Lyla Lindsey
Australia Post offers a convenient way to buy or sell foreign currency, including Australian dollars, at over 3,000 locations across the country. Customers can order their desired currency online and choose a post office branch for pick-up, with delivery times ranging from 2 to 5 business days. The minimum order amount is $350, while the maximum limit is $5,000. Australia Post also provides a prepaid travel money card, allowing users to lock in exchange rates for multiple currencies with no conversion fees.
| Characteristics | Values |
|---|---|
| Minimum exchange amount | AUD 200 in-store, AUD 500 online |
| Maximum exchange amount | AUD 5,000 |
| Commission | 0% |
| Exchange rate | Variable |
| Delivery options | Over 3,000 Australia Post offices across Australia |
| Time taken | 3-5 business days |
| Payment methods | Bank transfer, BPay, card |
| Collection requirements | Proof of identification |
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What You'll Learn
Foreign currency at post offices
Foreign currency can be purchased at many post offices worldwide. For example, Foreign Xchange, a forex provider in Australia, allows customers to order foreign currency online and pick it up at their local post office. This service is integrated with Australia Post and offers a broad reach, with over 3,000 Australia Post offices across the country. The process is simple: order the desired currency online, select the Australia Post delivery option, pay online, and then collect the order from the chosen post office. This can be done at a time that suits the customer's schedule.
Australia Post also offers a prepaid Travel Mastercard, which provides safe and easy access to travel money. Additionally, individuals can send money overseas with Western Union at Australia Post.
In the UK, the Post Office provides a similar service, offering free home delivery on travel money orders of £500 or more. Orders under £500 can be delivered for a small fee of £4.99. The Post Office also has a travel app that allows users to buy, top up, and manage Travel Money Cards with up to 22 currencies.
It is important to note that currency exchange rates may vary and are subject to change. While online information and converters can be useful, it is recommended to confirm the latest rates at the physical location or on third-party sites before making any transactions.
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Travel money cards
The Post Office Travel Money Card is a good option for those who want to keep their money safe while travelling. The card allows you to pay in local currencies and is contactless, making it quick and easy to use. You can store up to 23 currencies on the card, making it convenient for those who travel regularly or are going on multi-destination holidays.
The card is free to get, but there is a minimum load amount of £50 for the currency of your choice. While the Post Office markets the card as having "0% commission", there are some hidden fees to be aware of. For example, if you use the card to withdraw cash abroad, you will be charged a minimum of £1.50 per ATM withdrawal, in addition to the FX mark-up rate.
The Post Office exchange rate is likely to include a margin or mark-up on the mid-market rate, which is the rate found on Google or currency sites like XE.com. This rate may still be competitive compared to changing money at the airport, for example. It's important to note that the exact amount of travel money you'll receive on your card will depend on the exchange rate at the time of your purchase.
One advantage of the Post Office Travel Money Card is that it is valid for up to 3 years. However, 12 months after your card expires, a monthly maintenance fee of £2 will be charged.
If you lose your card or it gets damaged, you can phone the contact centre to block it and have a new one sent to you. You can also freeze your card using the app.
It's worth noting that if you encounter any issues with the Post Office Travel Money Card, you will be directed to contact First Rate Exchange Services, the company that issues the card.
Alternatives
There are alternative options available for those seeking travel money cards or foreign currency:
- Foreign Xchange: This company offers exchange rates that are better than banks, and they have partnered with Australia Post to allow customers to access their travel money at Australia Post locations.
- Travelex: Offers a similar service to Foreign Xchange, where customers can place their order online and choose an Australia Post branch for pick-up.
- Currensea: Connects via Open Banking to your existing debit card and is accepted anywhere that accepts MasterCard. Currensea uses the live interbank exchange rate for 16 currencies, guaranteeing the best current exchange rate each time you use your card.
