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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 dirham2.4473 (5.67%)2.4331 (6.28%)
ARS - Argentine peso29.22 (2.29%)
BRL - Brazilian real2.4352 (7.94%)
CAD - Canadian dollar0.8741 (5.57%)0.8736 (5.63%)
CHF - Swiss franc0.6537 (5.64%)0.6533 (5.71%)
CLP - Chilean peso448.79 (8.03%)
CNY - Chinese yuan4.5842 (5.68%)4.5575 (6.3%)
CZK - Czech Republic koruna15.17 (5.67%)14.84 (8.02%)
DKK - Danish krone4.4351 (5.66%)4.4327 (5.71%)
EUR - Euro0.5941 (5.64%)0.5969 (5.14%)
FJD - Fijian dollar1.4286 (4.57%)1.4027 (6.5%)
GBP - British pound sterling0.5337 (5.66%)0.5363 (5.15%)
HKD - Hong Kong dollar5.2039 (5.67%)5.2116 (5.51%)
HRK - Croatian kuna4.2917 (8.04%)
HUF - Hungarian forint193.15 (5.67%)188.97 (8.01%)
IDR - Indonesian rupiah9257.85 (6.07%)9057.23 (8.42%)
ILS - Israeli New Sheqel2.35 (5.69%)2.2991 (8.02%)
INR - Indian rupee46.22 (5.02%)
JPY - Japanese yen71.86 (5.64%)72.2 (5.14%)
KRW - South Korean won783.13 (5.8%)766.16 (8.14%)
KWD - Kuwaiti dinar0.2028 (5.62%)0.1984 (7.96%)
LBP - Lebanese pound1003.28 (5.82%)
LKR - Sri Lankan rupee117.11 (5.72%)114.57 (8.06%)
MUR - Mauritian rupee23.82 (6.13%)23.3 (8.5%)
MXN - Mexican peso12.43 (7.96%)
MYR - Malaysian ringgit2.7234 (6.31%)
NOK - Norwegian krone5.7328 (5.64%)5.7298 (5.69%)
NPR - Nepalese rupee67.62 (14.79%)
NZD - New Zealand dollar0.9957 (4.43%)0.991 (4.92%)
OMR - Omani rial0.2566 (5.65%)0.251 (8.01%)
PGK - Papua New Guinean kina2.2424 (6.44%)
PHP - Philippine peso33.84 (6.32%)33.11 (8.67%)
PLN - Polish zloty2.5229 (5.64%)2.4682 (7.99%)
QAR - Qatari rial2.3739 (8.01%)
SAR - Saudi riyal2.499 (5.67%)2.4448 (8.01%)
SBD - Solomon Islands dollar5.2582 (10.75%)5.0534 (15.24%)
SEK - Swedish krona6.2695 (5.61%)6.2662 (5.66%)
SGD - Singapore dollar0.9065 (5.66%)0.906 (5.72%)
THB - Thai baht20.56 (5.64%)20.45 (6.21%)
TOP - Tongan paanga1.4138 (12.94%)
TRY - Turkish lira3.7856 (5.68%)3.7036 (8.02%)
TWD - New Taiwan dollar20.24 (8%)
USD - U.S. dollar0.6664 (5.64%)0.6731 (4.59%)
VND - Vietnamese Dong15408.76 (6.39%)15034.12 (9.04%)
VUV - Vanuatu vatu74.78 (7.65%)71.87 (12.01%)
WST - Samoan tala1.6496 (12.23%)
XPF - CFP franc71.77 (4.35%)68.98 (8.57%)
ZAR - South African rand9.2346 (5.61%)9.1809 (6.22%)
Tue Jul 23, 2019 4:05 AEST
CBA Exchange Rates - % margins to midrate
 
