Review: United Currency Exchange foreign currency exchange service

Get competitive exchange rates and no fees when you exchange currency with Melbourne's United Currency Exchange.

Updated Mar 27, 2020

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Quick verdict

Good for

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 or Sydney

See our full list of pros and cons below.

What's in this guide?

United Currency Exchange exchange rates and fees
Available currencies
What types of transactions can you make with United Currency Exchange?
How long does an order with United Currency Exchange take?
What payment methods does United Currency Exchange accept?
Is United Currency Exchange safe to use?
How to register an account
How do I buy foreign currency with United Currency Exchange?
What is United Currency Exchange?
In a nutshell
How does United Currency Exchange compare with other providers?
FAQs

United Currency Exchange exchange rates and fees

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.

Available currencies

United Currency Exchange allows you to buy and sell more than 35 currencies, including:

CAD Canadian dollar
CNY Chinese yuan

EUR euro
GBP Great British pound

JPY Japanese yen
NZD New Zealand dollar

CHF Swiss franc
USD US dollar

What types of transactions can you make with United Currency Exchange?

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:

Instore orders. You can physically visit one of the company's locations in the CBD in either Melbourne or Sydney to exchange your cash. A pre-order feature is also available if you want to ensure that the store has sufficient stock of the currency you need.
Online orders. The second option is to order currency online through the United Currency Exchange website, pay from your bank account using BPAY, and then collect your currency instore.

Find out more about buying foreign currency

How long does an order with United Currency Exchange take?

Order processing times vary depending on the method you choose:

Instore orders: Available within minutes (provided sufficient stock is available).
Online orders: Available for collection at least 3-5 business days after United Currency Exchange receives payment.

What payment methods does United Currency Exchange accept?

United Currency Exchange only supports two payment methods:

Cash (for instore orders only)
BPAY (for online orders only)

Is United Currency Exchange safe to use?

Security and regulation: Regulated by ASIC and AUSTRAC.
Established: 2006
AML/CTF: Anti-money laundering/counter-terrorism financing procedures in place.

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.

Country	Regulated by
Australia	Australian Securities and Investments Commission (ASIC) and Australian Transaction Reports and Analysis Centre (AUSTRAC)

How does United Currency Exchange make money?

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.

How to register an account

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:

How do I buy foreign currency with United Currency Exchange?

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 or Sydney CBD. Remember to take cash with you as this is the only accepted form of payment instore.

What is United Currency Exchange?

United Currency Exchange is a foreign currency exchange dealer based in Australia. 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 three locations in the Melbourne CBD and one in Sydney's CBD.

In a nutshell

Pros

Order online or instore. You have the flexibility to order foreign currency online or by visiting United Currency Exchange in person.
Competitive exchange rates. United Currency Exchange regularly offers better rates than the major banks.
Major currencies supported. United Currency Exchange allows you to purchase a wide range of major global currencies.
Open 7 days. The service is open 9:30am to 9pm Monday to Friday and from 10am to 6:30pm on weekends.

Cons

Need to collect currency in person. You'll need to be able to visit one of United Currency Exchange's cash collection locations in person to collect the currency you order.
Limited locations. United Currency Exchange has three locations in Melbourne and one in Sydney.
Not suited for fast transfers. United Currency Exchange is designed to allow international travellers to purchase foreign currency. If you're looking for a fast way to send cash overseas, there are other money transfer services that will better suit your needs.
Only accepts cash and BPAY. Instore orders must be paid for with cash and online orders can only be purchased with BPAY, so if you want to pay via bank transfer or credit card you'll need to look elsewhere.

How does United Currency Exchange compare with other providers?

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.

Foreign cash providers
International money transfer services

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

I want to send

Min. Transfer Amount	Transfer Speed	Online Transfer Fee	Rate	Amount Received	Description	CTA	Details
GBP 0	1 - 2 days	AUD 1.99	0.762	USD 7,618	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, 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, 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	0.764	USD 7,642	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 2,000	1 day	AUD 0.00	0.764	USD 7,642	Send guarantees to match any competitor’s exchange rate. T&Cs apply. Fee-free transfers in 30+ currencies to over 200 countries.	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 2,000	1 day	AUD 0.00	0.764	USD 7,642	Better exchange rates for Finder customers. WorldFirst sends 60+ currencies at competitive rates with no fees. If you find a better eligible quote, WorldFirst will beat it.	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, Chat, Email Available currencies AED, AUD, BBD, BGN, BHD, BWP, CAD, CHF, CLP, CNY, COP, CZK, DKK, EGP, EUR, FJD, GBP, HKD, HRK, HUF, IDR, ILS, INR, JMD, JOD, JPY, KES, KRW, KWD, LKR, MAD, MUR, MXN, MYR, NOK, NPR, NZD, OMR, PEN, PHP, PKR, PLN, QAR, RON, RUB, SAR, SEK, SGD, THB, TND, TRY, TTD, TZS, UGX, USD, VND, XCD, ZAR Go to site Read the full review
AUD 250	1 - 2 days	AUD 0.00	0.764	USD 7,642	$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 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	0.763	USD 7,595	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, 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	0.759	USD 7,586	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 1	Same day	AUD 0.00	0.763	USD 7,634	XE has fast transfers with no 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, 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 200	1 - 2 days	AUD 50.00	0.767	USD 7,627	Exclusive: Use code FINDER10 to receive US$10 off your first transaction. InstaReM offers simple transfers with a flat 0.5% transfer fee for most transfers. Zero-margin rates on some currencies.	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 5	1 - 2 days	EUR 3.00	0.76	USD 7,594	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
AUD 1	Same day	AUD 3.99	0.758	USD 7,578	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	0.767	USD 7,638	TransferWise uses the mid-market rate and transparent fees to help you send money in 45+ 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, 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

Compare up to 4 providers

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

FAQs

You can find United Currency Exchange at the following locations:
- 55 Swanston St, corner of Flinders Lane & Swanston St, Melbourne, Victoria, 3000
- QV Melbourne, Albert Coates Lane, corner Swanston & Lonsdale Street, Melbourne, Victoria, 3000
- 22-24 Jane Bell Lane, Melbourne, Victoria, 3000
- 1 Dixon Street, Sydney, NSW, 2000

Thank you for your feedback!

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.

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Review: United Currency Exchange foreign currency exchange service

Get competitive exchange rates and no fees when you exchange currency with Melbourne's United Currency Exchange.

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Quick verdict

Good for

Not so great for

What's in this guide?

United Currency Exchange exchange rates and fees

Available currencies

What types of transactions can you make with United Currency Exchange?

How long does an order with United Currency Exchange take?

What payment methods does United Currency Exchange accept?

Is United Currency Exchange safe to use?

Where is United Currency Exchange regulated?

How does United Currency Exchange make money?

How to register an account

Step 1: Head to the United Currency Exchange website

Step 2: Begin your transaction

Step 3: Enter your personal details

Step 4: Provide ID details

Step 5: Place your order

How do I buy foreign currency with United Currency Exchange?

What is United Currency Exchange?

In a nutshell

Pros

Cons

How does United Currency Exchange compare with other providers?

Compare up to 4 providers

Compare up to 4 providers

FAQs

Where are United Currency Exchange's stores?

Does United Currency Exchange offer a student discount?

How can I cancel my United Currency Exchange online order?

Tim Falk

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