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WeXchange foreign currency exchange review

Buy and sell 40+ foreign currencies at competitive rates, but only if you can access a branch in Sydney or Melbourne.

Quick verdict

Good for
  • Wide range of supported currencies
  • Competitive exchange rates
  • Ordering online or in-store
Not so great for
  • Limited number of branches
  • Only has stores in Sydney and Melbourne
  • Credit card surcharge

WeXchange 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.

WeXchange adds a margin on top of the mid-market exchange rate, but its exchange rates are still generally better than those offered by the major banks. The latest rates for buying and selling foreign currency are listed on the WeXchange website.

Aside from the margin, there are no additional transaction or handling fees unless you pay via credit or debit card.

Compare this against the rates of some other foreign cash services

Available currencies

WeXchange offers foreign exchange services on 43 currencies, including:

  • CAD Canadian dollar
  • CNY Chinese yuan
  • EUR Euro
  • GBP Great British pound
  • INR Indian rupee
  • JPY Japanese yen
  • NZD New Zealand dollar
  • PHP Philippine peso

What types of transactions can you make with WeXchange?

WeXchange is a foreign exchange provider that allows you to:

  • Buy foreign currency. You can use your AUD to buy over 40 currencies and these orders can be placed online or in-store.
  • Sell foreign currency. If you want to sell foreign currency for AUD, you'll need to head in-store to one of WeXchange's four branches.

There are two options when placing an order:

  • Online orders. This option allows you to order your currency online and then pick it up in-store at a convenient time.
  • In-store orders. You can buy and sell foreign exchange at a WeXchange store in Melbourne or Sydney.

How long does an order with WeXchange take?

In-store purchases can be processed straight away, but online orders have a processing time of three business days.

If you place your order after 5pm (AEST), you'll need to allow for an extra business day before your order can be completed.

Which payment methods does WeXchange accept?

Online currency orders with WeXchange can be paid for via:

  • BPAY
  • Electronic funds transfer
  • POLi
  • Debit/credit card

In-store purchases can be paid for using:

  • Cash
  • EFTPOS

Orders typically takeClock icon for transfer speed

3 days

Is WeXchange safe to use?

  • Regulation: Regulated in Australia by ASIC
  • Established: 2003

WeXchange is regulated in Australia by the Australian Securities and Investments Commission (ASIC). Established in 2003, this foreign exchange services provider has 4 Australian stores spread across Sydney and Melbourne.

The company claims its customer service representatives have more than 30 years of experience in the foreign exchange market: its team can be contacted via phone, email or online chat.

How does WeXchange make money?

WeXchange makes money by adding a margin on top of the mid-market exchange rate. The mid-market rate is the "true" exchange rate you see quoted in financial news reports and on currency conversion websites like XE.

However, WeXchange does not charge any additional transaction fees, unless you're paying by card.

How to register an account

When placing an online order, you'll be asked whether you're an existing WeXchange customer. If not, you'll need to register for an account by providing:

  • Your date of birth
  • Your first and last name
  • Your phone number
  • Your email address
Register to WeXchange

You will also need to provide proof of ID when collecting your order in-store.

How do I order foreign currency online with WeXchange?

You can place an online currency order by completing the following steps:

  1. Visit the WeXchange website.
  2. Select the currency you want to purchase.
  3. Enter the amount of AUD you want to spend or the amount of foreign currency you want to purchase. Click "Order cash".
  4. Select your payment method, store location and collection date before clicking "Continue".
  5. Enter your WeXchange customer details or register for an account.
  6. Review all details of your transaction, including the exchange rate and collection time, before confirming your purchase and submitting payment.
  7. Head to the nominated collection store to pick up your cash.

What is WeXchange?

