorFX International Money Transfers
TorFX International Money Transfers
TorFX can assist your business with forward contracts, different order types, currency analysis and competitive exchange rates. AUD 200 1 day Online, Phone, Agent Go to site More
Exclusive: World First Foreign Exchange
Exclusive: World First Foreign Exchange
Cheaper and faster international money transfers for your business. AUD 500 2 days Online, Phone Go to site More
Exclusive: OFX (Ozforex) International Money Transfers
Exclusive: OFX (Ozforex) International Money Transfers
OzForex offers their business clients with competitive exchange rates, fee-free transactions with 24/7 customer service. AUD 250 1 day Online, Phone, Agent Go to site More
Currency Online International Money Transfers
Currency Online International Money Transfers
Protect your business against market fluctuations. AUD 0 2 days Online, Phone Go to site More
Compass Global Markets International Money Transfers
Compass Global Markets International Money Transfers
Hedge your foreign exchange risks by becoming a client. AUD 1,000 2 days Online, Phone Go to site More
Currency Solutions International Money Transfers
Currency Solutions International Money Transfers
You can increase your profit margins and mitigate currency risk with Currency Solutions. AUD 3,000 2 days Online, Phone, Bank Account to Bank Account Go to site More
World First Foreign Exchange for Online Sellers
World First Foreign Exchange for Online Sellers
Open bank accounts in the UK, US, Canada and Eurozone and sell on more marketplaces while reducing the cost of repatriating earnings. Buy goods from China and sell them in the USA. AUD 250 2 days Online, Phone, Agent Go to site More
Rates last updated December 3rd, 2016
Description Min. Transfer Amount Transfer Speed Services Online Transfer Fee Rate Amount Received
World First Foreign Exchange for Online Sellers
World First Foreign Exchange for Online Sellers
Open bank accounts in the UK, US, Canada and Eurozone and sell on more marketplaces while reducing the cost of repatriating earnings. Buy goods from China and sell them in the USA. AUD 250 2 days Online, Phone, Agent Go to site More

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 is finder.com.au's publisher for banking and investments. She is currently studying a Masters in Commerce (Finance) and is the author of hundreds of articles. She is passionate about helping Aussies make an informed decision, save money and find the best deal for their needs.

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International Money Transfer Offers

Learn about our information service
TorFX International Money Transfers

TorFX guarantee to beat any competitor's exchange rate for a transaction
Conditions apply

Exclusive: World First Foreign Exchange

Exclusive offer: $0 transfer fee
Transfer money into a range of currencies online and over the phone.

Exclusive: CurrencyFair International Money Transfers

Exclusive offer: 3 Free transfers (after your first transfer).
A peer-to-peer transfer service with a large range of currencies on offer.

FC Exchange International Money Transfers

No transfer fee via online, branch or phone when transferring more than £10,000 or equivalent.

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