ANZ , 1AUD=Foreign TransfersTravel Money
AED - UAE dirham2.5073 (3.14%)2.5073 (3.14%)
BDT - Bangladeshi Taka56.706 (4.93%)
CAD - Canadian dollar0.8921 (3.44%)0.8921 (3.44%)
CHF - Swiss franc0.671 (2.92%)0.671 (2.92%)
CNY - Chinese yuan4.6647 (3.86%)
CZK - Czech Republic koruna15.5496 (3.09%)
DKK - Danish krone4.547 (3.06%)4.547 (3.06%)
EUR - Euro0.6065 (3.48%)0.6065 (3.48%)
FJD - Fijian dollar1.4603 (2.3%)1.4603 (2.3%)
GBP - British pound sterling0.5435 (3.75%)0.5435 (3.75%)
HKD - Hong Kong dollar5.335 (3.07%)5.335 (3.07%)
HUF - Hungarian forint197.7864 (3.2%)
ILS - Israeli New Sheqel2.4172 (2.75%)
INR - Indian rupee46.697 (3.95%)
JPY - Japanese yen73.57 (3.18%)73.57 (3.18%)
KRW - South Korean won790.7186 (4.78%)
KWD - Kuwaiti dinar0.2063 (3.83%)
LKR - Sri Lankan rupee119.389 (3.7%)
MUR - Mauritian rupee24.39 (3.65%)
MXN - Mexican peso13.0005 (3.23%)
MYR - Malaysian ringgit2.7672 (4.63%)
NOK - Norwegian krone5.862 (3.31%)
NZD - New Zealand dollar1.0114 (2.81%)1.0114 (2.81%)
OMR - Omani rial0.2596 (4.43%)
PGK - Papua New Guinean kina2.0028 (19.17%)1.9327 (23.49%)
PHP - Philippine peso34.57 (4.08%)
PLN - Polish zloty2.5893 (2.94%)
QAR - Qatari rial2.4868 (3.1%)
SAR - Saudi riyal2.562 (3.07%)
SBD - Solomon Islands dollar5.3082 (9.71%)
SEK - Swedish krona6.409 (3.31%)
SGD - Singapore dollar0.929 (3.1%)0.929 (3.1%)
THB - Thai baht20.995 (3.45%)20.995 (3.45%)
TOP - Tongan paanga1.5311 (4.28%)
TRY - Turkish lira3.8349 (4.32%)
USD - U.S. dollar0.6832 (3.04%)0.6832 (3.04%)
VUV - Vanuatu vatu76.5184 (5.2%)
WST - Samoan tala1.718 (7.76%)
XPF - CFP franc71.053 (5.4%)
ZAR - South African rand9.4145 (3.59%)9.4145 (3.59%)
Tue Jul 23, 2019 4:05 AEST
ANZ Exchange Rates - % margins to midrate
 
