- Competitive rates
- No fees
- Travel money
- Supporting all major currencies
Not so great for
- Card payments
- Overseas transfers
- People who aren't based in Melbourne
United Currency Exchange offers competitive exchange rates on all transactions, but rates differ instore and online. The company claims this is because instore rates are updated every 10 seconds while online rates are updated every 60 seconds. However, there are no fees or commissions charged on currency exchange transactions.
United Currency Exchange allows you to buy and sell more than 35 currencies, including:
Please note that United Currency Exchange is not an international money transfer service, but instead offers foreign currency exchange to travellers. It allows you to exchange one currency for another in two ways:
Order processing times vary depending on the method you choose:
United Currency Exchange only supports two payment methods:
United Currency Exchange has been operating since 2006 and is regulated by the Australian Securities and Investments Commission (ASIC). It is licensed to exchange one currency for another under the Corporations Act 2001 (the Act) - Sect 765A.
The company is also registered with the Australian Transaction Reports and Analysis Centre (AUSTRAC) as a foreign currency exchange dealer. It implements anti-money laundering/counter-terrorism financing procedures to prevent fraud and must lodge an annual compliance report with AUSTRAC.
As United Currency Exchange doesn't charge any fees or commissions, it makes money off a margin it adds to the mid-market exchange rate. The margin is the difference between the mid-market exchange rate (the rate you'll see quoted on Google or XE) and the rate at which the provider sells currency to you.
This means it's essential to consider both exchange rates and fees when working out whether a money exchange service offers good value for money.
If exchanging currency instore, there is no need to register for an account with United Currency Exchange. However, if you want to place an online order, you'll need to fill out an online form and provide proof of ID. Here's what to do:
The steps for placing an online order are outlined in the section above. To collect your order, visit your chosen United Currency Exchange location at the nominated pick-up time. Remember to take your confirmation email and the ID document you used during the ordering process with you to collect your funds.
If you want to place an instore order, visit one of United Currency Exchange's locations in the Melbourne CBD. Remember to take cash with you as this is the only accepted form of payment instore.
United Currency Exchange is a foreign currency exchange dealer based in Melbourne. Founded in 2006, it specialises in meeting the travel money needs of Australians preparing to head overseas as well as international visitors to Australia. The company has two locations in the Melbourne CBD – one in Flinders Lane and the other in Albert Coates Lane.
Check out the table below to see how United Currency Exchange's transaction fees, exchange rates and transfer times compare to those of other foreign cash providers and money transfer services.
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