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Comparing Australian Bank & FinTech Exchange Rates

We take a look at why not using your bank for foreign exchange is generally a good idea to save money. As an example, we show 6 tables to compare the 4 big Aussie banks to two currency exchange specialists, OFX and Travelex.

 

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.

 

Latest Rates from the Big Four Aussie Banks

These four table show the latest rates from the big four Ausrtalia banks (CBA, ANZ,NAB and Westpac) for foreign transfers and travel money. The percentages with the rates show how much margin the bank is charging compared to the market mid-rate.

The tables are updated hourly, for the latest comparison goto our comparison calculators for Foreign Transfers and Travel Money.

You can click the rates to goto directly to the comparison table for the currency and transaction type of your choice.

CBA , 1AUD=Foreign TransfersTravel Money
AED - UAE dirham2.4053 (5.63%)2.3914 (6.25%)
ARS - Argentine peso30.43 (2.3%)
BRL - Brazilian real2.6276 (7.67%)
CAD - Canadian dollar0.8801 (5.59%)0.8797 (5.64%)
CHF - Swiss franc0.6612 (5.54%)0.6609 (5.58%)
CLP - Chilean peso446.5 (8%)
CNY - Chinese yuan4.5279 (5.65%)4.5016 (6.26%)
CZK - Czech Republic koruna15.12 (5.62%)14.79 (7.98%)
DKK - Danish krone4.3829 (5.59%)4.3806 (5.65%)
EUR - Euro0.5869 (5.59%)0.5897 (5.09%)
FJD - Fijian dollar1.4198 (5.48%)1.394 (7.43%)
GBP - British pound sterling0.5138 (5.64%)0.5163 (5.13%)
HKD - Hong Kong dollar5.1407 (5.62%)5.138 (5.68%)
HRK - Croatian kuna4.2619 (7.96%)
HUF - Hungarian forint191.32 (5.59%)187.17 (7.93%)
IDR - Indonesian rupiah9436.62 (5.89%)9232.12 (8.23%)
ILS - Israeli New Sheqel2.341 (5.51%)2.2903 (7.85%)
INR - Indian rupee46.26 (4.19%)
JPY - Japanese yen72.09 (5.38%)72.43 (4.89%)
KRW - South Korean won782.12 (5.6%)765.18 (7.94%)
KWD - Kuwaiti dinar0.1993 (5.62%)0.195 (7.95%)
LBP - Lebanese pound986.11 (5.75%)
LKR - Sri Lankan rupee115 (5.73%)112.51 (8.07%)
MUR - Mauritian rupee23.07 (5.98%)22.57 (8.33%)
MXN - Mexican peso12.25 (7.92%)
MYR - Malaysian ringgit2.7185 (6.43%)
NOK - Norwegian krone5.7486 (5.64%)5.7456 (5.69%)
NPR - Nepalese rupee67.62 (14.12%)
NZD - New Zealand dollar1.0141 (4.33%)1.0088 (4.88%)
OMR - Omani rial0.2522 (5.59%)0.2467 (7.94%)
PGK - Papua New Guinean kina2.2075 (5.83%)
PHP - Philippine peso34.15 (6.79%)33.41 (9.16%)
PLN - Polish zloty2.5237 (5.54%)2.469 (7.88%)
QAR - Qatari rial2.3326 (7.97%)
SAR - Saudi riyal2.456 (5.62%)2.4028 (7.96%)
SBD - Solomon Islands dollar5.1681 (9.85%)4.9668 (14.31%)
SEK - Swedish krona6.3136 (5.69%)6.3102 (5.75%)
SGD - Singapore dollar0.9011 (5.65%)0.9006 (5.71%)
THB - Thai baht20.86 (5.61%)20.77 (6.07%)
TOP - Tongan paanga1.4057 (12.92%)
TRY - Turkish lira3.9621 (5.24%)3.8762 (7.58%)
TWD - New Taiwan dollar20.13 (8%)
USD - U.S. dollar0.655 (5.6%)0.6615 (4.57%)
VND - Vietnamese Dong15066.28 (7.39%)14699.97 (10.06%)
VUV - Vanuatu vatu72.84 (6.34%)70 (10.66%)
WST - Samoan tala1.6454 (10.08%)
XPF - CFP franc70.92 (4.27%)68.16 (8.49%)
ZAR - South African rand9.4196 (5.53%)9.3647 (6.15%)
Mon May 20, 2019 22:05 AEST
CBA Exchange Rates - % margins to midrate
 
