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.
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- 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
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:
- Electronic funds transfer
- Debit/credit card
In-store purchases can be paid for using:
Orders typically take
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
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:
- Visit the WeXchange website.
- Select the currency you want to purchase.
- Enter the amount of AUD you want to spend or the amount of foreign currency you want to purchase. Click "Order cash".
- Select your payment method, store location and collection date before clicking "Continue".
- Enter your WeXchange customer details or register for an account.
- Review all details of your transaction, including the exchange rate and collection time, before confirming your purchase and submitting payment.
- 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
- 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.
- 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.
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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