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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.

    Review Updated: Nov 25, 2020


    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 dirham2.6012 (5.74%)2.594 (6.03%)
    BRL - Brazilian real3.8834 (7.7%)
    CAD - Canadian dollar0.876 (5.56%)0.8764 (5.51%)
    CHF - Swiss franc0.6539 (5.87%)0.6564 (5.47%)
    CLP - Chilean peso563.49 (7.71%)
    CNY - Chinese yuan4.5159 (6.02%)
    CZK - Czech Republic koruna15.53 (5.92%)15.22 (8.08%)
    DKK - Danish krone4.531 (5.77%)4.5373 (5.62%)
    EUR - Euro0.6161 (4.54%)0.6131 (5.06%)
    FJD - Fijian dollar1.4753 (5.25%)1.4308 (8.52%)
    GBP - British pound0.5137 (5.82%)0.5171 (5.12%)
    HKD - Hong Kong dollar5.5093 (5.69%)5.5243 (5.41%)
    HRK - Croatian kuna4.4806 (7.94%)
    HUF - Hungarian forint220.53 (6.08%)216.19 (8.21%)
    IDR - Indonesian rupiah10031.84 (5.57%)9844.98 (7.57%)
    ILS - Israeli New Sheqel2.2742 (5.84%)2.2319 (7.85%)
    INR - Indian rupee53.69 (4.45%)
    JPY - Japanese yen81.06 (5.64%)81.81 (4.67%)
    KRW - South Korean won832.93 (5.65%)815.73 (7.88%)
    KWD - Kuwaiti dinar0.2131 (6.01%)0.2092 (7.98%)
    LBP - Lebanese pound1066.88 (6.36%)
    LKR - Sri Lankan rupee140.44 (7.41%)137.82 (9.45%)
    MUR - Mauritian rupee30.29 (5.51%)29.62 (7.9%)
    MXN - Mexican peso14.06 (7.82%)
    MYR - Malaysian ringgit2.9346 (6.24%)
    NOK - Norwegian krone5.9148 (6.33%)5.924 (6.17%)
    NPR - Nepalese rupee67.62 (33.27%)
    NZD - New Zealand dollar1.0033 (4.1%)0.9952 (4.94%)
    OMR - Omani rial0.2728 (5.68%)0.2674 (7.82%)
    PGK - Papua New Guinean kina2.4915 (5.76%)
    PHP - Philippine peso35.58 (6.86%)34.91 (8.91%)
    PLN - Polish zloty2.7895 (5.93%)2.7331 (8.12%)
    QAR - Qatari rial2.531 (7.72%)
    SAR - Saudi riyal2.6569 (5.71%)2.6073 (7.72%)
    SBD - Solomon Islands dollar5.5387 (8.81%)5.258 (14.62%)
    SEK - Swedish krona6.1098 (5.65%)6.1199 (5.48%)
    SGD - Singapore dollar0.9531 (5.64%)0.9543 (5.51%)
    THB - Thai baht23.6 (6.06%)23.58 (6.15%)
    TOP - Tongan paanga1.5022 (12.06%)
    TRY - Turkish lira6.583 (6.17%)6.4603 (8.18%)
    TWD - New Taiwan dollar19.35 (7.91%)
    USD - US dollar0.7177 (4.33%)0.7179 (4.3%)
    VND - Vietnamese Dong16004.33 (6.8%)15663.88 (9.12%)
    VUV - Vanuatu vatu78.6 (6.36%)74.61 (12.05%)
    WST - Samoan tala1.7128 (12.28%)
    XPF - CFP franc72.47 (6.06%)68.8 (11.72%)
    ZAR - South African rand10.28 (5.93%)10.25 (6.24%)
    Wed Oct 20, 2021 19:05 AEDT
    Commonwealth Bank Exchange Rates
     