ANZ , 1AUD=Foreign TransfersTravel Money
AED - UAE dirham2.426 (4.73%)2.426 (4.73%)
BDT - Bangladeshi Taka54.865 (6.39%)
CAD - Canadian dollar0.8985 (3.43%)0.8985 (3.43%)
CHF - Swiss franc0.672 (3.84%)0.672 (3.84%)
CNY - Chinese yuan4.5506 (5.12%)
CZK - Czech Republic koruna15.2498 (4.72%)
DKK - Danish krone4.435 (4.35%)4.435 (4.35%)
EUR - Euro0.5959 (3.99%)0.5959 (3.99%)
FJD - Fijian dollar1.4602 (2.56%)1.4602 (2.56%)
GBP - British pound sterling0.5221 (3.96%)0.5221 (3.96%)
HKD - Hong Kong dollar5.241 (3.6%)5.241 (3.6%)
HUF - Hungarian forint193.2236 (4.55%)
ILS - Israeli New Sheqel2.3612 (4.61%)
INR - Indian rupee46.592 (3.45%)
JPY - Japanese yen73.18 (3.81%)73.18 (3.81%)
KRW - South Korean won777.4226 (6.24%)
KWD - Kuwaiti dinar0.2001 (5.2%)
LKR - Sri Lankan rupee115.706 (5.09%)
MUR - Mauritian rupee23.334 (4.78%)
MXN - Mexican peso12.6685 (4.35%)
MYR - Malaysian ringgit2.7321 (5.9%)
NOK - Norwegian krone5.832 (4.13%)
NZD - New Zealand dollar1.0239 (3.33%)1.0239 (3.33%)
OMR - Omani rial0.2512 (6.01%)
PGK - Papua New Guinean kina1.9712 (18.52%)1.9022 (22.82%)
PHP - Philippine peso34.854 (4.64%)
PLN - Polish zloty2.5515 (4.39%)
QAR - Qatari rial2.4061 (4.68%)
SAR - Saudi riyal2.479 (4.64%)
SBD - Solomon Islands dollar5.2269 (8.62%)
SEK - Swedish krona6.395 (4.35%)
SGD - Singapore dollar0.919 (3.59%)0.919 (3.59%)
THB - Thai baht21.173 (4.05%)21.173 (4.05%)
TOP - Tongan paanga1.4966 (6.06%)
TRY - Turkish lira3.9738 (4.93%)
USD - U.S. dollar0.6677 (3.59%)0.6677 (3.59%)
VUV - Vanuatu vatu73.7441 (5.04%)
WST - Samoan tala1.7061 (6.16%)
XPF - CFP franc68.92 (7.3%)
ZAR - South African rand9.5147 (4.48%)9.5147 (4.48%)
Mon May 20, 2019 22:05 AEST
ANZ Exchange Rates - % margins to midrate
 
NAB , 1AUD=Foreign Transfers
AED - UAE dirham2.4055 (5.62%)
BDT - Bangladeshi Taka55.33 (5.49%)
BHD - Bahraini dinar0.2493 (4.61%)
CAD - Canadian dollar0.8893 (4.5%)
CHF - Swiss franc0.6679 (4.48%)
CNY - Chinese yuan4.559 (4.93%)
CZK - Czech Republic koruna15.25 (4.72%)
DKK - Danish krone4.4291 (4.49%)
EUR - Euro0.5932 (4.47%)
FJD - Fijian dollar1.4001 (6.96%)
GBP - British pound sterling0.5194 (4.51%)
HKD - Hong Kong dollar5.1969 (4.48%)
HRK - Croatian kuna4.4039 (4.48%)
HUF - Hungarian forint193.39 (4.46%)
IDR - Indonesian rupiah9678 (3.25%)
ILS - Israeli New Sheqel2.364 (4.49%)
INR - Indian rupee46.67 (3.28%)
JPY - Japanese yen72.71 (4.48%)
KES - Kenyan shilling66.71 (4.84%)
KWD - Kuwaiti dinar0.2007 (4.88%)
LKR - Sri Lankan rupee116.17 (4.67%)
MAD - Moroccan Dirham6.408 (4.48%)
MUR - Mauritian rupee23.31 (4.89%)
MXN - Mexican peso12.65 (4.51%)
NOK - Norwegian krone5.8127 (4.47%)
NZD - New Zealand dollar1.0123 (4.51%)
OMR - Omani rial0.2547 (4.55%)
PGK - Papua New Guinean kina2.178 (7.26%)
PHP - Philippine peso34.79 (4.83%)
PKR - Pakistani rupee96.16 (5.89%)
PLN - Polish zloty2.5427 (4.75%)
QAR - Qatari rial2.4102 (4.5%)
SAR - Saudi riyal2.4829 (4.48%)
SBD - Solomon Islands dollar5.1009 (11.3%)
SEK - Swedish krona6.3871 (4.47%)
SGD - Singapore dollar0.9108 (4.52%)
THB - Thai baht21.31 (3.38%)
TOP - Tongan paanga1.4861 (6.81%)
USD - U.S. dollar0.6621 (4.47%)
VUV - Vanuatu vatu74.71 (3.68%)
WST - Samoan tala1.7003 (6.52%)
XPF - CFP franc69.71 (6.08%)
ZAR - South African rand9.512 (4.5%)
Mon May 20, 2019 22:05 AEST
NAB Exchange Rates - % margins to midrate
 
