If you are looking to buy or sell foreign exchange in cash and want to head into a money changer near you to transfer money from Singapore to Australia, check out our local city guides to find the best exchange rate: Sydney – The best rates in Sydney are found on Pitt Street, George Street or occasionally in Haymarket. Melbourne – Money changers near Flinders Street Station have the best rates in Melbourne with the exception of United Currency in QV. Adelaide – Almost every foreign exchange store in Adelaide is located on King William Street. Perth – There aren’t […]
While ANZ previously offered favourable bank exchange rates, they recently discontinued their currency exchange operations. Generally, no major bank offers the most competitive rates. In our comparisons, they consistently rank last due to the wide margins they set. This is primarily because they pass on the high operational costs (like maintaining physical branches) directly to you. This is often called the ‘lazy tax’, which is a hidden cost incurred when customers don’t shop around for a better deal. Consequently, the rates banks offer are significantly closer to the rates listed by the RBA, rather than the real time rate found […]
Unlike flight booking, where Tuesdays are often the cheapest day to fly, foreign exchange rates do not follow a predictable ‘best day to buy’ pattern. The movement of currency rates is highly volatile, driven by the global demand and supply of goods, services, and complex political and economic factors. To gain a better perspective on future movements, these bank forecasts offer a strong understanding of the likely direction for Australian dollar currency pairs.
In most cases, it is cheaper to buy your foreign currency at home in Australia before you head overseas, but there are some important exceptions. It’s cheaper to convert Australian dollars into foreign currency if you are travelling to Singapore, Bali, Thailand or Hong Kong. Learn more: Where is it Cheaper to Buy Foreign Currency, Australia or Abroad?
Compared to the traditional way of buying currency in person, ordering foreign currency online is usually cheaper. Money changers that have a retail store have to pay for rent, staff and insurance. Online money changers like S Money don’t have these large costs, making it easier to provide better exchange rates and lower fees. Buying foreign currency online is also a lot easier. Unlike physical stores, all exchange rates are displayed clearly so you know what you are going to pay. In most cases, you can also get your currency delivered to your door, saving you the hassle of driving […]
If you’re looking to convert leftover currency from a trip, whether it’s spare Euros or US dollars received as a gift, selling it back for Australian dollars can be surprisingly expensive. Critically, the best exchange rate when selling currency is the mirror image of the best buying rate: the mid-market rate, or the ‘live’ rate you see on Google. Most money changers will apply a wide margin above this true rate. The closer your selling rate is to the mid-market rate, the more Australian dollars you will ultimately receive for your foreign currency.