    ANZ Bank Exchange Rates
     
    NAB , 1AUD=Foreign Transfers
    AED - UAE dirham2.6123 (5.29%)
    BDT - Bangladeshi Taka60.81 (5.67%)
    BHD - Bahraini dinar0.2707 (4.29%)
    CAD - Canadian dollar0.8877 (4.17%)
    CHF - Swiss franc0.6646 (4.17%)
    CNY - Chinese yuan4.5756 (4.64%)
    CZK - Czech Republic koruna15.76 (4.38%)
    DKK - Danish krone4.6004 (4.17%)
    EUR - Euro0.6184 (4.16%)
    FJD - Fijian dollar1.475 (5.27%)
    GBP - British pound0.5218 (4.18%)
    HKD - Hong Kong dollar5.5909 (4.15%)
    HRK - Croatian kuna4.6428 (4.17%)
    HUF - Hungarian forint224.6 (4.15%)
    IDR - Indonesian rupiah10202 (3.81%)
    ILS - Israeli New Sheqel2.31 (4.2%)
    INR - Indian rupee54.34 (3.2%)
    JPY - Japanese yen82.21 (4.16%)
    KES - Kenyan shilling79.6 (4.6%)
    KWD - Kuwaiti dinar0.2161 (4.53%)
    LKR - Sri Lankan rupee143.81 (4.9%)
    MAD - Moroccan Dirham6.4983 (4.22%)
    MUR - Mauritian rupee30.33 (5.37%)
    MXN - Mexican peso14.54 (4.26%)
    NOK - Norwegian krone6.0388 (4.15%)
    NZD - New Zealand dollar1.0125 (3.15%)
    OMR - Omani rial0.2761 (4.42%)
    PGK - Papua New Guinean kina2.4741 (6.51%)
    PHP - Philippine peso36.4 (4.45%)
    PKR - Pakistani rupee122.28 (5.95%)
    PLN - Polish zloty2.8302 (4.41%)
    QAR - Qatari rial2.6176 (4.16%)
    SAR - Saudi riyal2.6967 (4.15%)
    SBD - Solomon Islands dollar5.5473 (8.64%)
    SEK - Swedish krona6.1959 (4.19%)
    SGD - Singapore dollar0.9664 (4.19%)
    THB - Thai baht24.21 (3.39%)
    TOP - Tongan paanga1.5355 (9.63%)
    USD - US dollar0.719 (4.14%)
    VUV - Vanuatu vatu77.87 (7.36%)
    WST - Samoan tala1.7885 (7.53%)
    XPF - CFP franc73.47 (4.61%)
    ZAR - South African rand10.46 (4.11%)
    Wed Oct 20, 2021 19:05 AEDT
    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 dirham2.7059 (1.64%)
    BND - Brunei dollar0.9662 (4.35%)
    CAD - Canadian dollar0.9103 (1.59%)
    CHF - Swiss franc0.6807 (1.7%)
    CNY - Chinese yuan4.6335 (3.33%)
    CZK - Czech Republic koruna16.1667 (1.75%)
    DKK - Danish krone4.707 (1.82%)
    EUR - Euro0.6342 (1.56%)
    FJD - Fijian dollar1.5058 (3.11%)
    GBP - British pound0.536 (1.42%)
    HKD - Hong Kong dollar5.7328 (1.57%)
    HUF - Hungarian forint230.0622 (1.68%)
    IDR - Indonesian rupiah10172.3883 (4.11%)
    ILS - Israeli New Sheqel2.3668 (1.69%)
    INR - Indian rupee54.4832 (2.93%)
    JPY - Japanese yen84.1743 (1.73%)
    KRW - South Korean won842.4713 (4.45%)
    KWD - Kuwaiti dinar0.2214 (2.03%)
    LKR - Sri Lankan rupee144.9423 (4.08%)
    MAD - Moroccan Dirham6.5434 (3.5%)
    MGA - Malagasy ariary2853.3986 (4.09%)
    MXN - Mexican peso14.9135 (1.65%)
    MYR - Malaysian ringgit3.0252 (3.06%)
    NOK - Norwegian krone6.1779 (1.83%)
    NZD - New Zealand dollar1.0284 (1.57%)
    OMR - Omani rial0.2798 (3.04%)
    PEN - Peruvian Nuevo sol2.8638 (3.22%)
    PGK - Papua New Guinean kina2.446 (7.73%)
    PHP - Philippine peso36.7828 (3.36%)
    PKR - Pakistani rupee123.8876 (4.57%)
    PLN - Polish zloty2.913 (1.44%)
    SAR - Saudi riyal2.7246 (3.08%)
    SBD - Solomon Islands dollar5.5787 (8.03%)
    SEK - Swedish krona6.3386 (1.83%)
    SGD - Singapore dollar0.9914 (1.57%)
    THB - Thai baht24.6013 (1.7%)
    TOP - Tongan paanga1.5161 (11.03%)
    TRY - Turkish lira6.8729 (1.68%)
    TWD - New Taiwan dollar20.0807 (3.98%)
    USD - US dollar0.7384 (1.41%)
    VND - Vietnamese Dong15940.6913 (7.23%)
    VUV - Vanuatu vatu74.759 (11.83%)
    WST - Samoan tala1.7228 (11.63%)
    XOF - West African franc407.528 (3.68%)
    XPF - CFP franc74.6981 (2.89%)
    ZAR - South African rand10.7197 (1.59%)
    Wed Oct 20, 2021 19:05 AEDT
    OFX Exchange Rates - % margins to midrate
     
