Where to Find the Best Currency Exchange Rates in the Melbourne CBD

Where to Find the Best Currency Exchange Rates in the Melbourne CBD

Beat the money changer rates with a prepaid travel card

Going to a currency exchange before a holiday can be exciting, but you will often be paying hidden fees that are baked into the exchange rate.

With a prepaid travel card from Wise, you get the market exchange rate (the one you see on Google) with low fees and complete transparency.

Currency exchange in the Melbourne CBD

The money changers with the best rates are located in Melbourne's CBD, because there is more competition between those places and you can shop around for the best deal.

Coronavirus Update: Many currency exchange stores such as Travel Money Oz and WeExchange have temporarily closed their doors due to the COVID-19 pandemic.  If you want to exchange money in the Melbourne CBD, there is a good chance that some of your options will be closed or have limited opening hours, especially around Christmas/New Years.

Check this page regularly for updates for when travel money stores open again.

 

To find the best places to buy travel money in Melbourne's city centre, we compared the exchange rates and fees from over 10 stores. Then we compared their rates to what you can get by ordering online and picking it up in the CBD.

Here's what we found.

Where the best places are to exchange money in Melbourne

There is no money changer that is a clear winner for having the best exchange rate on every currency and amount. Fees vary from a flat $10 fee, to 1% commission, to completely fee-free.

Exchange rates from stores in the Melbourne CBD are best if you are looking to buy larger amounts of popular currencies, such as the US dollars, Euros or Japanese Yen. As for other currencies, some places have limited stock and it's cheaper to order the foreign currency online.

Use this table to find out where and when you can buy travel money in the best places in Melbourne's CBD. Opening hours can change, so check this page regularly.

Money Changer Address Contact
S Money 44 Spencer Street 1300 501 080
Travel Money Oz 108 Elizabeth Street 1300 161 371
Travelex 67 Swanston Street (03) 9650 5624
Crown Currency 246 Bourke St, Melbourne 1300 392 426
Travel Money Oz Shop E26 Galleria, 385 Bourke St 1300 651 994
United Currency Exchange Shop 26, Level 3 QV Melbourne, 22-24 Jane Bell Lane (03) 9671 3993
Raffles Forex 35 Elizabeth St near Flinders lane (03) 9614 5004
Travel Money Oz 97 Swanston Street 1300 651 927
Changjiang Currency Exchange 272 Swanston St (03) 9662 9910
Red Rate Shop 2/222 Russell St (03) 9086 9885
United Currency Exchange Shop QVA01, Albert Coates Lane, Corner Swanston & Lonsdale Street (03) 9671 3993

How we rated the best places to exchange money in Melbourne

Many of you might be wondering how we came up with our scores out of ten. After our exhaustive walk around the Melbourne CBD, we chose 5 categories to judge on, based on what we thought would be most valuable to you, the consumer. They were:

Image of how we rated the best places to exchange foreign currency in Melbourne CBD
  • Exchange Rate - At the end of the day, this is the most important category. The better the exchange rate, the higher the score.
  • Customer Service - We all appreciate good customer service, service that is friendly, courteous and knowledgeable.
  • Stock of Currency - Being able to walk away with your nominated currency immediately is a prerequisite for most customers. So we asked each money changer if they had a number of common and less popular currencies on hand.
  • Safety - This score was based from the location of the store and the security offered.
  • Payment Options - We asked all the money changers what type of payments they accepted to score them.

After we choose our categories we weighted them based on importance within the transaction. It is no surprise that exchange rate was weighted the heaviest (40%), customer service was next (20%), stock of currency (15%), followed by safety (15%) and finally payment options (10%).

Compare the best online exchange rates in Melbourne

Please note this table shows the rate you'll get and doesn't include any extra fees you'll be charged. The Currency Shop sources its data from foreign exchange providers and has taken reasonable steps to ensure that such data is accurate. There is a risk that the foreign exchange prices quoted on The Currency Shop may be inaccurate, not available to the User, or available but with additional fees and charges. For more details, read our Terms and Conditions

Money exchange reviews

Travel Money Oz Review

The best service in Melbourne. Friendly, professional and no wait time. Reasonable rates, no fees and ID required for amounts over $1000.

Unimoni (formally UAE Exchange)

Friendly, professional, with some of the best exchange rates particularly for selling currency to them. There are bank limits for eftpos and photo ID is required.

Travelex

The excellent range of products and currencies didn't make up for the average service. Their exchange rates are much better if you order online and pick up in-store.

United Currency Exchange

Excellent rates to buy currency and good rates to sell. There is usually a queue so be prepared to wait. ID is required for any transaction and they only accept cash.

Raffles Forex

Two people at booth waiting to serve. Knowledgeable, nice with a very good stock of currencies. They offered a better rate without asking.

E-Trans

It's in a commercial building and not easy to find. Staff are pleasant and helpful. ID is required for any transactions above $1000 . They only accept cash.

ANZ Foreign Exchange

Long wait times for unresponsive service and uncompetitive exchange rates. Unfortunately this is the only FX centre left in the city for ANZ customers.

Commonwealth Bank

Service is slow, but helpful and friendly. Much like ANZ, their exchange rates are not great. If you are not a Comm Bank member, you need to set up a profile, which takes 10-15 minutes.

WeXchange

It's a little hard to find. You need to enter the building and go up the stairs. Excellent service, pretty good exchange rates and a solid stock of currencies on hand.

Ileana Ionescu
Content manager
With a background in business journalism, Ileana is an experienced content manager, creating content for Exiap that helps its audience make informed decisions about their finances.
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Last updated
February 16th, 2024