The Best Places to Buy Foreign Currency in Australia
There are dozens of currency exchange locations to buy foreign currency in Australia. Each has their own currency exchange rates which change constantly.
You also have the choice of more than 5 online currency exchange websites that offer collection or delivery.
In Australia, the best places to buy foreign currency have the most competitive exchange rates and lowest fees. These foreign exchange services give you more foreign currency for every Australian dollar you exchange.
There isn't one currency exchange that's the best for every currency and every currency. It really depends on your location and your situation.
Here are different money changes to buy foreign currency in Australia, depending on what city you live in or what situation you are in.
Where to get the best exchange rate
S Money is a currency exchange that offers the best exchange rate. Their rates are the same in-store and online.
They are the only money exchange that offer the same exchange rate seen on Google or XE but they do charge a service fee.
If you order online, you can pick up your currency at 15 locations or have it delivered for $23.
What they are good for
S Money is one of the best places to exchange currency because their exchange rates match what you see on XE or Google. Being faster than almost any other place to exchange money, S Money are ideal for last minute travellers.
When you should avoid them
S Money is online first so if you don’t like buying your currency online, it may be better heading their stores.
US dollars
Australians buy more US dollars than any other currency.
The best places to buy US dollars in Australia tend to be located in the major city CBDs. There is the most competition, exchange rates are better and the fees are lower.
The more US dollars you are buying, the more you can negotiate a better deal when dealing with money changers over the counter.
You can also order US dollars online and have it delivered.
Euros
More Australians head to Europe than any other continent thanks to popular tourist destinations like France and Italy.
The best places to buy euros in Australia are usually found in the city centre. These money changers have a good level of stock, range of denominations and are open to negotiation if you are purchasing a larger amount.
If you live outside of the major cities, you can also order euros online and have it delivered.
Japanese Yen
If you have ever been to Japan, you'll know that you need to take some cash. Cards aren't accepted as much as in Australia.
The best places for buying Japanese yen in Australia are located in the major cities like Sydney and Melbourne. These currency exchange stores have the best exchange rates because they have the most competition.
The more yen you are buying, the more you can negotiate a better deal when dealing with money changers over the counter.
If you live outside of the major cities, you can also order yen online and have it delivered.
Sydney
Surprisingly, even though there are more money changers in Sydney than any other city, the exchange rates aren't as competitive as Melbourne or Adelaide.
In the CBD
There is a lot of choice in the city, particularly on George Street and Pitt Street. Commonwealth Bank have foreign exchange outlets as well as more well know brands like Travelex or Travel Money Oz. The best place to buy foreign currency in Sydney though is through one of the less well known money changers like Crown Currency or WeXchange.
The S Money Sydney CBD store is located at Circular Quay.
In the suburbs
There are plenty of stores in the suburbs but the rates aren't as competitive as the city.
For a full run down on the different places to buy foreign currency, check out our full currency exchange guide to Sydney.
Melbourne
Most of the best currency exchangers are near Flinders Street station on Elizabeth Street. The small money changers on Swanston street aren't as competitive.
Outside of the CBD, most of the money changers are based in shopping malls or strips. The rates aren't nearly as good as the CBD.
The S Money Melbourne CBD store is located on Spencer Street near Southern Cross Station.
For a full run down on the different places to buy foreign currency, check out our full currency exchange guide to Melbourne.
Brisbane
Unlike Sydney or Melbourne, currency exchangers are concentrated in one area - the Queen Street Mall. Here you will find Travelex, Travel Money Oz, Crown Currency along with a number of independent money changers.
Outside of the CBD, Brisbane has lots of options. Crown Currency and Travel Money Oz both have lots of locations in major shopping malls.
For a full run down on the different places to buy foreign currency, check out our full currency exchange guide to Brisbane.
Adelaide
King William Street is where you need to go if you are heading into the city. Within 200 metres, you'll find the Commonwealth Bank foreign exchange branch, Crown Currency, Travelex on the corner of Rundle Mall, Travel Money Oz branches and WorldEx.
While the city has many options and some of the best exchange rates in Australia, there are much fewer options in the suburbs.
For a full run down on the different places to buy foreign currency, check out our full currency exchange guide to Adelaide.
Perth
All around the Perth CBD there are few reasonable options. There are 2 money exchangers in London Court, a couple in the Murray Street Mall and a Travelex on St Georges Terrace.
Outside the city, their are stores in most major shopping centres although you'll have more options in Freo.
For a full run down on the different places to buy foreign currency, check out our full currency exchange guide to Perth.
Online
Just like buying a pair of shoes or some groceries, you can buy your foreign currency online too.
Click and Collect
They offer excellent service over the counter and you can usually negotiate a better rate if you are buying more than $1000 worth of foreign exchange.
Delivery
While their exchange rates are very good, they still won’t match the rate seen on Google or XE. They also have a dated website that only allows you to get a quote instead of actually buying currency.
Conclusion
While S Money may have the best exchange rates, they aren’t the best option if you prefer a bricks and mortar store and you don't live in Sydney or Melbourne.
If you are heading into a store, remember to:
- Call ahead if you can to get a quote but also make sure they have your currency in stock
- Ask for a better rate if you are buying more than $1000
- Compare their rates to what you can get online
Avoid getting ripped off on currency will let you spend more money on your trip!
