In this article we take a look at ANZ Bank exchange rates and focus on how their foreign exchange services compare to the best available.
ANZ Bank Exchange Rates Guide – Are ANZ customers getting a good deal?
If you are a customer of ANZ and are using ANZ Internet Banking to send money abroad then you should definitely read on where you will learn about:
- Compare the ANZ exchange rates with specialist FX providers
- 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
How do ANZ Bank Exchange Rates Compare?
ANZ Bank Foreign Transfers
ANZ Travel Money
ANZ Bank Travel Money Exchange Rates Compared
Buying USD Cash with AUD 2,000
* 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.
Rate timestamp : Sat Jul 21 2018 18:30:03 GMT+0000 (UTC)
Rate timestamp : Sat Jul 21 2018 18:03:04 GMT+0000 (UTC)
Rate timestamp : Sat Jul 21 2018 18:02:04 GMT+0000 (UTC)
The key benefit that your bank offers to it’s existing customers, is the knowledge that you are transferring with a familiar brand. They already have all your details so there will be no need to complete any additional forms or undergo any further customer verification or security checks. With that in mind, if you are making a one-off international money transfer, where the amount to be exchanged is sufficiently low for the difference in cost to be acceptable to you, then going with your bank could be the way to go for you.
If, however, you are making a substantial or intend to make regular international money transfers, then securing the lowest exchange rate ongoing, will be more critical, as will expertise in the foreign exchange market. The FX specialists that we list on our site are registered and regulated organisations with a strong history of servicing the Foreign transfer and Travel money market.
An FX specialist has resoures that are dedicated to foreign transfers so they will likely be able to offer you advice and guidance as to the type of contract (for example a Spot or Forward contract) that would best suit your situation.
The Main Points:
- ANZ provides extensive foreign exchange services including foreign transfers and holiday money. FX specialists generally specialise in Foreign Transfers or Travel money;
- Products available both in-branch and online via their online banking platform. FX specialists will have a stronger online presence but you will be able to talk to a dedicated Foreign Transfer specialist, and for regular or large transfers, you may have an account manager;
- ANZ Bank 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 Bank 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 Bank 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
Let’s now use this chart to understand the currencies, transaction type, exchange rates and their calculation that applies in your situation:
Know which product you need
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 Calculation
What is the cost to send a certain amount of currency overseas?
What are the rates for receiving currency from overseas?
As you can see from above, you can see that it is fairly simple but tedious to find the exchange rates that apply to you so we recommend you can use our calculators. 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