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Online currency exchange
One option is to use a specialised online currency exchange service, such as Foreign Xchange or OnlineFX. These services offer competitive exchange rates and allow customers to order their desired currency online, which can then be delivered to their home or a designated pickup location, such as a post office. Foreign Xchange, for example, has partnered with Australia Post, allowing customers to collect their travel money from over 3,000 Australia Post offices across the country. This option provides flexibility and convenience, as individuals can choose the most suitable pickup location and time for their needs.
Another option for online currency exchange is to utilise the services of a company that offers prepaid travel cards, such as the Load&Go Travel card or the Cash Passport Platinum Mastercard offered by Auspost. These cards allow individuals to load multiple currencies onto a single card, which can then be used for purchases or withdrawals abroad. The Cash Passport Platinum Mastercard, for instance, offers access to up to 11 currencies and additional perks like free WiFi at certain international hotspots.
When considering online currency exchange, it is important to keep in mind factors such as exchange rates, fees, and minimum and maximum limits. Exchange rates can vary between different service providers, and some companies may "mark up" the average exchange rate to increase their profits. Additionally, there may be minimum and maximum limits on the amount of currency that can be exchanged at any one time, which can vary depending on whether the transaction is done online or in person.
Lastly, it is always recommended to review the terms and conditions, including any applicable fees, before committing to a particular currency exchange service. By carefully considering the available options and their associated terms, individuals can ensure they are getting the best value for their money and a secure transaction when exchanging currency online.
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In-store currency exchange
Australia Post offers in-store currency exchange services at over 3,000 of its branches across the country. This service is provided in partnership with Foreign Xchange, Travelex, and Travel Money Oz.
To use the in-store currency exchange service, you can visit the Foreign Xchange or Travelex website and select the foreign currency you need. You can choose from over 60 currencies, including the Fiji Dollar and Philippine Pesos. You then enter the amount you need and confirm the exchange rate. After choosing your payment method (BPay, card, or EFTPOS), you select a post office branch and a date for pickup. Finally, you confirm your details and have your ID ready when you go to collect your foreign currency.
There is a minimum order size of AUD 200 for in-store exchanges and AUD 500 for online exchanges, with a maximum limit of AUD 5,000 for both. The processing time is usually 2 to 5 business days, depending on the provider.
It is important to note that exchange rates fluctuate, and the rate set by the service can impact the overall cost of the transaction. Be sure to check the latest rates and consider multiple options before making a decision.
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Currency exchange rates
Australia Post
Australia Post offers currency exchange services, allowing customers to buy or sell foreign currency at competitive rates. They have partnered with Foreign Xchange, enabling travellers to order their preferred currency online and collect it from over 3,000 Australia Post offices across the country. This service provides convenience and security, ensuring that your travel money is delivered safely to your chosen location.
Additionally, Australia Post offers a prepaid Travel Mastercard, providing a secure way to make purchases while travelling. This card is issued in collaboration with EML Payment Solutions Limited and can be topped up and managed using their online platform.
It's important to note that the rates provided by Australia Post are intended as a guide and may change. Customers are advised to confirm the latest rates online or at participating post offices before making any transactions.
Other Options
Besides Australia Post, there are other providers that offer currency exchange services, such as Foreign Xchange. They offer competitive rates on various currencies, including US Dollars, Canadian Dollars, Euros, and British Pounds.
When considering currency exchange, it's always recommended to compare rates and services from multiple providers to ensure you get the best value for your money. Additionally, be mindful of any fees, delivery options, and identification requirements that may apply.
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Frequently asked questions
Yes, you can exchange Australian dollars at the post office.
You can exchange Australian dollars at the post office by ordering your desired currency online and then collecting it from your chosen post office location.
The minimum amount of Australian dollars you can exchange at the post office is AUD 200 if you are exchanging in-person, and AUD 500 if you are exchanging online.
The maximum amount of Australian dollars you can exchange at the post office is AUD 5,000.
Yes, you can use a credit card to exchange Australian dollars at the post office, but there may be additional card processing fees.
