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Comparing Australian Bank 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 compare the 4 big Aussie banks rates for transfers and travel cash to two popular foreign exchange specialists, OFX for transfers and Travelex for travel money.

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 Australian 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 – the percentage margins for each rate are to the latest market midrate

CBA , 1AUD=Foreign TransfersTravel Money
AED - UAE dirham2.4235 (5.65%)2.4094 (6.27%)
BRL - Brazilian real3.4556 (8%)
CAD - Canadian dollar0.8937 (5.67%)0.8932 (5.73%)
CHF - Swiss franc0.6211 (5.7%)0.6208 (5.75%)
CLP - Chilean peso515.84 (8.07%)
CNY - Chinese yuan4.6024 (6.31%)
CZK - Czech Republic koruna15.55 (5.72%)15.21 (8.09%)
DKK - Danish krone4.3452 (5.67%)4.3429 (5.73%)
EUR - Euro0.5832 (5.66%)0.586 (5.15%)
FJD - Fijian dollar1.4648 (2.55%)1.4161 (6.08%)
GBP - British pound sterling0.528 (5.7%)0.5306 (5.18%)
HKD - Hong Kong dollar5.1137 (5.65%)5.111 (5.71%)
HRK - Croatian kuna4.3112 (8.04%)
HUF - Hungarian forint205.39 (5.74%)200.94 (8.08%)
IDR - Indonesian rupiah9493.5 (4.87%)9287.78 (7.2%)
ILS - Israeli New Sheqel2.2784 (5.72%)2.2291 (8.06%)
INR - Indian rupee49.65 (4.79%)
JPY - Japanese yen70.78 (5.68%)71.12 (5.17%)
KRW - South Korean won786.86 (5.67%)769.81 (8.01%)
KWD - Kuwaiti dinar0.2031 (5.66%)0.1987 (8%)
LBP - Lebanese pound993.37 (6.28%)
LKR - Sri Lankan rupee106.48 (21.64%)104.18 (24.32%)
MUR - Mauritian rupee26.1 (6.02%)25.53 (8.38%)
MXN - Mexican peso14.41 (8.33%)
MYR - Malaysian ringgit2.8044 (6.33%)
NOK - Norwegian krone6.1974 (5.76%)6.1941 (5.82%)
NPR - Nepalese rupee67.62 (23.1%)
NZD - New Zealand dollar1.0184 (4.37%)1.0104 (5.2%)
OMR - Omani rial0.254 (5.67%)0.2485 (8.01%)
PGK - Papua New Guinean kina2.2611 (6.28%)
PHP - Philippine peso32.4 (6.27%)31.7 (8.61%)
PLN - Polish zloty2.6026 (5.73%)2.5462 (8.07%)
QAR - Qatari rial2.3531 (7.86%)
SAR - Saudi riyal2.4746 (5.66%)2.421 (8%)
SBD - Solomon Islands dollar5.3293 (9.05%)5.0432 (15.24%)
SEK - Swedish krona6.1045 (5.68%)6.1013 (5.74%)
SGD - Singapore dollar0.9186 (5.66%)0.9181 (5.72%)
THB - Thai baht20.49 (5.61%)20.37 (6.23%)
TOP - Tongan paanga1.4254 (11.72%)
TWD - New Taiwan dollar18.97 (8.01%)
USD - U.S. dollar0.6599 (5.64%)0.6665 (4.59%)
VND - Vietnamese Dong15116.6 (6.85%)14749.07 (9.51%)
VUV - Vanuatu vatu76.95 (5.12%)72.82 (11.08%)
WST - Samoan tala1.6582 (11.68%)
XPF - CFP franc71.76 (2.48%)67.91 (8.29%)
ZAR - South African rand11.22 (5.7%)11.15 (6.37%)
Tue Jul 7, 2020 5:05 AEST
Commonwealth Bank Exchange Rates
 
