Loading...
Best Exchange Rates

Home pages - full list (A-Z)

  •  

Comparing your Australian Bank Exchange Rates

 

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

Foreign Transfers - Best Rates vs Commonwealth Bank Commonwealth Bank (CBA) logo

Foreign Transfer Providers
Ratings & Reviews
Receive USD($)Exchange RateFee AUDTotal CostTransfer ServicesTransfer SpeedDeal Links
 
OFX (OzForex) logo
7,067 USD0.70670^0.84%Bank Transfers - Online & Phone1-2 days
 
TorFX logo
7,064 USD0.706400.88%Bank Transfers - Online & Phone1-2 days
 
ANZ Bank logo
6,894.57 USD0.6907183.26%Online, Branch, Bank Transfers2-3 days
BankSA International Money Transfers
BankSA logo
6,864.24 USD0.687820.013.69%Online, Branch, Bank Transfers2-3 days
Bank of Melbourne International Money Transfers
Bank of Melbourne logo
6,863.56 USD0.6878213.7%Online, Branch, Bank Transfers2-3 days
 
Bank of Queensland logo
6,857.37 USD0.6878303.78%Online, Branch, Bank Transfers2-3 days
Banks - Average Rate
National Australia Bank (nab) logo Westpac logo ANZ Bank logo Commonwealth Bank (CBA) logo St George Bank logo Bank of Queensland logo Bank of Melbourne logo BankSA logo
6,815 USD0.6829154.37%Online, Branch, Bank Transfers2-3 days
 
National Australia Bank (nab) logo
6,806.99 USD0.6822224.49%Online, Branch, Bank Transfers2-3 days
 
Commonwealth Bank (CBA) logo
6,764.94 USD0.67696 5.08%Online, Branch, Bank Transfers2-3 days
 
St George Bank logo
6,748.48 USD0.6762205.31%Online, Branch, Bank Transfers2-3 days
 
Westpac logo
6,722.53 USD0.6736205.68%Online, Branch, Bank Transfers2-3 days
OFX (OzForex): Foreign Transfer AUD→USD
AUD amount:$10,000 AUD
Fee:0^ - No fees for BestExchangeRates users (normally $15 for transfers over $10K)
Exchange Rate:0.7067 (0.84% from mid-rate)
USD amount:7,067 USD
Total Cost:0.84%
Time:
Rate Fetched: Tue Jan 22 2019 08:00:05 GMT+0000 (UTC)
Transfer Speed:1-2 days
Services:Bank Transfers - Online & Phone
Rating:
 
: 4.8/5.0
Reviews:
TorFX: Foreign Transfer AUD→USD
AUD amount:$10,000 AUD
Fee:0
Exchange Rate:0.7064 (0.88% from mid-rate)
USD amount:7,064 USD
Total Cost:0.88%
Difference:
$3 less than using OFX (OzForex)
Time:8:35 Local
Transfer Speed:1-2 days
Services:Bank Transfers - Online & Phone
Rating:
 
: 4.7/5.0
Reviews:
ANZ Bank: Foreign Transfer AUD→USD
AUD amount:$10,000 AUD
Fee:18
Exchange Rate:0.6907 (3.09% from mid-rate)
USD amount:6,894.57 USD
Total Cost:3.26%
Difference:
$172 less than using OFX (OzForex)
Time:
Rate Fetched: website - Tue Jan 22 2019 08:03:03 GMT+0000 (UTC)
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
Rating:
 
: 3/5.0
Reviews:
BankSA: Foreign Transfer AUD→USD
AUD amount:$10,000 AUD
Fee:20.01
Exchange Rate:0.6878 (3.49% from mid-rate)
USD amount:6,864.24 USD
Total Cost:3.69%
Difference:
$203 less than using OFX (OzForex)
Time:
Rate Fetched: website - 8:35 Local
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
Rating:
: /5.0
Reviews:
Bank of Melbourne: Foreign Transfer AUD→USD
AUD amount:$10,000 AUD
Fee:21
Exchange Rate:0.6878 (3.49% from mid-rate)
USD amount:6,863.56 USD
Total Cost:3.7%
Difference:
$203 less than using OFX (OzForex)
Time:
Rate Fetched: website - 8:35 Local
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
Rating:
: /5.0
Reviews:
Bank of Queensland: Foreign Transfer AUD→USD
AUD amount:$10,000 AUD
Fee:30
Exchange Rate:0.6878 (3.49% from mid-rate)
USD amount:6,857.37 USD
Total Cost:3.78%
Difference:
$210 less than using OFX (OzForex)
Time:
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
Rating:
 
