Leslie Massey
When it comes to converting money in Australia, there are a few options available. Banks offer foreign exchange services in specific branches or online, but it can take up to 5 business days to order and receive the currency. Australia Post offices also provide currency exchange services through American Express Currency Exchange centres, and there are specialist money changers like Travelex, which has multiple ATMs and exchange booths across the country. It's important to compare exchange rates and be mindful of additional fees to ensure you get the best value. Ordering currency online in advance is often recommended to secure better rates and avoid unnecessary costs.
| Characteristics | Values |
|---|---|
| Companies offering money conversion services | Travelex, Australia Post, American Express Currency Exchange, OANDA |
| Available currencies | AUD, USD, EUR, THB, SGD, IDR, HKD, and many others |
| Ways to convert money | Online, in-store, via ATM, at the airport, at the bank, via peer-to-peer exchange |
| Tips | Compare exchange rates, order cash in advance, avoid airport exchange booths |
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Banks and online services
Banks in Australia often offer foreign exchange services in specific branches, usually located in city centres. Some banks also offer an online service where you can order your desired currency and then collect it from a nominated branch at a time of your choosing. If the currency you need is not available, banks can typically order it for you, although this may take up to five business days.
It is worth noting that using an Australian bank to buy foreign currency is not always the most expensive option, contrary to popular belief. For example, an investigation by Australian Business Traveller found that swapping Australian dollars for foreign currency at an airport bureau de change desk could cost travellers over $200 extra. On the other hand, careful selection of where to purchase foreign currency can save you hundreds of dollars.
Online services such as Travelex and OANDA offer currency exchange and convenient pick-up options. Travelex, for instance, has over 100 exchange booths across Australia and allows you to order your currency online and then collect it in-store. You can also order your money at least three working days in advance and pay for it via BPAY, which will get you a better exchange rate and help you avoid commission fees. OANDA, meanwhile, provides a free currency converter that allows you to convert world currencies, precious metals, and obsolete currencies.
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Currency exchange booths
While currency exchange booths offer convenience, they may not always have a wide range of less common currencies available, such as the Indian Rupee (IDR) or Hong Kong Dollar (HKD). It is advisable to call ahead and check if they have the currency you need, especially on busy days. Additionally, some booths may have limited cash amounts for the most common currencies, so confirming availability beforehand can save you a trip.
Another option for exchanging currency in Australia is through Australia Post. Certain Australia Post offices have American Express Currency Exchange centres, providing a quick and convenient way to buy or sell currency. This option is particularly useful if you need to exchange money urgently.
It is worth noting that some sources suggest that using an Australian bank to buy foreign currency might not always be the most expensive option. Banks offer foreign exchange services in specific branches or through online ordering and collection at a nominated branch. If they don't have the currency you need, they can usually order it, but this process can take up to five business days.
In recent years, there has been a rise in innovative pop-up currency exchange booths, such as those by Accor's popular booking and loyalty platform, ALL. These pop-up booths were launched in major cities like Sydney, Melbourne, and Brisbane, offering Australians access to competitive exchange rates. Additionally, these pop-up exchanges often have charitable initiatives, allowing participants to donate their exchanged currency to meaningful causes, such as supporting domestic violence survivors.
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Airports
Exchanging currency at the airport is usually expensive. Airport exchange services tend to offer poor exchange rates because they know that customers have few other options. However, if you need to exchange money at the airport, there are some ways to get a better deal.
Sydney Airport
Travelex operates a branch in T2 Domestic, after you pass through security. Global Exchange also has 25 locations throughout the airport, including kiosks offering on-the-spot money exchange and larger offices with a fuller range of services. You can order your currency online in advance and collect it on arrival from Travelex and selected locations of Global Exchange.
Melbourne Airport
Travelex operates seven money exchange counters at Melbourne Airport, both before and after security. You can order Australian dollars online ahead of time to pick up in cash or pre-loaded on a Travelex money card. If your home currency is a major global currency, you can also exchange cash at the counter.
General Advice for Airport Currency Exchange
- Shop around and compare the available options, looking at the costs, safety, and customer reviews.
- Check both the exchange rate and the fees charged. Services may claim there is no commission, but the costs may be added into the exchange rate.
- Use an online currency converter to compare the rate you're offered to the mid-market rate.