    Travelex , 1AUD=Travel Money
    AED - UAE dirham2.5183 (9.22%)
    ARS - Argentine peso8.377 (787.79%)
    ARS - Argentine peso64.7812 (14.8%)
    BHD - Bahraini dinar0.2448 (15.32%)
    BND - Brunei dollar0.8912 (13.13%)
    BRL - Brazilian real3.4372 (21.68%)
    CAD - Canadian dollar0.8729 (5.93%)
    CHF - Swiss franc0.6521 (6.16%)
    CLP - Chilean peso547.5907 (10.84%)
    CNY - Chinese yuan4.4806 (6.86%)
    CZK - Czech Republic koruna14.8032 (11.12%)
    DKK - Danish krone4.5243 (5.93%)
    EGP - Egyptian pound11.4662 (2.82%)
    EGP - Egyptian pound9.4163 (25.21%)
    EUR - Euro0.6211 (3.7%)
    FJD - Fijian dollar1.4569 (6.58%)
    GBP - British pound0.5254 (3.46%)
    HKD - Hong Kong dollar5.494 (5.99%)
    HRK - Croatian kuna4.3562 (11.02%)
    HUF - Hungarian forint210.0465 (11.37%)
    IDR - Indonesian rupiah9497.9344 (11.5%)
    ILS - Israeli New Sheqel2.1275 (13.14%)
    INR - Indian rupee48.3364 (16.02%)
    ISK - Icelandic krona79.5626 (21.43%)
    JPY - Japanese yen80.8203 (5.95%)
    KRW - South Korean won818.1021 (7.56%)
    KWD - Kuwaiti dinar0.2101 (7.52%)
    LKR - Sri Lankan rupee133.1067 (13.33%)
    MAD - Moroccan Dirham5.6005 (20.93%)
    MOP - Macanese pataca5.087 (18.16%)
    MUR - Mauritian rupee28.7073 (11.33%)
    MXN - Mexican peso13.3668 (13.42%)
    MYR - Malaysian ringgit2.9679 (5.05%)
    NOK - Norwegian krone5.7442 (9.49%)
    NPR - Nepalese rupee72.9789 (23.49%)
    NZD - New Zealand dollar1.0134 (3.06%)
    OMR - Omani rial0.2596 (11.06%)
    PGK - Papua New Guinean kina2.1709 (21.38%)
    PHP - Philippine peso34.0428 (11.68%)
    PKR - Pakistani rupee109.2558 (18.57%)
    PLN - Polish zloty2.6563 (11.24%)
    QAR - Qatari rial2.5044 (8.87%)
    RUB - Russian ruble47.2321 (12.64%)
    SAR - Saudi riyal2.6088 (7.65%)
    SBD - Solomon Islands dollar4.9683 (21.31%)
    SEK - Swedish krona5.9501 (8.49%)
    SGD - Singapore dollar0.9499 (6%)
    THB - Thai baht23.5182 (6.43%)
    TOP - Tongan paanga1.4078 (19.58%)
    TRY - Turkish lira5.0194 (39.24%)
    TWD - New Taiwan dollar18.8223 (10.93%)
    USD - US dollar0.7254 (3.23%)
    VND - Vietnamese Dong15231 (12.22%)
    VUV - Vanuatu vatu71.4582 (16.99%)
    WST - Samoan tala1.6386 (17.36%)
    XPF - CFP franc67.5293 (13.82%)
    ZAR - South African rand10.432 (4.39%)
    Wed Oct 20, 2021 19:05 AEDT
    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
     

    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.