In this article we take a look at Australia Post exchange rates and foreign currency services. Getting your travel money from the local Auspost branch is convenient but with a little planning (and ordering online) you can also save money for your next trip abroad.
Australia Post Exchange Rates – How do they Compare?
Australia Post branches are a one stop shop, providing tons of helpful services to help you prep for an overseas trip. Australia Post provides foreign currency exchange, travel money cards, traveller’s cheques and foreign money transfer to bank accounts or cash pickup. You can also get international travel insurance from Australia Post, international mobile SIMs and they can hold or redirect your mail until you get back from your trip.
Australia Post Currency Exchange Rates vs the Banks
The below live travel money comparison table shows how much you could save on your next travel money purchase by ordering online for Auspost pickup vs the Average Bank Rate. This example shows you the situation where you want to change $AUD 2,000 for foreign cash, note the margins are compared to the current market mid-rate.
Australia Post Exchange Rates – Savings Tip – Order Travel Cash Online for Better Currency Rates
Auspost provides an extensive and convenient branch network for people who prefer to do their foreign exchange in person. This “Australia Post Exchange Rates convenience” comes at a cost with higher exchange rate margins, however, these can be minimised by pre-ordering your foreign cash online for pickup at the Auspost branch or another convenient location.
You can order online currency from various providers to pick up at Australia Post, we recommend ordering from Travelex Online who have some of the best online travel money rates available in Australia. The important thing to know here is that you can get better rates online than available in branch.
To prove this point, the author went to his local AusPost branch to check the Australia Post Exchange Rates available in branch versus ordering online for pick-up at the very same branch.
For this trip, I would need 500 of each US dollars, Euros, British Pounds, NZ Dollars and 50,000 of Japanese Yen.
As you can see from the table below I would save around 3% by ordering online (note exchange rates were valid for 21st July, 2018).
Save money for your trip by ordering your foreign cash online from Travelex, you can still pickup your money in person at any AusPost branch.
Remember at the Travelex checkout you can request free home delivery or to pickup your foreign cash at your local Post Office branch. Note a $10 collection fee applies for Australia Post foreign currency collections or Travelex home delivery orders that are under $AUD1,000.
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.
For bank to bank transfers, it is always better to use a FX specialist.
General advice: The information on this site is of a general nature only. It does not take your specific needs or circumstances into consideration. You should look at your own personal situation and requirements before making any legal, accounting or financial decisions. The foreign exchange rates and products compared on this page and website are chosen from a range of products that bestexchangerates.com (BER) has access to and are not
representative of all the products available in the market.
We may receive referral fees in relation to your activity on the BER website however this doesn't affect the exchange rates or fees you are charged.
The use of terms "Best" and "Top" are not product ratings and are subject to our disclaimer.