WeXchange is an Australian foreign exchange service provider that aims to offer a hassle-free way to buy and sell travel money. Founded in 2003, it allows customers to buy and sell 40+ foreign currencies and has 4 locations in Sydney and Melbourne:

  • Haymarket, Sydney: Shop 9, 405–411 Sussex St, Sydney, NSW, 2000 (entry is via Little Hay Street)
  • Town Hall, Sydney: Suite 303, Level 3, 31 Market Street, Sydney, NSW, 2000
  • Melbourne CBD: Level M, 183 Exhibition St, Melbourne, VIC, 3000
  • Box Hill, Melbourne: 948 Whitehorse Rd, Box Hill, VIC, 3128

In a nutshell

Pros

  • Wide range of supported currencies. WeXchange allows you to buy and sell 43 foreign currencies when you need to manage your travel money needs.
  • Competitive exchange rates. WeXchange offers better exchange rates than the major banks, so it's worth comparing the company's rates with those offered by other dedicated foreign exchange services to find the best deal.
  • Ordering online or in-store. As well as in-store transactions, the company offers a convenient online ordering service.
  • No commission. While WeXchange does add a margin to the mid-market exchange rate, it doesn't charge any other fees or commissions.

Cons

  • Only four branches. WeXchange only has four branches: two in Sydney and two in Melbourne. As a result, you may not be able to easily access one of the company's stores.
  • Credit card surcharge. You'll need to pay an additional surcharge if you pay for your currency order with a credit card.
  • No overseas transfers. WeXchange doesn't offer an international money transfer service, so you'll need to compare transfer providers if you want to send money overseas.

How does WeXchange compare to other providers?

Want to see how WeXchange stacks up against the competition? Check the table below to compare fees and exchange rates across a range of foreign exchange services.

Rates last updated October 14th, 2019
Name Product Description Minimum Order Amount Maximum Order Amount Delivery/Pickup Method Commission Fees
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

Compare up to 4 providers

Min. Transfer Amount Transfer Speed Online Transfer Fee Rate Amount Received Description CTA Details
AUD 1 2 days AUD 9.00 0.657 USD
6,565
Transfer to over 99 countries via online banking, phone banking or through an ANZ bank branch. Go to site Show details
AUD 2,000 1 day AUD 0.00 0.676 USD
6,756
TorFX guarantees to match any competitor's exchange rate. Conditions apply.
Send money overseas in 30+ currencies with competitive rates for transfer amounts over $2,000.
Go to site Show details
AUD 3,000 1 day GBP 20.00 0.676 USD
6,747
Global Reach will match any competitor's exchange rates. Conditions apply.
No transfer fee when transferring more than £10,000 or equivalent. Send money in over 130 currencies. No maximum transfer amount.
Go to site Show details
AUD 2,000 1 day AUD 0.00 0.676 USD
6,756
Better exchange rates for Finder customers.
Send 60+ currencies at competitive rates and no fees. If you find a better eligible quote, WorldFirst will beat it.
Go to site Show details
AUD 2,000 1 day AUD 0.00 0.676 USD
6,756
SendFX guarantees to match any competitor's exchange rate. T&Cs apply.
Fee-free transfers in 30+ currencies to over 200 countries.
Go to site Show details
AUD 250 1 - 2 days AUD 0.00 0.676 USD
6,756
$0 transfer fees for Finder customers.
No-maximum limit transfers with competitive exchange rates for 100+ currencies. No transfer fee over AUD$10,000.
Go to site Show details
AUD 2,000 1 day AUD 0.00 0.676 USD
6,756
BFX can help you send fee-free transfers to 30+ currencies. Go to site Show details
AUD 5 1 - 2 days EUR 3.00 0.672 USD
6,714
Special offer: Pay zero fees on your first 5 transfers.
Get bank-beating exchange rates and fast transfer times on 15+ popular currencies.
Go to site Show details
AUD 1 Within an hour AUD 3.99 0.67 USD
6,699
An online money transfer service with cash pickup, bank account to bank account and airtime transfers available. Go to site Show details
AUD 200 1 day AUD 0.00 0.673 USD
6,729
Low minimum transfer amount of just AU$200, with no set-up fees or transfer fees. Go to site Show details

Compare up to 4 providers


The "Rate" and "Amount Received" displayed are indicative rates that have been supplied by each brand or gathered by Finder.

Exchange rates are volatile and change often. As a result, the exchange rate listed on Finder may vary to the actual exchange rate quoted for the brand. Please confirm the actual exchange rate and mention "Finder" before you commit to a brand.

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