Sending money abroad with AusPost
Australia Post is an agent for Western Union, as such all the exchange rates and fees you will get from a visit to an Auspost branch to send money overseas will be those of Western Union.
Western Union are really only a good option if you are in a rush or you and/or the recipient do not have bank accounts.
BestExchangeRates recommends:
- For bank to bank transfers, it is always better to use a FX specialist.
- Consider much cheaper and better options such as OFX.
- Find the best provider and rates for your destination currency and amount with our comparison calculator.
What is the best Business Send Money conversion rate for AUD to MYR?
The best Business AUD to MYR exchange rate is 2.8459 from Wise. This is -0.44% compared to the mid-market rate 2.8586.
As Business exchange rates can vary significantly between banks and also between currency exchange providers, it's therefore important to carefully compare Australian dollar (AUD) to Malaysian ringgit (MYR) rates from different sources before making a conversion.
The above Australia Post - Business Aussie to Ringgit comparison table makes it easy to compare the Total Fees (both variable and fixed) you are being charged by Australia Post and other foreign exchange providers against the latest AUD-MYR mid-rate and the possible savings of using various providers.
How do Australia Post AUD-MYR rates compare between providers?
Looking at the full AUD to MYR - Send Money comparison table the provider with the best Business AUD to MYR exchange rate is Wise at 2.8459, -0.44% from the latest mid-market rate 2.8586.
The next best is OFX at 2.8443, -0.5% from the mid-rate.
Then XE at 2.8414, which is -0.6% from the mid-rate.
The Western Union rate is 2.8157 which is -1.5% from the mid-rate.
Among the banks the Commonwealth Bank rate is 2.5605 at -10.4% and the ING Bank rate is 2.5891 at -9.4% compared to the mid-rate 2.8586.
It's important to note that exchange rates also fluctuate frequently due to market conditions. Additionally, banks and foreign exchange providers often apply a margin to the exchange rate, resulting in a less favorable rate for customers compared to the mid-market rate. For more competitive rates, you might consider using a specialized currency exchange service like Australia Post or platforms that offer rates closer to the mid-market rate.