Westpac Exchange Rates - % margins to midrate
 

 

Now Compare the exchange rates from OFX and Travelex

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

To illustrate the point, the two tables below let you can compare the above bank exchange rates (and margins) to those currently being offered by two of our FinTech partners – OFX for foreign transfers and Travelex for online travel money purchases.

OFX , 1AUD=Foreign Transfers
AED - UAE dirham2.5168 (0.96%)
BND - Brunei dollar0.9151 (2.09%)
CAD - Canadian dollar0.9215 (0.85%)
CHF - Swiss franc0.6911 (0.97%)
CNY - Chinese yuan4.6453 (2.98%)
CZK - Czech Republic koruna15.6963 (1.74%)
DKK - Danish krone4.5787 (1.07%)
EUR - Euro0.6147 (0.81%)
FJD - Fijian dollar1.46 (2.35%)
GBP - British pound sterling0.539 (0.71%)
HKD - Hong Kong dollar5.3652 (1.2%)
HUF - Hungarian forint199.6912 (1.17%)
IDR - Indonesian rupiah9712.021 (3.08%)
ILS - Israeli New Sheqel2.4416 (1.17%)
INR - Indian rupee47.309 (1.88%)
JPY - Japanese yen75.2679 (0.93%)
KRW - South Korean won799.5181 (3.31%)
KWD - Kuwaiti dinar0.2079 (1.25%)
LKR - Sri Lankan rupee117.8851 (3.14%)
MAD - Moroccan Dirham6.4878 (3.2%)
MGA - Malagasy ariary2438.3936 (2.97%)
MXN - Mexican peso13.1151 (0.8%)
MYR - Malaysian ringgit2.8293 (2.27%)
NOK - Norwegian krone6.0074 (1.08%)
NZD - New Zealand dollar1.0489 (0.85%)
OMR - Omani rial0.2637 (0.99%)
PEN - Peruvian Nuevo sol2.2407 (2.92%)
PGK - Papua New Guinean kina2.2305 (4.74%)
PHP - Philippine peso35.472 (2.81%)
PKR - Pakistani rupee80.009 (27.26%)
PLN - Polish zloty2.6381 (0.96%)
SAR - Saudi riyal2.5292 (2.57%)
SBD - Solomon Islands dollar4.9409 (14.91%)
SCR - Seychellois rupee8.7334 (8.19%)
SEK - Swedish krona6.6026 (1.07%)
SGD - Singapore dollar0.942 (1.06%)
THB - Thai baht21.7991 (1.06%)
TOP - Tongan paanga1.4259 (11.32%)
TRY - Turkish lira4.1187 (1.22%)
TWD - New Taiwan dollar21.0438 (3.36%)
USD - U.S. dollar0.687 (0.68%)
VND - Vietnamese Dong15162.3329 (6.71%)
VUV - Vanuatu vatu73.8205 (4.93%)
WST - Samoan tala1.6674 (8.62%)
XOF - West African franc394.199 (3.12%)
XPF - CFP franc71.3547 (3.64%)
ZAR - South African rand9.8447 (0.96%)
Mon May 20, 2019 22:05 AEST
OFX Exchange Rates - % margins to midrate
 
