Where is it best to exchange money in Melbourne?
If you’re looking to buy currency in Melbourne, there are several options available to you. Here are a few places you may want to consider:
Instore Currency Exchange
Currently, there are 11 money changers located in the Melbourne CBD. One advantage of using these money changers is that they often offer good exchange rates. However, the disadvantage is that there may be low to no stock of the currency you need, and sometimes, certain denominations may not be available.
Buy Currency Online
Avoid the hassle of buying your currency online. Danesh Exchange offers a click and collect service across Melbourne, allowing you to order your currency online. This option offers better rates compared to in-store currency exchange services. You can either collect it from any Australian Post Store or have your currency delivered to any address in Melbourne.
Currency Exchange at Melbourne Airport
In Melbourne airport, the 2 main places are Travelex and ANZ Bank. Travelex provides this service and has 11 foreign exchange kiosks located throughout the airport. However, exchange rates at the airport are typically not competitive compared to CBD currency converters (commission of 10% to 13%).
Bank Currency Exchange
Buying currency at a bank can be convenient, even though they are not the cheapest. Currently, CBA, BOQ and Bendigo Bank offer the services for currency exchange in Australia. Comparing exchange rates and fees across banks is recommended to get the best deal. Banks charge a commission or fee for their services, which varies depending on the amount being exchanged.
Buy currency at the Post Office
Australia Post offers you to buy foreign cash through Travelex. While this option is convenient, the rates offered by Travelex are not the most competitive. It’s best to compare rates before choosing this option.