RedRate Exchange foreign currency exchange review

Updated Mar 25, 2019

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Quick verdict

Good for

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

See our full list of pros and cons below.

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

See how this compares to some other foreign cash specialists

Available currencies

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:

Cash
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 Clock icon for transfer speed

1-2 days

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.

Country	Regulated by
Australia	Australian Securities and Investments Commission (ASIC)

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

Pros

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.

Cons

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.

Foreign cash providers
International money transfer services

I want to send

Min. Transfer Amount	Transfer Speed	Online Transfer Fee	Rate	Amount Received	Description	CTA	Details
GBP 0	1 - 2 days	AUD 0.00	0.737	USD 7,366	New customers use code AZIMO50 to get GBP 5 off when you transfer GBP 50+. Valid till 31 October 2021. T&Cs apply. Azimo sends money directly to a bank account or over 280,000 cash pick-up points. It also has fast transfers to 50+ countries.	Go to site	Compare	Show details	Details Minimum transfer amount GBP 0.00 Transfer methods Online, Bank Account to Bank Account Transfer options One off payments Customer service Chat, Email Available currencies AED, ALL, AMD, AOA, ARS, AUD, AWG, AZN, BAM, BBD, BDT, BGN, BHD, BIF, BMD, BND, BOB, BRL, BSD, BTN, BWP, BYR, BZD, CAD, CDF, CHF, CLP, CNY, COP, CRC, CVE, CZK, DJF, DKK, DOP, DZD, EGP, ERN, ETB, EUR, FJD, GBP, GEL, GHS, GIP, GMD, GNF, GTQ, GYD, HKD, HNL, HUF, IDR, ILS, INR, ISK, JMD, JOD, JPY, KES, KGS, KHR, KMF, KRW, KWD, KZT, LAK, LBP, LKR, MAD, MDL, MGA, MKD, MNT, MOP, MRO, MUR, MVR, MWK, MXN, MYR, MZN, NAD, NGN, NIO, NOK, NPR, NZD, OMR, PEN, PGK, PHP, PKR, PLN, PYG, QAR, RON, RSD, RUB, RWF, SAR, SBD, SCR, SEK, SGD, SLL, SRD, STD, SZL, THB, TJS, TMT, TND, TOP, TRY, TTD, TWD, TZS, UAH, UGX, USD, UYU, UZS, VND, VUV, WST, XAF, XCD, XOF, XPF, ZAR, ZMW Go to site Read the full review
AUD 2,000	1 day	AUD 0.00	0.739	USD 7,391	TorFX guarantees to match any competitor's exchange rate. Conditions apply. TorFX sends money overseas in 30+ currencies, with competitive rates for transfer amounts over $2,000.	Go to site	Compare	Show details	Details Minimum transfer amount AUD 2,000.00 Transfer methods Online, Phone, Bank Account to Bank Account Transfer options Regular payments, One off payments, Market orders, Forward contracts Customer service Phone, Email Available currencies AED, AUD, CAD, CHF, CZK, DKK, EUR, GBP, HKD, HRK, HUF, ILS, JPY, NOK, NZD, PLN, SEK, SGD, THB, TRY, USD, ZAR Go to site Read the full review
AUD 1	Within an hour	AUD 0.00	0.739	USD 7,386	New customers get their first transaction for free with code FIRSTFREE. T&Cs apply. Send money in minutes at competitive exchange rates with this Australian money transfer service.	Go to site	Compare	Show details	Details Minimum transfer amount AUD 1.00 Transfer methods Online, Bank Account to Bank Account, Cash Transfer Transfer options N/A Customer service Phone, Email, Branch Available currencies AUD, BWP, GHS, KES, MYR, RWF, TRY, TZS, UGX, USD, VND, ZAR Go to site Read the full review