NAB , 1AUD=Foreign Transfers
AED - UAE dirham2.4516 (5.48%)
BDT - Bangladeshi Taka56.3 (5.68%)
BHD - Bahraini dinar0.2541 (4.49%)
CAD - Canadian dollar0.8834 (4.46%)
CHF - Swiss franc0.6618 (4.35%)
CNY - Chinese yuan4.6224 (4.81%)
CZK - Czech Republic koruna15.32 (4.63%)
DKK - Danish krone4.4869 (4.44%)
EUR - Euro0.601 (4.43%)
FJD - Fijian dollar1.4047 (6.35%)
GBP - British pound sterling0.5402 (4.39%)
HKD - Hong Kong dollar5.2699 (4.35%)
HRK - Croatian kuna4.4398 (4.43%)
HUF - Hungarian forint195.48 (4.41%)
IDR - Indonesian rupiah9515 (3.2%)
ILS - Israeli New Sheqel2.3788 (4.41%)
INR - Indian rupee47.05 (3.17%)
JPY - Japanese yen72.78 (4.3%)
KES - Kenyan shilling69.67 (4.69%)
KWD - Kuwaiti dinar0.2047 (4.64%)
LKR - Sri Lankan rupee118.44 (4.53%)
MAD - Moroccan Dirham6.4731 (4.39%)
MUR - Mauritian rupee24.12 (4.81%)
MXN - Mexican peso12.86 (4.35%)
NOK - Norwegian krone5.7926 (4.55%)
NZD - New Zealand dollar0.995 (4.5%)
OMR - Omani rial0.2596 (4.43%)
PGK - Papua New Guinean kina2.2345 (6.81%)
PHP - Philippine peso34.37 (4.68%)
PKR - Pakistani rupee105.93 (6.12%)
PLN - Polish zloty2.547 (4.64%)
QAR - Qatari rial2.4567 (4.37%)
SAR - Saudi riyal2.5306 (4.35%)
SBD - Solomon Islands dollar5.1988 (12.01%)
SEK - Swedish krona6.3439 (4.37%)
SGD - Singapore dollar0.9173 (4.42%)
THB - Thai baht21.05 (3.18%)
TOP - Tongan paanga1.4975 (6.62%)
USD - U.S. dollar0.6748 (4.33%)
VUV - Vanuatu vatu75.07 (7.23%)
WST - Samoan tala1.7075 (8.43%)
XPF - CFP franc70.67 (5.97%)
ZAR - South African rand9.3369 (4.45%)
Tue Jul 23, 2019 4:05 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 dirham2.5447 (1.62%)
BND - Brunei dollar0.9144 (3.99%)
CAD - Canadian dollar0.909 (1.52%)
CHF - Swiss franc0.6794 (1.65%)
CNY - Chinese yuan4.6732 (3.67%)
CZK - Czech Republic koruna15.7755 (1.61%)
DKK - Danish krone4.6062 (1.73%)
EUR - Euro0.6183 (1.5%)
FJD - Fijian dollar1.4512 (2.94%)
GBP - British pound sterling0.5562 (1.38%)
HKD - Hong Kong dollar5.398 (1.87%)
HUF - Hungarian forint200.1295 (2%)
IDR - Indonesian rupiah9472.4134 (3.66%)
ILS - Israeli New Sheqel2.4381 (1.87%)
INR - Indian rupee47.3028 (2.62%)
JPY - Japanese yen74.6621 (1.66%)
KRW - South Korean won796.6858 (4%)
KWD - Kuwaiti dinar0.2102 (1.9%)
LKR - Sri Lankan rupee119.2569 (3.82%)
MAD - Moroccan Dirham6.5031 (3.9%)
MGA - Malagasy ariary2447.7097 (3.76%)
MXN - Mexican peso13.2104 (1.59%)
MYR - Malaysian ringgit2.8175 (2.76%)
NOK - Norwegian krone5.9513 (1.76%)
NZD - New Zealand dollar1.0242 (1.5%)
OMR - Omani rial0.2665 (1.73%)
PEN - Peruvian Nuevo sol2.2422 (3.14%)
PGK - Papua New Guinean kina2.285 (4.45%)
PHP - Philippine peso34.7686 (3.48%)
PKR - Pakistani rupee105.8541 (6.19%)
PLN - Polish zloty2.6289 (1.37%)
SAR - Saudi riyal2.5578 (3.24%)
SBD - Solomon Islands dollar5.021 (15.98%)
SCR - Seychellois rupee8.819 (9.72%)
SEK - Swedish krona6.5072 (1.74%)
SGD - Singapore dollar0.9415 (1.73%)
THB - Thai baht21.3523 (1.72%)
TOP - Tongan paanga1.4264 (11.94%)
TRY - Turkish lira3.9233 (1.97%)
TWD - New Taiwan dollar20.9925 (4.13%)
USD - U.S. dollar0.6946 (1.35%)
VND - Vietnamese Dong15303.5808 (7.12%)
VUV - Vanuatu vatu73.5898 (9.39%)
WST - Samoan tala1.6638 (11.28%)
XOF - West African franc403.8527 (1.94%)
XPF - CFP franc71.7749 (4.34%)
ZAR - South African rand9.5971 (1.63%)
Tue Jul 23, 2019 4:05 AEST
OFX Exchange Rates - % margins to midrate
 