- Consider ordering a small amount of currency in advance for collection at the airport, which usually means you'll get a better rate.
- Withdraw local cash at an ATM, but avoid dynamic currency conversion (DCC). Choosing to be charged in the local currency means your home bank will choose the exchange rate.
- Get a travel money card, which you can top up and use for spending and withdrawals, often with great rates and low fees.
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Post offices
Australia Post, also known as Auspost, offers currency exchange services at over 3,000 of its branches across Australia. Foreign Xchange has partnered with Auspost to offer exchange rates that are better than those offered by banks.
You can order your foreign currency online and pick it up at your nearest post office. You can choose from over 40 foreign currencies, including the US dollar and the Fiji dollar. The exchange rates offered by Auspost are intended as a guide and are subject to change.
Auspost also offers a prepaid travel card called Load&Go Travel, which lets you keep up to five currencies on a single card. You can use this prepaid card like a Visa card. It is valid for three years and is a good option if you want to use a card abroad. However, there are various fees associated with the card, so it is important to check the terms and conditions carefully.
Additionally, Auspost provides a Money Orders service for domestic money transfers. This service allows you to send money to anyone in Australia quickly, safely, and affordably. You can collect the payment for a Money Order by cash over the counter at a participating post office, deposit it into your bank account at a post office offering the Bank@Post service, or deposit it into your bank account at a bank in Australia.
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Peer-to-peer
How P2P Money Transfer Services Work
P2P platforms match users who want to transfer money in opposite directions. For example, if you want to send money to the UK, the platform might match you with someone in the UK who wants to send money to Australia. The exchange happens directly between users, and the platform remits the funds through a simple domestic transfer.
Choosing a P2P Platform
When choosing a P2P platform, it is important to consider the following:
- Ensure the platform is regulated by the Australian Securities and Investments Commission (ASIC), which requires financial providers to be transparent and treat customers fairly.
- Check the number of currencies the platform offers and whether it supports the specific currencies you need to transfer.
- Compare exchange rates and fees. Some platforms charge a flat fee, while others charge a percentage based on the amount transferred.
- Look for a platform with high transaction volume, as this is essential for better rates, quick conversions, and smooth transfers.
Popular P2P Platforms in Australia
Some of the popular P2P platforms in Australia include:
- Wise: Offers transparent, low-cost services with no hidden fees.
- CurrencyFair: Regulated by the Australian Securities and Investment Commission (ASIC) and the Central Bank of Ireland.
- Moneyswap: Licensed as a Hong Kong Money Services Operator and regulated by the FCA in the UK as a small payment institution.
- International Foreign Exchange: Authorized by the FCA in the UK, with its Dubai operations regulated by the Dubai Financial Services Authority.
P2P Lending Platforms in Australia
In addition to P2P currency exchange platforms, there are also P2P lending platforms in Australia that offer products to investors and borrowers. These platforms connect borrowers seeking loans with private investors looking to earn a return. Some popular P2P lending platforms in Australia include:
- SocietyOne: Claims to be the first P2P lender to launch in Australia in 2012.
- Marketlend: Invests its own money and focuses on businesses with a strong credit history.
- MoneyPlace: Offers personal loans for various purposes, including car purchases, medical treatments, and debt consolidation.
- Plenti: Provides personal loans of up to $50,000 and allows investors to invest based on the loan provided to borrowers.
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Frequently asked questions
You can convert money at Australia Post, which offers a currency converter and over 40 foreign currencies. You can also convert money at specialist money changers, banks, and currency exchange booths at the airport.
Specialist money changers may not have a lot of cash available in less common currencies, such as Indian Rupee (IDR) or Hong Kong Dollars (HKD). They also tend to run out of the most common currencies on busy days, so be sure to call ahead.
Conducting your transaction online with a foreign exchange company is often the most cost-effective way to buy foreign currency. These companies tend to offer better rates and lower fees than you would find at a physical exchange bureau.
For large amounts of money, it is recommended to order your currency in advance and pay via BPAY to get a better exchange rate and avoid commission fees. You can then collect your foreign currency from a kiosk at the airport.
While it is legal to send up to $10,000 AUD out of Australia without a report from the Australian Transaction Reports and Analysis Centre (AUSTRAC), this method is slow and risky and should be avoided.