Travelex , 1AUD=Travel Money
AED - UAE dirham2.3637 (7.49%)
ARS - Argentine peso8.377 (271.61%)
ARS - Argentine peso24.0657 (29.35%)
BHD - Bahraini dinar0.2277 (14.54%)
BND - Brunei dollar0.881 (6.03%)
BRL - Brazilian real2.552 (10.86%)
CAD - Canadian dollar0.8755 (6.15%)
CHF - Swiss franc0.6547 (6.58%)
CLP - Chilean peso434.0482 (11.1%)
CNY - Chinese yuan4.4339 (7.89%)
CZK - Czech Republic koruna14.3558 (11.24%)
DKK - Danish krone4.3211 (7.1%)
EGP - Egyptian pound11.4662 (2.65%)
EUR - Euro0.5976 (3.7%)
FJD - Fijian dollar1.4101 (6.21%)
GBP - British pound sterling0.5235 (3.69%)
HKD - Hong Kong dollar5.1071 (6.31%)
HRK - Croatian kuna4.1263 (11.51%)
HUF - Hungarian forint181.8497 (11.09%)
IDR - Indonesian rupiah9206.8029 (8.53%)
ILS - Israeli New Sheqel2.222 (11.17%)
INR - Indian rupee41.7133 (15.55%)
JPY - Japanese yen71.6963 (5.96%)
KRW - South Korean won757.2299 (9.07%)
KWD - Kuwaiti dinar0.1885 (11.67%)
LKR - Sri Lankan rupee107.932 (12.65%)
MAD - Moroccan Dirham5.746 (16.52%)
MOP - Macanese pataca4.7923 (16.69%)
MUR - Mauritian rupee21.9486 (11.4%)
MXN - Mexican peso11.9185 (10.92%)
MYR - Malaysian ringgit2.6615 (8.71%)
NOK - Norwegian krone5.5961 (8.52%)
NZD - New Zealand dollar1.0189 (3.84%)
OMR - Omani rial0.2395 (11.19%)
PGK - Papua New Guinean kina2.0927 (11.64%)
PHP - Philippine peso33.1529 (10.01%)
PKR - Pakistani rupee89.6463 (13.58%)
PLN - Polish zloty2.3977 (11.09%)
QAR - Qatari rial2.278 (10.56%)
RUB - Russian ruble38.433 (16.15%)
SAR - Saudi riyal2.3996 (8.11%)
SBD - Solomon Islands dollar4.8604 (16.81%)
SEK - Swedish krona6.1303 (8.85%)
SGD - Singapore dollar0.8955 (6.31%)
THB - Thai baht20.6329 (6.77%)
TOP - Tongan paanga1.3934 (13.92%)
TRY - Turkish lira3.7493 (11.22%)
TWD - New Taiwan dollar19.4362 (11.85%)
USD - U.S. dollar0.6705 (3.16%)
VND - Vietnamese Dong13634.8899 (18.66%)
VUV - Vanuatu vatu72.4004 (6.99%)
WST - Samoan tala1.6278 (11.27%)
XPF - CFP franc67.7591 (9.14%)
ZAR - South African rand9.2719 (7.21%)
Mon May 20, 2019 22:05 AEST
Travelex Online Exchange Rates - % margins to midrate
 

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 FinTech partners.

 

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.

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.

Get a Better FX Deal when you Send and Spend Abroad.

 

 

Further Reading

 

Fintechs vs. Banks: Remittance War Rages On as FX Costs Slashed for Millions

For many currency routes, FX costs have been slashed in recent years by a number of industry-disrupting fintechs, allowing such firms to slice great chunks from the banking sector’s lucrative remittance markets. Banks are fighting back, though, by developing low-cost, digital offerings of their own.

Last update: 19 May, 2019

Aussie Dollar Might Reach 10-Year Low of 65¢ After Decline Accelerates

The Australian dollar is now worth only 68.6¢ after another week of heavy losses, and now one senior analyst has predicted exchange rates in the “mid-60s” this year – rates not seen since 2009.

Posted: 18 May, 2019

WorldFirst add Hong Kong Dollar and Chinese Yuan to World Accounts

WorldFirst add Hong Kong Dollar and Chinese Yuan to World Accounts

World Accounts now let your business collect funds and pay local suppliers in HKD or make payments to offshore CNY (CNH) accounts in China.

Last update: 16 May, 2019

  

Tags: Banks, General, Transfers , , ,

   

Get a Better FX Deal when you Send and Spend Abroad.

 

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