ANZ , 1AUD=Foreign TransfersTravel Money
AED - UAE dirham2.4659 (3.83%)2.4659 (3.83%)
BDT - Bangladeshi Taka56.44 (4.73%)
CAD - Canadian dollar0.9104 (3.73%)0.9104 (3.73%)
CHF - Swiss franc0.634 (3.55%)0.634 (3.55%)
CNY - Chinese yuan4.7144 (3.78%)
CZK - Czech Republic koruna15.9106 (3.33%)
DKK - Danish krone4.45 (3.18%)4.45 (3.18%)
EUR - Euro0.5953 (3.51%)0.5953 (3.51%)
FJD - Fijian dollar1.4742 (1.9%)1.4742 (1.9%)
GBP - British pound sterling0.5376 (3.81%)0.5376 (3.81%)
HKD - Hong Kong dollar5.207 (3.76%)5.207 (3.76%)
HUF - Hungarian forint210.9632 (2.95%)
ILS - Israeli New Sheqel2.3074 (4.39%)
INR - Indian rupee49.808 (4.46%)
JPY - Japanese yen72.17 (3.64%)72.17 (3.64%)
KRW - South Korean won793.524 (4.78%)
KWD - Kuwaiti dinar0.2056 (4.38%)
LKR - Sri Lankan rupee124.167 (4.31%)
MUR - Mauritian rupee26.809 (3.21%)
MXN - Mexican peso15.0448 (3.76%)
MYR - Malaysian ringgit2.8359 (5.14%)
NOK - Norwegian krone6.352 (3.19%)
NZD - New Zealand dollar1.0311 (3.08%)1.0311 (3.08%)
OMR - Omani rial0.2553 (5.13%)
PGK - Papua New Guinean kina2.151 (11.72%)2.0757 (15.78%)
PHP - Philippine peso32.923 (4.58%)
PLN - Polish zloty2.6607 (3.42%)
QAR - Qatari rial2.4457 (3.78%)
SAR - Saudi riyal2.52 (3.76%)
SBD - Solomon Islands dollar5.3082 (9.49%)
SEK - Swedish krona6.244 (3.32%)
SGD - Singapore dollar0.937 (3.59%)0.937 (3.59%)
THB - Thai baht20.836 (3.86%)20.836 (3.86%)
TOP - Tongan paanga1.5393 (3.46%)
TRY - Turkish lira4.5824 (4.41%)
USD - U.S. dollar0.6719 (3.75%)0.6719 (3.75%)
VUV - Vanuatu vatu75.9247 (6.54%)
WST - Samoan tala1.7178 (7.8%)
XPF - CFP franc69.878 (5.24%)
ZAR - South African rand11.2745 (5.19%)11.2745 (5.19%)
Tue Jul 7, 2020 5:05 AEST
ANZ Bank Exchange Rates
 