Travelex , 1AUD=Travel Money
AED - UAE dirham2.3737 (8.94%)
ARS - Argentine peso8.377 (256.81%)
ARS - Argentine peso27.2681 (9.62%)
BHD - Bahraini dinar0.2328 (14.05%)
BND - Brunei dollar0.8879 (7.1%)
BRL - Brazilian real2.3839 (10.26%)
CAD - Canadian dollar0.8502 (8.54%)
CHF - Swiss franc0.6407 (7.79%)
CLP - Chilean peso437.8816 (10.72%)
CNY - Chinese yuan4.4728 (8.31%)
CZK - Czech Republic koruna14.4744 (10.75%)
DKK - Danish krone4.3251 (8.34%)
EGP - Egyptian pound11.4662 (2.04%)
EGP - Egyptian pound9.8151 (19.2%)
EUR - Euro0.6022 (4.22%)
FJD - Fijian dollar1.3744 (8.69%)
GBP - British pound sterling0.5412 (4.19%)
HKD - Hong Kong dollar5.1433 (6.91%)
HRK - Croatian kuna4.1814 (10.89%)
HUF - Hungarian forint184.144 (10.84%)
IDR - Indonesian rupiah9060.9742 (8.38%)
ILS - Israeli New Sheqel2.2381 (10.97%)
INR - Indian rupee41.7649 (16.22%)
ISK - Icelandic krona72.7747 (20.65%)
JPY - Japanese yen71.6851 (5.89%)
KRW - South Korean won747.3602 (10.86%)
KWD - Kuwaiti dinar0.1929 (11.04%)
LKR - Sri Lankan rupee110.3764 (12.17%)
MAD - Moroccan Dirham5.8287 (15.93%)
MOP - Macanese pataca4.8878 (15.87%)
MUR - Mauritian rupee22.7156 (11.29%)
MXN - Mexican peso12.0845 (11.05%)
MYR - Malaysian ringgit2.673 (8.32%)
NOK - Norwegian krone5.5784 (8.56%)
NPR - Nepalese rupee62.9966 (23.21%)
NZD - New Zealand dollar1.0052 (3.44%)
OMR - Omani rial0.2448 (10.74%)
PGK - Papua New Guinean kina2.1533 (10.84%)
PHP - Philippine peso32.8461 (9.54%)
PKR - Pakistani rupee99.6885 (12.76%)
PLN - Polish zloty2.4081 (10.68%)
QAR - Qatari rial2.3109 (10.95%)
RUB - Russian ruble38.2017 (16.25%)
SAR - Saudi riyal2.4492 (7.82%)
SBD - Solomon Islands dollar4.9105 (18.59%)
SEK - Swedish krona6.0936 (8.66%)
SGD - Singapore dollar0.8884 (7.81%)
THB - Thai baht19.9904 (8.65%)
TOP - Tongan paanga1.4083 (13.38%)
TRY - Turkish lira3.5845 (11.61%)
TWD - New Taiwan dollar19.7526 (10.67%)
USD - U.S. dollar0.685 (2.77%)
VND - Vietnamese Dong13845.9958 (18.4%)
VUV - Vanuatu vatu72.6227 (10.85%)
WST - Samoan tala1.6421 (12.75%)
XPF - CFP franc68.809 (8.84%)
ZAR - South African rand9.0494 (7.77%)
Tue Jul 23, 2019 4:05 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

 

Facebook’s Libra Is Not the Game Changer That’s Being Promised

Enthusiasts would have us believe that Facebook’s own digital currency, Libra, will instantly revolutionize the remittance industry upon its release in 2020 — except it won’t. A harsher reality awaits, with conversion costs, capital gains taxes and a lack of Libra-priced goods all likely to limit its appeal.

Last update: 6 Jul, 2019

Australia Cuts Interest Rates to Record Low

RBA Australian dollar AUD currency news and forecasts

The RBA has cut Australian interest rates to a record low of 1 percent in an effort to boost inflation. The Australian dollar is slightly stronger following the widely expected decision but is expected to lose 5–7 percent of its value before year-end.

Last update: 2 Jul, 2019

GBP’s Bright Start to the Year Is a Distant Memory

The British pound was the worst-performing major currency in the April-June period and remains “impossible to forecast” amid a Tory leadership battle that might force “no deal” or a general election.

Last update: 30 Jun, 2019

  

Posted to: Banks General Transfers

 
   

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

 

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