Best Exchange Rates
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Compare Exchange Rates to your Australian Bank

Why are Bank Exchange Rates so Poor?

While banks can handle international transfer of funds it is often not the main focus in their relationship with customers.

Banks are especially bad at offering payments to smaller countries or currencies that are not among of the most popular ie: AUD, USD, EUR, CAD, NZD etc.

Banks value the reltionship they have with their customers in terms of taking deposits and making loans, but less so in terms of payments especially international payments.

Save money using a Foreign Exchange Payments specialist

If you’re still using your Australian bank to make money transfers chances are you’re paying excessive fees and receiving inferior exchange rates.

You can use our foreign transfer calculator which ranks FX providers and banks according to customer service, use feedback plus most importantly the exchange rate costs compared to the mid-market rate and to the banks.

Making overseas transfers via your bank’s online banking service is often convenient and relatively easy. But Banks know this so the exchange rates and fees they charge are very expensive – often 5% to 6% more than you can get by using an Online Payment Provider.

So it is important next time you are looking to send money abroad that you Compare the Exchange Rates of your bank to our recommended BER partners.

Example Comparison - Commonwealth Bank Foreign Transfer Rates

Sending a LARGER international money transfer? Request a Free Multi-Vendor Quote

Commonwealth Bank - Compare Foreign Transfers

Sending AUD 10,000 to USD

OFX logo OFX
1AUD=0.7346USD
$7346.00 USD (1.29%)
Book & track your foreign transfers online (24/7) with industry best rates for all your deals - not just the first one! Lock in exchange rates with Spot & Forward Deals. BestExchangeRates users get the transfer fees waived.
Price Details
Receive: $7346.00 USD
Exchange Rate: 0.7346
(Inverse 1USD=AUD 1.3613)
Fees: AUD 0
Total Cost : 1.29% (from mid-rate: 0.7442)
This is the amount of money that could be received by your transfer at rate AUD/USD=0.7346 and inclusive of the fee of AUD 0.
Rate timestamp : Sat Jun 23 2018 03:00:04 GMT+0000 (UTC)
Bank of Queensland logo Bank of Queensland
1AUD=0.7182USD
$7160.45 USD (3.78%)
Rate available to Bank of Queensland Online Banking customers only.
Price Details
Receive: $7160.45 USD
Exchange Rate: 0.7182
(Inverse 1USD=AUD 1.3924)
Fees: AUD 30
Total Cost : 3.78% (from mid-rate: 0.7442)
Receive USD $186 less than with  OFX logo OFX
This is the amount of money that could be received by your transfer at rate AUD/USD=0.7182 and inclusive of the fee of AUD 30.
ANZ Bank logo ANZ Bank
1AUD=0.7126USD
$7113.17 USD (4.42%)
Rate available to ANZ Online Banking customers only. Fee for transfers via ANZ Internet Banking is $18 (or $12 if the transfer is over $AUD10,000) in ANZ Foreign Exchange Centre or via ANZ Phone Banking fee is $32.
Price Details
Receive: $7113.17 USD
Exchange Rate: 0.7126
(Inverse 1USD=AUD 1.4033)
Fees: AUD 18
Total Cost : 4.42% (from mid-rate: 0.7442)
Receive USD $233 less than with  OFX logo OFX
This is the amount of money that could be received by your transfer at rate AUD/USD=0.7126 and inclusive of the fee of AUD 18.
Rate timestamp : Sat Jun 23 2018 03:03:04 GMT+0000 (UTC)
Bank Rates - Average
ANZ Bank logo  Commonwealth Bank logo  St George Bank logo  Westpac logo  Bank of Queensland logo  NAB logo  Bank of Melbourne logo  BankSA logo 
1AUD=0.7065USD
$7051.49 USD (5.25%)
This is the average AUD to USD International Transfer exchange rate and fees from multiple banks for FX rates available over the counter and also via Internet Banking.