AUD 250	1 - 2 days	AUD 0.00	0.739	USD 7,388	$0 transfer fees for Finder customers. OFX has no maximum limit transfers, with competitive exchange rates for 45+ currencies.	Go to site	Compare	Show details	Details Minimum transfer amount AUD 250.00 Transfer methods Online, Phone, Bank Account to Bank Account Transfer options Regular payments, One off payments, Market orders, Forward contracts Customer service Phone, Email Available currencies AED, AUD, AZN, BGN, BND, CAD, CHF, CNY, CZK, DKK, EGP, EUR, FJD, GBP, HKD, HUF, IDR, ILS, INR, JPY, KRW, KWD, LKR, MAD, MGA, MXN, MYR, NOK, NZD, OMR, PEN, PGK, PHP, PKR, PLN, RUB, SAR, SBD, SCR, SEK, SGD, THB, TOP, TRY, TWD, TZS, USD, VEF, VND, VUV, WST, XOF, XPF, ZAR Go to site Read the full review
AUD 2,000	1 day	AUD 0.00	0.739	USD 7,386	Send guarantees to match any competitor’s exchange rate. T&Cs apply. Send provides fee-free transfers via its 24/7 multi-currency payments platform with real-time quotes.	Go to site	Compare	Show details	Details Minimum transfer amount AUD 2,000.00 Transfer methods Online, Bank Account to Bank Account Transfer options Regular payments, One off payments, Forward contracts Customer service Phone, Email Available currencies AED, AUD, BGN, BHD, CAD, CHF, CNY, CZK, DKK, EUR, GBP, HKD, HUF, IDR, ILS, INR, JPY, KES, KWD, MXN, MYR, NOK, NZD, OMR, PHP, PLN, QAR, RON, SAR, SEK, SGD, THB, TRY, USD, ZAR Go to site Read the full review
AUD 1	Same day	AUD 0.00	0.738	USD 7,380	XE has fast transfers with low fees and a range of foreign currency tools.	Go to site	Compare	Show details	Details Minimum transfer amount AUD 1.00 Transfer methods Online, Bank Account to Bank Account Transfer options One off payments, Market orders Customer service Phone, Email Available currencies AED, AMD, AUD, BAM, BBD, BDT, BGN, BHD, BND, BRL, BSD, BWP, CAD, CHF, CLP, CNY, COP, CRC, CVE, CZK, DKK, DOP, EUR, FJD, GBP, GEL, GTQ, HKD, HNL, HRK, HUF, ILS, INR, JMD, JOD, JPY, KES, KRW, KWD, KZT, LKR, LSL, MAD, MKD, MUR, MWK, MXN, MYR, NAD, NOK, NZD, OMR, PEN, PGK, PHP, PKR, PLN, PYG, QAR, RON, RSD, RUB, RWF, SAR, SBD, SCR, SEK, SGD, SZL, THB, TND, TOP, TRY, TTD, TWD, TZS, UGX, USD, VUV, WST, XCD, XPF, ZAR Go to site Read the full review
AUD 1	Same day	AUD 3.99	0.733	USD 7,326	Use promo code 3FREE to send your first 3 transfers with no fee. Conditions apply. WorldRemit sends money to 110+ countries for bank-to-bank deposits, cash pick-ups or mobile top-ups.	Go to site	Compare	Show details	Details Minimum transfer amount AUD 1.00 Transfer methods Online, Bank Account to Bank Account, Cash Transfer Transfer options One off payments Customer service Phone, Email Available currencies AED, ALL, AMD, ANG, AOA, ARS, AUD, BAM, BBD, BDT, BGN, BHD, BIF, BOB, BRL, BWP, CAD, CDF, CHF, CLP, CNY, COP, CRC, CVE, CZK, DKK, DOP, EGP, ETB, EUR, FJD, GBP, GEL, GHS, GMD, GNF, GTQ, HKD, HNL, HRK, HTG, HUF, IDR, ILS, INR, ISK, JMD, JOD, KES, KGS, KHR, KMF, KRW, KWD, KYD, KZT, LAK, LBP, LKR, LRD, LSL, MAD, MDL, MGA, MRO, MUR, MVR, MWK, MXN, MYR, MZN, NAD, NGN, NIO, NOK, NPR, NZD, OMR, PAB, PEN, PGK, PHP, PKR, PLN, PYG, QAR, RON, RUB, RWF, SCR, SEK, SGD, SLL, SOS, SRD, THB, TJS, TND, TOP, TRY, TZS, UAH, UGX, USD, UYU, VND, WST, XAF, XCD, XOF, ZAR, ZMW, BYN Go to site Read the full review