NAB , 1AUD=Foreign Transfers
AED - UAE dirham2.436 (5.11%)
BDT - Bangladeshi Taka56.24 (5.1%)
BHD - Bahraini dinar0.2525 (4.08%)
CAD - Canadian dollar0.9074 (4.08%)
CHF - Swiss franc0.6293 (4.32%)
CNY - Chinese yuan4.685 (4.44%)
CZK - Czech Republic koruna15.74 (4.45%)
DKK - Danish krone4.4059 (4.21%)
EUR - Euro0.5913 (4.21%)
FJD - Fijian dollar1.4345 (4.72%)
GBP - British pound sterling0.5357 (4.18%)
HKD - Hong Kong dollar5.1962 (3.97%)
HRK - Croatian kuna4.4671 (4.27%)
HUF - Hungarian forint208.59 (4.12%)
IDR - Indonesian rupiah9780 (1.8%)
ILS - Israeli New Sheqel2.3176 (3.93%)
INR - Indian rupee50.45 (3.13%)
JPY - Japanese yen72.08 (3.77%)
KES - Kenyan shilling71.24 (4.31%)
KWD - Kuwaiti dinar0.2056 (4.38%)
LKR - Sri Lankan rupee124.38 (4.13%)
MAD - Moroccan Dirham6.4556 (4.17%)
MUR - Mauritian rupee26.52 (4.34%)
MXN - Mexican peso14.89 (4.84%)
NOK - Norwegian krone6.2806 (4.36%)
NZD - New Zealand dollar1.0332 (2.87%)
OMR - Omani rial0.258 (4.03%)
PGK - Papua New Guinean kina2.2837 (5.23%)
PHP - Philippine peso32.96 (4.46%)
PKR - Pakistani rupee109.47 (5.99%)
PLN - Polish zloty2.6345 (4.44%)
QAR - Qatari rial2.4406 (3.99%)
SAR - Saudi riyal2.5148 (3.97%)
SBD - Solomon Islands dollar5.3214 (9.21%)
SEK - Swedish krona6.1995 (4.06%)
SGD - Singapore dollar0.9323 (4.11%)
THB - Thai baht20.97 (3.2%)
TOP - Tongan paanga1.5033 (5.93%)
USD - U.S. dollar0.6705 (3.97%)
VUV - Vanuatu vatu75.47 (7.18%)
WST - Samoan tala1.7393 (6.47%)
XPF - CFP franc70.72 (3.99%)
ZAR - South African rand11.37 (4.31%)
Tue Jul 7, 2020 5:05 AEST
National Australia Bank Exchange Rates
 
Westpac Bank Exchange Rates
 

 

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 dirham2.5211 (1.57%)
BND - Brunei dollar0.922 (5.29%)
CAD - Canadian dollar0.9307 (1.48%)
CHF - Swiss franc0.646 (1.64%)
CNY - Chinese yuan4.7316 (3.42%)
CZK - Czech Republic koruna16.1758 (1.63%)
DKK - Danish krone4.5146 (1.72%)
EUR - Euro0.6074 (1.47%)
FJD - Fijian dollar1.4621 (2.76%)
GBP - British pound sterling0.5506 (1.36%)
HKD - Hong Kong dollar5.3069 (1.82%)
HUF - Hungarian forint213.6895 (1.65%)
IDR - Indonesian rupiah9740.4468 (2.23%)
ILS - Israeli New Sheqel2.3696 (1.66%)
INR - Indian rupee50.8903 (2.26%)
JPY - Japanese yen73.6237 (1.61%)
KRW - South Korean won796.1392 (4.46%)
KWD - Kuwaiti dinar0.2084 (2.98%)
LKR - Sri Lankan rupee124.5401 (4.01%)
MAD - Moroccan Dirham6.4913 (3.61%)
MGA - Malagasy ariary2576.9853 (4.16%)
MXN - Mexican peso15.3545 (1.66%)
MYR - Malaysian ringgit2.9023 (2.76%)
NOK - Norwegian krone6.4401 (1.79%)
NZD - New Zealand dollar1.0468 (1.55%)
OMR - Omani rial0.2608 (2.91%)
PEN - Peruvian Nuevo sol2.3938 (3.26%)
PGK - Papua New Guinean kina2.266 (6.07%)
PHP - Philippine peso33.2679 (3.49%)
PKR - Pakistani rupee111.5974 (3.99%)
PLN - Polish zloty2.7145 (1.38%)
SAR - Saudi riyal2.533 (3.24%)
SBD - Solomon Islands dollar5.1016 (13.93%)
SCR - Seychellois rupee11.2477 (9.09%)
SEK - Swedish krona6.3387 (1.8%)
SGD - Singapore dollar0.9546 (1.7%)
THB - Thai baht21.3222 (1.54%)
TOP - Tongan paanga1.4376 (10.79%)
TRY - Turkish lira4.7065 (1.67%)
TWD - New Taiwan dollar19.658 (4.28%)
USD - U.S. dollar0.6883 (1.29%)
VND - Vietnamese Dong15163.2393 (6.53%)
VUV - Vanuatu vatu73.5186 (10.04%)
WST - Samoan tala1.6722 (10.76%)
XOF - West African franc387.8515 (4.24%)
XPF - CFP franc70.95 (3.66%)
ZAR - South African rand11.6718 (1.61%)
Tue Jul 7, 2020 5:05 AEST
OFX Exchange Rates - % margins to midrate
 
