What is the
best Business Send Money conversion rate for GBP to AUD?
As Business exchange rates can vary
significantly between banks and also between currency exchange providers,
it's therefore important to carefully compare
British pound (GBP) to Australian dollar (AUD) rates from different sources before making a conversion.
The above
Post Office - Business Sterling to Aussie comparison table
makes it easy to compare the Total Fees (both variable and fixed) you are being charged by
Post Office and other foreign exchange providers against the latest GBP-AUD mid-rate and the possible savings of using various providers.
How do Post Office GBP-AUD rates compare between providers?
The next best is Wise at 2.0461, -0.45% from the mid-rate.
Then XE at 2.043, which is -0.6% from the mid-rate.
The Western Union rate is 2.0348 which is -1% from the mid-rate.
Among the banks the Lloyds Bank rate is 1.9486 at -5.2% the Royal Bank of Scotland rate is 1.9609 at -4.6% and the Barclays Bank rate is 1.9834 at -3.5% compared to the mid-rate 2.0553.
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 Post Office or platforms that offer rates closer to the mid-market rate.