: 3/5.0
Reviews:
 

Banks - Average Rate
National Australia Bank (nab) logo Westpac logo ANZ Bank logo Commonwealth Bank (CBA) logo St George Bank logo Bank of Queensland logo Bank of Melbourne logo BankSA logo

Foreign Transfer AUD→USD
AUD amount:$10,000 AUD
Fee:15
Exchange Rate:0.7007 (1.68% from mid-rate)
USD amount:6,815 USD
Total Cost:4.37%
Difference:
$252 less than using OFX (OzForex)
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
National Australia Bank (nab): Foreign Transfer AUD→USD
AUD amount:$10,000 AUD
Fee:22
Exchange Rate:0.6822 (4.28% from mid-rate)
USD amount:6,806.99 USD
Total Cost:4.49%
Difference:
$260 less than using OFX (OzForex)
Time:
Rate Fetched: website - Tue Jan 22 2019 08:05:02 GMT+0000 (UTC)
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
Rating:
 
: 2.1/5.0
Reviews:
Commonwealth Bank (CBA): Foreign Transfer AUD→USD
AUD amount:$10,000 AUD
Fee:6
Exchange Rate:0.6769 (5.02% from mid-rate)
USD amount:6,764.94 USD
Total Cost:5.08%
Difference:
$302 less than using OFX (OzForex)
Time:
Rate Fetched: website - Tue Jan 22 2019 08:02:01 GMT+0000 (UTC)
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
Rating:
 
: 1.2/5.0
Reviews:
St George Bank: Foreign Transfer AUD→USD
AUD amount:$10,000 AUD
Fee:20
Exchange Rate:0.6762 (5.12% from mid-rate)
USD amount:6,748.48 USD
Total Cost:5.31%
Difference:
$319 less than using OFX (OzForex)
Time:
Rate Fetched: website - 8:35 Local
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
Rating:
 
: 1/5.0
Reviews:
Westpac: Foreign Transfer AUD→USD
AUD amount:$10,000 AUD
Fee:20
Exchange Rate:0.6736 (5.49% from mid-rate)
USD amount:6,722.53 USD
Total Cost:5.68%
Difference:
$344 less than using OFX (OzForex)
Time:
Rate Fetched: website - Tue Jan 22 2019 08:04:05 GMT+0000 (UTC)
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
Rating:
 
: 2/5.0
Reviews:
 
Sending a LARGER foreign transfer? Shop-around with multiple providers: Get Quotes
 

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

Travel Money - Best Rates vs National Australia Bank National Australia Bank (nab) logo

Travel Money Providers
Ratings & Reviews
Amount USD($)Exchange RateFee AUDTotal CostCurrency ServicesDelivery/CollectDeal Links
 
Travelex Online AU logo
696.50 USD
Value & Rating
0.6965$0 BPay, Card 0.72%-1%2.27%Online order, Branch pickup, Home delivery2-3 days
 
Travel Money Oz logo
696.30 USD
$0.2 less
0.6963$0 BPay, Credit Card 1%2.3%Online order, Branch pickup3-5 days
 
ANZ Bank logo
683.79 USD
$13 less
0.6907$104.06%Branch-
 
Commonwealth Bank (CBA) logo
678.25 USD
$18 less
0.6851$104.83%Branch-
Bank of Melbourne Foreign Currency
Bank of Melbourne logo
677.48 USD
$19 less
0.6878$154.94%Branch-
BankSA Foreign Currency
BankSA logo
677.48 USD
$19 less
0.6878$154.94%Branch-
Banks - Average Rate
Westpac logo ANZ Bank logo Commonwealth Bank (CBA) logo St George Bank logo National Australia Bank (nab) logo Bank of Melbourne logo BankSA logo
675.13 USD
$21 less
0.6834105.27%Branch-
 
St George Bank logo
674.13 USD
$22 less
0.6844$155.41%Branch-
 
National Australia Bank (nab) logo
667.95 USD
$29 less
0.6747106.28%Branch-
 
Westpac logo
666.86 USD
$30 less
0.6736$106.43%Branch-
Travelex Online AU: Travel Money AUD→USD
AUD amount:$1,000 AUD
Fee:$0 BPAY, 0.77% MasterCard debit, 0.94% MasterCard credit, 0.72% Visa debit and 1% Visa credit
Exchange Rate:0.6965 (2.27% from mid-rate)
USD amount:696.50 USD
Total Cost:2.27%
Time:
Rate Fetched: Tue Jan 22 2019 08:00:04 GMT+0000 (UTC)
Currency Services:Online order, Branch pickup, Home delivery
Delivery/Collect:2-3 days
Rating:
 
