In this article we take a look at ANZ foreign exchange services and focus on how their exchange rates compare to the best available. If you are a customer of ANZ and are using ANZ Internet Banking to send money abroad then you should definetly read on where you will learn about:
- Understanding and finding the right ANZ exchange rate
- Learn to use ANZ exchange rates to calculate the currency conversion
- Read ANZ FX reviews by other customers of ANZ Bank
- Compare the ANZ exchange rates with specialist FX providers.
The Main Points:
- ANZ provides extensive foreign exchange services including foreign transfers and holiday money.
- Products available both in-branch and online via their online banking platform.
- ANZ exchange rates are generally poor compared to using an FX specialist.
- Bad exchange rates need to be weighed up against ease of use.
- On occasion ANZ can offer very good rates especially for Asia currencies.
Understanding ANZ exchange rates made easy
To start with, it is common knowledge that ANZ offers its customers a wide range of currency related products and services. This is an attempt to throw more light on the ANZ exchange rates. The aim is to explain and compare the various exchange rates provided for options like Travel Money (cash), Travel Cards and International Money Transfers (IMT).
When you hear the word exchange rate, you might feel a bit lost and confused. However, it becomes easy to understand the exchange rates when you know a few details. For instance, an exchange rate depends on various factors like:
- The currency you need
- Transaction – whether you wish to buy or sell the currency
- The type of product – Travel Money, a Travel Card or International money transfer
A snapshot of the ANZ exchange rate chart
Let’s now use this chart to understand the currencies, transaction type, exchange rates and their calculation that applies in your situation.
Let’s assume that you are heading to Japan and would like to know about the exchange rates of the
Japanese Yen (JPY). Although the banks and currency exchange sites would list the exchange price of several currencies, in this case, you should look at only the exchange rates for the JPY. Similarly, if you are travelling to Germany, France, or any other European Country, you’ll need to find the exchange rates of the Euro. For travelling to the UK, you’ll need to check the exchange rates of the GBP and for travelling to the US, the rates of USD. There is no need to look at other exchange rates other than of the currency of your host country.
The next factor that determines the exchange value is the type of transaction – that is, whether you are looking to buy or sell the foreign currency. If you are going abroad, it is evident that you’ll need to buy some foreign currency. Conversely, if you have just come back from a trip abroad and have spare foreign currency with you, you will have to sell the same.
The sample chart above gives the details of both purchase and sale price of some currencies (usually the bank will have the exchange rates of all the currencies they deal with. Here we have taken only a few from the list). If you are travelling abroad, you need to buy the currency and hence, you should check the details in the columns marked as ‘Bank Sells’. The bank offers you these rates when you purchase foreign currency from them.
If you are looking to sell currency or if you are receiving money from overseas, you should look at the columns under ‘Bank Buys’. The bank will buy the foreign currency from you under this rate.
Type of product you need
Now that you know the buying and selling rates, you’ll have to decide the type of product that suits your need. As the ANZ exchange rates differ slightly across the products, the amount also varies accordingly. You can refer the table for the exchange rates for different products and choose the best combination that suits you.
The term “IMT/TT” stands for International Money Transfer or Telegraphic Transfer. It refers to the exchange rate that you’ll receive if you make an ANZ bank transfer to or from another bank account overseas.
The term “Travel Card/Chq” refers to the exchange rate you’ll receive if you load an ANZ Travel Card for your travel needs.
“Notes” refer to the exchange rate you’ll receive if you are to buy or sell currency in hard cash through the ANZ branch. Please remember that the exchange rates at other places like the airport would be different.
How do you calculate currency conversions?
Once you’ve matched your product with the right exchange rate, it is time for currency conversion calculation. The general rule of thumb would be:
- Convert AUD into foreign currency by multiplying it by the rate
- Convert foreign currency into AUD by dividing it by the rate
Here are some of the conversion calculations you can resort to in various situations:
Buying Travel Money
A common question that arises while buying travel money is – How much Currency will your money buy?
If you have a clear idea of the amount of money you want to convert, you can use the following formula:
Australian Dollars with you multiplied by the exchange rate of notes = the amount of money you will receive in foreign currency.
For example, if you have AUD 1000 with you and wish to buy USD at the rate of .7959, then the amount of USD you’ll get in exchange is:
1000 AUD * 0.7959 = 795.9 USD
Another question would be – What will be the cost to buy a certain amount of currency?
If you wish to buy a certain amount of foreign currency, here is how you find the cost in AUD:
AUD Cost = Amount of Currency You Want to Buy/Exchange Rate of Notes
1000 GBP / 0.5982 = 1671.68 AUD
What is the cost to send a certain amount of currency overseas?
The calculation to send a set amount of money overseas is the same as buying travel money (AUD Cost = Amount of Currency You Want to Buy/Exchange Rate). Please note that the exchange rates would be slightly different from that of notes in case of IMT/TT.
What are the rates for receiving currency from overseas?
For calculating how much money you should receive in AUD from overseas, use the following calculation:
The AUD You Receive = Amount of Currency Received/Exchange Rate for IMT/TT
1000/0.5878 = 1701.25AUD
Thus, you can see that it is fairly simple to find the exchange rates that suit you. The main point to remember is that there would be slight changes in rates depending on the type of product you wish to buy/sell. Also, it is worth remembering that not all products and services are available across all currencies and the rates will be different at ANZ Foreign Exchange centres.
Now that you know about ANZ Exchange rates, you can make diligent currency buying decisions. If you need more information or what to see the current ANZ exchange rates are at their website for comparison,please click here
Use our exchange rate check tools that make it easy to compare ANZ Bank exchange rates to FX specialists.
Quickly calculate how much you could save on your next foreign transfer or travel money purchase.
ANZ Bank “Timer Margins” for Foreign Transfers on Internet Banking – BER Rate Check .