Review: RedRate foreign currency exchange
Get competitive rates on 50 currencies, but make sure there's a branch near you.
- Access to 50 currencies
- Competitive exchange rates
- Fee-free when you order more than a specified amount
- Locations in NSW, VIC, QLD, WA and the ACT
Not so great for
- Surcharge when you pay by credit card
- 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
RedRate allows you to buy 50 global currencies, including:
- GBP British pound
- USD US dollar
- EUR Euro
- THB Thai baht
- SGD Singapore dollar
- NZD New Zealand dollar
- 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 methods are:
- Debit card
- Credit card
However, please note some branches only accept cash, so you'll need to contact the store ahead of time to find out which payment methods it supports. Credit card purchases also attract a 1% surcharge.
Orders typically take
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:
- Visit the RedRate website.
- Select the currency and amount you want to buy before clicking "Calculate".
- Review the current exchange rate and click on "Make order".
- Add another currency to your order if you wish, or click "Continue".
- Select your pick-up store and pick-up date and then click "Continue".
- Enter your name, phone number, email address, residential address, date of birth, ID document details and mother's maiden name.
- Review the full details of your order before confirming your transaction.
- 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 20 branches spread across NSW, VIC, QLD, WA and the ACT.
In a nutshell
- 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 20 locations around Australia with branches in NSW, VIC, QLD, WA and the ACT.
- Credit card surcharge. If you pay for a currency order with your credit card, a 1% surcharge applies.
- 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?
Want to know how RedRate's exchange rates, fees and processing times compare to the competition? Check out the table below.
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