: 4.3/5.0
Reviews:
Travel Money Oz: Travel Money AUD→USD
AUD amount:$1,000 AUD
Fee:$0 BPay, Credit Card 1%
Exchange Rate:0.6963 (2.3% from mid-rate)
USD amount:696.30 USD
Total Cost:2.3%
Time:
Rate Fetched: Tue Jan 22 2019 08:00:06 GMT+0000 (UTC)
Currency Services:Online order, Branch pickup
Delivery/Collect:3-5 days
Rating:
 
: 4.2/5.0
Reviews:
ANZ Bank: Travel Money AUD→USD
AUD amount:$1,000 AUD
Fee:$10 AUD (1%)
Exchange Rate:0.6907 (3.09% from mid-rate)
USD amount:683.79 USD
Total Cost:4.06%
Time:
Rate Fetched: website - Tue Jan 22 2019 08:03:03 GMT+0000 (UTC)
Currency Services:Branch
Delivery/Collect:-
Rating:
 
: 3/5.0
Reviews:
Commonwealth Bank (CBA): Travel Money AUD→USD
AUD amount:$1,000 AUD
Fee:$10 AUD (1%)
Exchange Rate:0.6851 (3.87% from mid-rate)
USD amount:678.25 USD
Total Cost:4.83%
Time:
Rate Fetched: website - Tue Jan 22 2019 08:02:01 GMT+0000 (UTC)
Currency Services:Branch
Delivery/Collect:-
Rating:
 
: 1.2/5.0
Reviews:
Bank of Melbourne: Travel Money AUD→USD
AUD amount:$1,000 AUD
Fee:$15 AUD (Minimum fee)
Exchange Rate:0.6878 (3.49% from mid-rate)
USD amount:677.48 USD
Total Cost:4.94%
Time:
Rate Fetched: website - 8:35 Local
Currency Services:Branch
Delivery/Collect:-
Rating:
: /5.0
Reviews:
BankSA: Travel Money AUD→USD
AUD amount:$1,000 AUD
Fee:$15 AUD (Minimum fee)
Exchange Rate:0.6878 (3.49% from mid-rate)
USD amount:677.48 USD
Total Cost:4.94%
Time:
Rate Fetched: website - 8:35 Local
Currency Services:Branch
Delivery/Collect:-
Rating:
: /5.0
Reviews:
 

Banks - Average Rate
Westpac logo ANZ Bank logo Commonwealth Bank (CBA) logo St George Bank logo National Australia Bank (nab) logo Bank of Melbourne logo BankSA logo

Travel Money AUD→USD
AUD amount:$1,000 AUD
Fee:10
Exchange Rate:0.6774 (4.95% from mid-rate)
USD amount:675.13 USD
Total Cost:5.27%
Currency Services:Branch
Delivery/Collect:-
St George Bank: Travel Money AUD→USD
AUD amount:$1,000 AUD
Fee:$15 AUD (Minimum fee)
Exchange Rate:0.6844 (3.97% from mid-rate)
USD amount:674.13 USD
Total Cost:5.41%
Time:
Rate Fetched: website - 8:35 Local
Currency Services:Branch
Delivery/Collect:-
Rating:
 
: 1/5.0
Reviews:
National Australia Bank (nab): Travel Money AUD→USD
AUD amount:$1,000 AUD
Fee:10
Exchange Rate:0.6747 (5.33% from mid-rate)
USD amount:667.95 USD
Total Cost:6.28%
Time:
Rate Fetched: website - 8:35 Local
Currency Services:Branch
Delivery/Collect:-
Rating:
 
: 2.1/5.0
Reviews:
Westpac: Travel Money AUD→USD
AUD amount:$1,000 AUD
Fee:$10 AUD (1%)
Exchange Rate:0.6736 (5.49% from mid-rate)
USD amount:666.86 USD
Total Cost:6.43%
Time:
Rate Fetched: website - Tue Jan 22 2019 08:04:05 GMT+0000 (UTC)
Currency Services:Branch
Delivery/Collect:-
Rating:
 
: 2/5.0
Reviews:
 
Sending a LARGER foreign transfer? Shop-around with multiple providers: Get Quotes
 

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.

Related Posts


Category: Guides, Reviews Tags: ,


Do NOT follow this link or you will be banned from the site!