 
Price Details
Receive: $7051.49 USD
Exchange Rate: 0.7279
(Inverse 1USD=AUD 1.3738)
Fees: AUD 15
Total Cost : 5.25% (from mid-rate: 0.7442)
Receive USD $295 less than with  OFX logo OFX
This is the amount of money that could be received by your transfer at rate AUD/USD=0.7065 and inclusive of the fee of AUD 15.
Commonwealth Bank logo Commonwealth Bank
1AUD=0.7045USD
$7040.77 USD (5.39%)
Rate available to Commonwealth Bank Online Banking customers only.
Price Details
Receive: $7040.77 USD
Exchange Rate: 0.7045
(Inverse 1USD=AUD 1.4194)
Fees: AUD 6
Total Cost : 5.39% (from mid-rate: 0.7442)
Receive USD $305 less than with  OFX logo OFX
This is the amount of money that could be received by your transfer at rate AUD/USD=0.7045 and inclusive of the fee of AUD 6 .
Rate timestamp : Sat Jun 23 2018 03:02:02 GMT+0000 (UTC)
Westpac logo Westpac
1AUD=0.7044USD
$7029.91 USD (5.54%)
Rate available to Westpac Online Banking customers only.
Price Details
Receive: $7029.91 USD
Exchange Rate: 0.7044
(Inverse 1USD=AUD 1.4196)
Fees: AUD 20
Total Cost : 5.54% (from mid-rate: 0.7442)
Receive USD $316 less than with  OFX logo OFX
This is the amount of money that could be received by your transfer at rate AUD/USD=0.7044 and inclusive of the fee of AUD 20.
St George Bank logo St George Bank
1AUD=0.7038USD
$7023.92 USD (5.62%)
Rate available to St George Bank Online Banking customers only.
Price Details
Receive: $7023.92 USD
Exchange Rate: 0.7038
(Inverse 1USD=AUD 1.4209)
Fees: AUD 20
Total Cost : 5.62% (from mid-rate: 0.7442)
Receive USD $322 less than with  OFX logo OFX
This is the amount of money that could be received by your transfer at rate AUD/USD=0.7038 and inclusive of the fee of AUD 20.
BankSA logo BankSA
1AUD=0.7033USD
$7018.93 USD (5.68%)
Rate available to BankSA Online Banking customers only.
 
Price Details
Receive: $7018.93 USD
Exchange Rate: 0.7033
(Inverse 1USD=AUD 1.4219)
Fees: AUD 20.01
Total Cost : 5.68% (from mid-rate: 0.7442)
Receive USD $327 less than with  OFX logo OFX
This is the amount of money that could be received by your transfer at rate AUD/USD=0.7033 and inclusive of the fee of AUD 20.01.
Bank of Melbourne logo Bank of Melbourne
1AUD=0.7033USD
$7018.23 USD (5.69%)
Rate available to Bank of Melbourne Online Banking customers only.
 
Price Details
Receive: $7018.23 USD
Exchange Rate: 0.7033
(Inverse 1USD=AUD 1.4219)
Fees: AUD 21
Total Cost : 5.69% (from mid-rate: 0.7442)
Receive USD $328 less than with  OFX logo OFX
This is the amount of money that could be received by your transfer at rate AUD/USD=0.7033 and inclusive of the fee of AUD 21.
NAB logo NAB
1AUD=0.7022USD
$7006.55 USD (5.85%)
Rate available to National Australia Bank online banking customers only.
Price Details
Receive: $7006.55 USD
Exchange Rate: 0.7022
(Inverse 1USD=AUD 1.4241)
Fees: AUD 22
Total Cost : 5.85% (from mid-rate: 0.7442)
Receive USD $339 less than with  OFX logo OFX
This is the amount of money that could be received by your transfer at rate AUD/USD=0.7022 and inclusive of the fee of AUD 22.
 

How to Compare Travel Money Rates and Fees

In this section we look at how you can pay fewer fees and avoid common traps when you’re buying Travel Money.

The fees & costs for buying foreign cash comes in three forms:

  1. Minimum charges – which can be expensive if you’re only exchanging small amounts of money.
  2. Flat fees – which can actually be good value because they don’t change, even if you’re exchanging large sums of money.
  3. Handling fees – which are what the currency seller charges for its exchange services.

Some currency sellers advertise commission-free foreign exchange, but while this may sound like a good deal, be aware they could be making up for the loss of commission with higher exchange rates. As a result, this could actually be more expensive than if you’d just paid commission.

If you plan ahead by a few days and order your travel money online you can get upto 10% better exchange rates probably end up extending your travel budget by a couple of precious days.