Travelex , 1AUD=Travel Money
AED - UAE dirham2.3084 (10.92%)
ARS - Argentine peso8.377 (489.35%)
ARS - Argentine peso35.5073 (39.04%)
BHD - Bahraini dinar0.2301 (14.21%)
BND - Brunei dollar0.852 (13.93%)
BRL - Brazilian real2.7351 (36.44%)
CAD - Canadian dollar0.8681 (8.79%)
CHF - Swiss franc0.6002 (9.38%)
CLP - Chilean peso494.2064 (12.8%)
CNY - Chinese yuan4.4639 (9.61%)
CZK - Czech Republic koruna14.5262 (13.17%)
DKK - Danish krone4.1677 (10.17%)
EGP - Egyptian pound9.4163 (18.94%)
EUR - Euro0.5835 (5.6%)
FJD - Fijian dollar1.4578 (3.05%)
GBP - British pound sterling0.5254 (6.22%)
HKD - Hong Kong dollar4.894 (10.39%)
HRK - Croatian kuna4.2034 (10.81%)
HUF - Hungarian forint193.37 (12.31%)
IDR - Indonesian rupiah9483.8934 (4.98%)
ILS - Israeli New Sheqel2.1192 (13.66%)
INR - Indian rupee44.5664 (16.75%)
ISK - Icelandic krona79.5567 (21.61%)
JPY - Japanese yen70.3307 (6.35%)
KRW - South Korean won744.5544 (11.68%)
KWD - Kuwaiti dinar0.1826 (17.52%)
LKR - Sri Lankan rupee114.0907 (13.52%)
MAD - Moroccan Dirham5.6005 (20.07%)
MOP - Macanese pataca4.6616 (19.37%)
MUR - Mauritian rupee24.519 (12.85%)
MXN - Mexican peso13.5042 (15.59%)
MYR - Malaysian ringgit2.7103 (10.02%)
NOK - Norwegian krone5.9445 (10.26%)
NPR - Nepalese rupee66.9502 (24.33%)
NZD - New Zealand dollar1.01 (5.24%)
OMR - Omani rial0.2372 (13.15%)
PGK - Papua New Guinean kina2.0482 (17.33%)
PHP - Philippine peso30.1789 (14.09%)
PKR - Pakistani rupee102.3794 (13.33%)
PLN - Polish zloty2.4465 (12.47%)
QAR - Qatari rial2.2721 (11.71%)
RUB - Russian ruble43.4911 (15.13%)
SAR - Saudi riyal2.3138 (13%)
SBD - Solomon Islands dollar4.8202 (20.57%)
SEK - Swedish krona5.8495 (10.29%)
SGD - Singapore dollar0.9064 (7.08%)
THB - Thai baht20.1442 (7.43%)
TOP - Tongan paanga1.3638 (16.77%)
TRY - Turkish lira4.2769 (11.87%)
TWD - New Taiwan dollar19.4314 (5.45%)
USD - U.S. dollar0.6689 (4.22%)
VND - Vietnamese Dong14634.5028 (10.37%)
VUV - Vanuatu vatu75.4741 (7.18%)
WST - Samoan tala1.5903 (16.44%)
XPF - CFP franc70.5532 (4.23%)
ZAR - South African rand10.7015 (10.83%)
Tue Jul 7, 2020 5:05 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.

 

Foreign Transfers Travel Money
 
Please note that the opinions of our authors are their own and do not reflect the opinion of Best Exchange Rates and should not be taken as a reference to buy or sell any financial product.
 
 

Compare FX Providers and Banks for:

Foreign Transfers

Travel/Spend Abroad

Get a Better Deal when you Send and Spend Abroad.