AUD 1	1 - 2 days	AUD 45.00	0.739	USD 7,354	Wise uses the mid-market rate and transparent fees to help you send money in 50+ currencies.	Go to site	Compare	Show details	Details Minimum transfer amount AUD 1.00 Transfer methods Online, Bank Account to Bank Account Transfer options Regular payments, One off payments Customer service Phone, Chat, Email Available currencies AED, ARS, AUD, BDT, BGN, BRL, BWP, CAD, CHF, CLP, CNY, COP, CRC, CZK, DKK, EGP, EUR, FJD, GBP, GEL, GHS, HKD, HRK, HUF, IDR, ILS, INR, JPY, KES, KRW, LKR, MAD, MXN, MYR, NGN, NOK, NPR, NZD, PEN, PHP, PKR, PLN, RON, RUB, SEK, SGD, THB, TRY, TZS, UAH, UGX, USD, UYU, VND, XOF, ZAR, ZMW Go to site Read the full review
AUD 200	1 - 2 days	AUD 50.00	0.741	USD 7,369	Exclusive: New customers sending over 500 AUD from Australia use code FINDER50 to get 50 AUD off. Pay zero fees on your first transaction. Valid till 31 December 2021. T&Cs apply. Instarem offers simple transfers with a flat 0.5% transfer fee for most transfers.	Go to site	Compare	Show details	Details Minimum transfer amount AUD 200.00 Transfer methods Online, Phone, Bank Account to Bank Account Transfer options One off payments Customer service Phone, Chat, Email Available currencies AUD, BDT, CAD, CNY, EUR, GBP, HKD, IDR, INR, KRW, LKR, MYR, NPR, PHP, PKR, SGD, THB, USD, VND Go to site Read the full review
AUD 1	1 day	N/A	N/A	N/A	Pay no fees on your first two transfers, up to $3,000. SingX offers the real exchange rate every time you make a transfer and can help you send money across the world.	Go to site	Compare	Show details	Details Minimum transfer amount AUD 1.00 Transfer methods Online, Bank Account to Bank Account, Cash Transfer Transfer options One off payments Customer service Phone, Chat, Email Available currencies AUD, EUR, GBP Go to site Read the full review
AUD 1	1 day	AUD 52.00	0.738	USD 7,342	Pay no fees on your first two transfers, up to $3,000. SingX offers the real exchange rate every time you make a transfer and can help you send money across the world.	Go to site	Compare	Show details	Details Minimum transfer amount AUD 1.00 Transfer methods Online, Bank Account to Bank Account, Cash Transfer Transfer options One off payments Customer service Phone, Chat, Email Available currencies AUD, CAD, CNY, EUR, GBP, HKD, IDR, INR, JPY, KRW, LKR, MYR, NPR, NZD, PHP, SGD, THB, USD, VND, ZAR Go to site Read the full review
AUD 10	Within an hour	AUD 2.99	0.734	USD 7,334	Special offers like free transfers and better exchange rates available for new customers. Remitly has quick, affordable transfers around the world, with both express and economy options.	Go to site	Compare	Show details	Details Minimum transfer amount AUD 10.00 Transfer methods Online, Bank Account to Bank Account, Cash Transfer Transfer options N/A Customer service Phone, Chat, Email Available currencies ARS, AUD, BDT, BGN, BOB, BRL, CLP, CNY, COP, CRC, CZK, DOP, EGP, ETB, GHS, GTQ, GYD, HNL, HRK, HTG, HUF, IDR, INR, JMD, KES, KMF, KRW, LKR, MAD, MXN, MYR, NIO, NPR, PEN, PHP, PKR, PLN, PYG, RON, RWF, THB, TND, TRY, TZS, UGX, USD, UYU, VND, XAF, XOF, ZAR Go to site Read the full review
AUD 5	1 - 2 days	EUR 3.00	0.739	USD 7,386	Special offer: Zero fees on your first 10 transfers. CurrencyFair has bank-beating exchange rates and fast transfer times on 15+ popular currencies.	Go to site	Compare	Show details	Details Minimum transfer amount AUD 5.00 Transfer methods Online Transfer options One off payments Customer service Phone, Email Available currencies AED, AUD, CAD, CHF, CZK, DKK, EUR, GBP, HKD, HUF, IDR, ILS, INR, NOK, NZD, PHP, PLN, SEK, SGD, THB, USD, ZAR Go to site Read the full review