Example Comparison #2 - NAB Travel Money Rates

NAB Travel Money Exchange Rates Compared

Buying USD Cash with AUD 2,000

Travelex Online logo Travelex Online
1AUD=0.7196USD
$1439.20 USD (3.31%)
Click here to order Travel Money and the Pre-paid Cash Passport with $0 commission and great exchange rates only available online. Home delivery or pickup your cash at your local Travelex store, Post Office, HSBC branch or conveniently at the airport on departure day.
* Orders paid for via BPAY incur no additional fees. Card (debit or credit) will incur a card surcharge; MasterCard (debit) 0.77%, MasterCard (credit) 0.94%, Visa (debit) 0.72% and Visa (credit) 1%. In addition, for Credit Card purchases, your card issuer may charge a separate cash advance fee. For Australia post collection and home delivery orders under $AUD1,000 a $10 collection fee applies.
Price Details
Receive: $1439.20 USD
Exchange Rate: 0.7196
(Inverse 1USD=AUD 1.3897)
Fees: 0
Total Cost : 3.31% (from mid-rate: 0.7442)
Amount of money that could be received by your currency exchange at rate AUD/USD=0.7196 and inclusive of the fee of 0.
Rate timestamp : Sat Jun 23 2018 03:30:03 GMT+0000 (UTC)
ANZ Bank logo ANZ Bank
1AUD=0.7126USD
$1410.95 USD (5.2%)
Foreign currency cash is charged at 1% of the AUD equivalent value for each currency purchased, with a minimum charge of AUD 8 per currency.
Price Details
Receive: $1410.95 USD
Exchange Rate: 0.7126
(Inverse 1USD=AUD 1.4033)
Fees: AUD 20 (1%)
Total Cost : 5.2% (from mid-rate: 0.7442)
Receive USD $28 less than with  Travelex Online logo Travelex Online
Amount of money that could be received by your currency exchange at rate AUD/USD=0.7126 and inclusive of the fee of AUD 20 (1%).
Rate timestamp : Sat Jun 23 2018 03:03:04 GMT+0000 (UTC)
NAB logo NAB
1AUD=0.7042USD
$1401.36 USD (5.85%)
The NAB in-branch travel money service is provided by Travelex.
Price Details
Receive: $1401.36 USD
Exchange Rate: 0.7042
(Inverse 1USD=AUD 1.4201)
Fees: AUD 10
Total Cost : 5.85% (from mid-rate: 0.7442)
Receive USD $38 less than with  Travelex Online logo Travelex Online
Amount of money that could be received by your currency exchange at rate AUD/USD=0.7042 and inclusive of the fee of AUD 10.
Commonwealth Bank logo Commonwealth Bank
1AUD=0.7129USD
$1411.54 USD (5.16%)
Price Details
Receive: $1411.54 USD
Exchange Rate: 0.7129
(Inverse 1USD=AUD 1.4027)
Fees: AUD 20 (1%)
Total Cost : 5.16% (from mid-rate: 0.7442)
Receive USD $28 less than with  Travelex Online logo Travelex Online
Amount of money that could be received by your currency exchange at rate AUD/USD=0.7129 and inclusive of the fee of AUD 20 (1%).
Rate timestamp : Sat Jun 23 2018 03:02:02 GMT+0000 (UTC)
Westpac logo Westpac
1AUD=0.7128USD
$1411.34 USD (5.18%)
Price Details
Receive: $1411.34 USD
Exchange Rate: 0.7128
(Inverse 1USD=AUD 1.4029)
Fees: AUD 20 (1%)
Total Cost : 5.18% (from mid-rate: 0.7442)
Receive USD $28 less than with  Travelex Online logo Travelex Online
Amount of money that could be received by your currency exchange at rate AUD/USD=0.7128 and inclusive of the fee of AUD 20 (1%).
St George Bank logo St George Bank
1AUD=0.7122USD
$1410.16 USD (5.26%)
Price Details
Receive: $1410.16 USD
Exchange Rate: 0.7122
(Inverse 1USD=AUD 1.4041)
Fees: AUD 20 (1%)
Total Cost : 5.26% (from mid-rate: 0.7442)
Receive USD $29 less than with  Travelex Online logo Travelex Online
Amount of money that could be received by your currency exchange at rate AUD/USD=0.7122 and inclusive of the fee of AUD 20 (1%).
Bank of Melbourne logo Bank of Melbourne
1AUD=0.7033USD
$1392.53 USD (6.44%)
Please check with the BOM in-branch travel money service for their latest rates.
 
Price Details
Receive: $1392.53 USD
Exchange Rate: 0.7033
(Inverse 1USD=AUD 1.4219)
Fees: AUD 20 (1%)
Total Cost : 6.44% (from mid-rate: 0.7442)
Receive USD $47 less than with  Travelex Online logo Travelex Online
Amount of money that could be received by your currency exchange at rate AUD/USD=0.7033 and inclusive of the fee of AUD 20 (1%).
BankSA logo BankSA
1AUD=0.7033USD
$1392.53 USD (6.44%)
 
Price Details
Receive: $1392.53 USD
Exchange Rate: 0.7033
(Inverse 1USD=AUD 1.4219)
Fees: AUD 20 (1%)
Total Cost : 6.44% (from mid-rate: 0.7442)
Receive USD $47 less than with  Travelex Online logo Travelex Online
Amount of money that could be received by your currency exchange at rate AUD/USD=0.7033 and inclusive of the fee of AUD 20 (1%).
Bank Rates - Average
ANZ Bank logo  Commonwealth Bank logo  St George Bank logo  Westpac logo  NAB logo  Bank of Melbourne logo  BankSA logo 
1AUD=0.7088USD
$1404.34 USD (5.65%)
This is the average AUD to USD Buy Foreign Cash exchange rate from multiple banks, exchange kiosks and post-offices, available over the counter and via the internet.

 
Price Details
Receive: $1404.34 USD
Exchange Rate: 0.7070
(Inverse 1USD=AUD 1.4144)
Fees: AUD 10
Total Cost : 5.65% (from mid-rate: 0.7442)
Receive USD $35 less than with  Travelex Online logo Travelex Online
Amount of money that could be received by your currency exchange at rate AUD/USD=0.7088 and inclusive of the fee of AUD 10.
 

Our travel money rate & fee calculator is programmed with these various fee models to make it easy for you to find the best deal for your particular foreign exchange needs.

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