According to OFX, Spot rates are the current exchange rates at which specific currencies can be bought or sold on currency exchange markets. Spot rates fluctuate by the second. It’s also known as the ‘interbank’, ‘wholesale’, ‘mid-market’ or ‘live’ rate. It’s also the rate that S Money offers for foreign currency in Australia.
Sending money to the UK online is generally more cost-effective. Money changers with a retail store have to pay for rent, staff, and insurance, with you covering the cost of these additional third-party charges. Online money transfer providers don’t have these large costs, making it easier to provide better exchange rates and lower fees when you send money. Some stores may also have limited currency availability.
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.
Unlike booking flights, there is no ‘best day to buy’. Movement in foreign exchange rates depends on the global demand and supply of goods and services, as well as political and economic factors. So if you’re planning to send money to the UK, now is the best time!
No, you should not send money through your bank. Compared to OFX, local banks typically have more expensive rates and transfer fees. This is because they pass on the cost of using a physical storefront to you. You will also be charged with a ‘lazy tax’. This is when you don’t know or can’t be bothered to look around for a better cost. The rates offered by banks for foreign currency are closer to the exchange rates listed by the RBA than the rate on Google.
If you need to send money in person, you can head to a money changer near you. Here are our local city guides to find the best exchange rate: Sydney – The best rates and competitive transfer fees in Sydney are found on Pitt Street, George Street or occasionally in Haymarket. Melbourne – Money changers are located near Flinders Street Station in Melbourne, with the exception of United Currency in QV. Adelaide – Most money transfer locations in Adelaide are located on King William Street. Perth – You can send money through Ria Money Transfer, located in Morley, and Hai […]
Like all reputable money exchanges, we are registered with AUSTRAC and regulated by the Australian Securities and Investment Commission (ASIC).
S Money complies with the relevant laws pertaining to privacy, anti-money laundering and counter-terrorism finance. This means you are required to provide I.D. when you place an order. It also means the order must be paid for by the same person ordering the currency and you must show your identification again when receiving your order.
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