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    ANZ Bank Exchange Rates Compared

    In this article we take a look at ANZ Bank exchange rates and focus on how ANZ foreign exchange services compare to the best available.

    Review Updated: Mar 25, 2022


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    ANZ Bank - Latest AUD exchange rates (& margins)

    ANZ Exchange Rates - Click Rates to Compare (% margins to midrate)
     
     

    ANZ Bank Exchange Rates Guide – Are ANZ customers getting a good deal?

    If you are a customer of ANZ and are using ANZ Internet Banking to send money abroad then you should definitely read on where you will learn about:

     

    How do ANZ Bank Exchange Rates Compare?

    Loading rates...

    ProviderAmountsRateTotal Cost
       
       
       
       
    Foreign Transfers Table - ANZ Compared
     

     

    The key benefit that your bank offers to it’s existing customers, is the knowledge that you are transferring with a familiar brand. They already have all your details so there will be no need to complete any additional forms or undergo any further customer verification or security checks. With that in mind, if you are making a one-off international money transfer, where the amount to be exchanged is sufficiently low for the difference in cost to be acceptable to you, then going with your bank could be the way to go for you.

    If, however, you are making a substantial or intend to make regular international money transfers, then securing the lowest exchange rate ongoing, will be more critical, as will expertise in the foreign exchange market. The FX specialists that we list on our site are registered and regulated organisations with a strong history of servicing the Foreign transfer and Travel money market.

    An FX specialist has resoures that are dedicated to foreign transfers so they will likely be able to offer you advice and guidance as to the type of contract (for example a Spot or Forward contract) that would best suit your situation.

    ANZ Travel Money

    Note as of October 2021 ANZ Bank no longer buys and sells foreign currency in Australia.

    ANZ advertised IMT rates extra “Timer Margin” for Internet Banking

    From time to time we perform BER Rate Checks to ensure the advertised rates for Banks and Brokers are accurate.

    Results for the ANZ Bank BER Rate Check

    The below check was run for ANZ Internet Banking International Money Transfers (IMT) Rates (fx rates advertised at anz.com) on 28/04/2015 and 4/5/2015 (AUD exchange rates).

    The rates on both dates and for all currencies were worse than those advertised by ANZ for IMT.

    * Note these Advertised IMT Rates already include a margin of between 5% to 6% depending on the currency (from the inter-bank mid-market rate).

    28/04/2015 Advertised IMT Rate * Online Banking Rate Difference
    USD 0.7543 0.7515 -0.37%
    GBP 0.4939 0.4907 -0.65%
    EUR 0.6909 0.6825 -1.22%
    CAD 0.9115 0.9060 -0.60%
    NZD 0.9934 0.9846 -0.89%
    HKD 5.8460 5.8031 -0.73%
    PHP 33.340 32.790 -1.65%
    INR 47.777 47.07 -1.48%
    04/05/2015 Advertised IMT Rate * ANZ Online Banking Difference
    USD 0.7507 0.7477 -0.40%
    GBP 0.4943 0.4905 -0.77%
    EUR 0.6679 0.6603 -1.14%
    NZD 1.0035 0.9934 -1.01%
    HKD 5.8190 5.7767 -0.73%
    PHP 33.481 32.900 -1.74%
    INR 47.827 46.93 -1.88%

    BER contacted the ANZ bank to discover the reason for this inconsistency, as incorrect rates will affect the bank positions in the BER comparison table. Please see their response in the comments below.

    Feedback@anz.com says:

    My understanding of your concern is
    You run a website which involves publishing ANZ’s foreign exchange rates. However, you have received notice from a number of your customers stating there is a discrepancy between the rate advertised on our ANZ website and the rate provided when they complete a transfer via their Internet Banking account.

    You are seeking an explanation to the discrepancy and for feedback to be provided.

    What we’ve done about this
    I have investigated your concerns with our International Team who confirms the rate advertised on ANZ.com is a set rate. However, for Internet Banking customers ANZ offers a dynamic rate which changes every few seconds. When completing international transfers online customers are provided ten minutes to lock the rate in.

    The feedback provided by you has been forwarded to management for internal review.

    Please accept our sincerest apologies for any inconvenience this may have caused you.

    BER Team says:

    thanks for getting back to us with those details. So we understand that the additional margin being applied to the ANZ Internet Banking exchange rates is a “Timer Margin” to allow for possible exchange rate volatility during the 10 minute timer. This period is to allow the customer to enter the transfer details, beneficiary details etc.

    However we would have thought that part of the justification for the on average 5% or 6% margin you are already charging on the exchange rates (from the market mid-rate) would be to cover this volatility?

    We understand that this is probably difficult for you to change easily however these additional “timer margins” applied to your advertised IMT rates affect ANZ’s ranking in the BER comparison table.

    We will need to apply additional margins to your advertised rates to take these extra margins into account.

    The Main Points:

    • ANZ provides extensive foreign exchange services including foreign transfers and holiday money. FX specialists generally specialise in Foreign Transfers or Travel money;
    • Products available both in-branch and online via their online banking platform. FX specialists will have a stronger online presence but you will be able to talk to a dedicated Foreign Transfer specialist, and for regular or large transfers, you may have an account manager;
    • ANZ Bank exchange rates are generally poor compared to using an FX specialist.
    • Bad exchange rates need to be weighed up against ease of use.
    • On occasion ANZ can offer very good rates especially for Asia currencies.
     

    Disclaimer: Please note any provider recommendations, currency forecasts or any opinions of our authors should not be taken as a reference to buy or sell any financial product.