Compare up to 4 providers

Disclaimer: Exchange rates change often. Confirm the total cost with the provider before transferring money.

Name	Product	Description	Minimum Order Amount	Maximum Order Amount	Delivery/Pickup Method	Commission Fees
Travelex Foreign Currency		Travelex makes it easy to exchange and get the best rate on over 40 currencies so you can be prepared for your next holiday.	$500	$5,000	In Store or At Airport	$0	More	Compare	loading Fetching your data...

Compare up to 4 providers

FAQs

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Tim Falk

Tim Falk is a writer for Finder, writing across a diverse range of topics. Over the course of his 15-year writing career, Tim has reported on everything from travel and personal finance to pets and TV soap operas. When he’s not staring at his computer, you can usually find him exploring the great outdoors.

AUD to USD forecast – October 2021 Bendigo Bank exchange rates

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Azimo International Money Transfers

New customers use code AZIMO50 to get GBP 5 off when you transfer GBP 50+. Valid till 31 October 2021. T&Cs apply.
Azimo sends money directly to a bank account or over 280,000 cash pick-up points. It also has fast transfers to 50+ countries.

More info

TorFX International Money Transfers

TorFX guarantees to match any competitor's exchange rate. Conditions apply.
TorFX sends money overseas in 30+ currencies, with competitive rates for transfer amounts over $2,000.

More info

MasterRemit International Money Transfers

New customers get their first transaction for free with code FIRSTFREE. T&Cs apply.
Send money in minutes at competitive exchange rates with this Australian money transfer service.

More info

OFX (Ozforex) International Money Transfers

$0 transfer fees for Finder customers.
OFX has no maximum limit transfers, with competitive exchange rates for 45+ currencies.

More info

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Review: RedRate foreign currency exchange

Get competitive rates on 50 currencies, but make sure there's a branch near you.

Quick verdict

Good for

Not so great for

RedRate exchange rates and fees

Available currencies

What types of transactions can you make with RedRate?

How long does an order with RedRate take?

Which payment methods does RedRate accept?

1-2 days

Is RedRate safe to use?

How does RedRate make money?

How do I order foreign currency with RedRate?

What is RedRate?

In a nutshell

Pros

Cons

How does RedRate compare to other providers?

Compare up to 4 providers

Compare up to 4 providers

FAQs

Tim Falk

More guides on Finder

Azimo International Money Transfers

TorFX International Money Transfers

MasterRemit International Money Transfers

OFX (Ozforex) International Money Transfers

Ask an Expert

Review: RedRate foreign currency exchange

Get competitive rates on 50 currencies, but make sure there's a branch near you.

In this guide

Compare

Reviews

Send money to

Exchange rates

CBD Guides

Promo codes and discounts

Banks

Guides

Quick verdict

Good for

Not so great for

RedRate exchange rates and fees

Available currencies

What types of transactions can you make with RedRate?

How long does an order with RedRate take?

Which payment methods does RedRate accept?

1-2 days

Is RedRate safe to use?

Where is RedRate regulated?

How does RedRate make money?

How do I order foreign currency with RedRate?

What is RedRate?

In a nutshell

Pros

Cons

How does RedRate compare to other providers?

Compare up to 4 providers

Compare up to 4 providers

FAQs

Can I choose what denominations I will receive?

Can I pay for my order online?

Can I change my currency order after placing it?

Tim Falk

More guides on Finder

International Money Transfer Offers

Azimo International Money Transfers

TorFX International Money Transfers

MasterRemit International Money Transfers

OFX (Ozforex) International Money Transfers

Ask an Expert

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