Where to Find the Best Currency Exchange Rates in Melbourne
Currency Exchange in Melbourne
Coronavirus Update: Many currency exchange stores such as Travel Money Oz and Unimoni have temporarily closed their doors due to the COVID-19 pandemic. If you want to exchange money in they Melbourne CBD, there is a good chance that all your options will be closed.
Check this page regularly for updates for when travel money stores open again.
To find the best places to buy travel money in the Melbourne CBD, 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 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 Melbourne 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 stores have limited stock and it's cheaper to order it online.
|Travel Money Oz||142 Elizabeth St next to the Royal Arcade||7.8 / 10|
|Travel Money Oz||97 Swanston St in The Walk Arcade||7.8 / 10|
|Unimoni||283 Swanston St||7.6 / 10|
|Raffles Forex||35 Elizabeth St near Flinders lane||7.4 / 10|
|Unimoni||45 Elizabeth St near Flinders lane||7.4 / 10|
|WeXchange||183 Exhibition St on the mezzanine level||7.4 / 10|
|Travel Money Oz||250 Flinders St opposite the train station||7.4 / 10|
|E-Trans||350 Collins St, inside the building||7.0 / 10|
|United Currency Exchange||228 Flinders Lane near the police station||6.7 / 10|
|Commonwealth Bank||The corner of Bourke and Elizabeth St||6.5 / 10|
|RSI Currency Exchange||252 Swanston next to Cookie||6.4 / 10|
|ANZ Bank||The corner of Collins and Queen St||5.9 / 10|
|The Change Group||Entrance to Midtown Mall Swanston St||5.8 / 10|
|Money Exchange Shop||Next to Great Earth, 163 Swanston Street||5.6 / 10|
|Xpress Money Exchange||Next to Lt.Nic Coffee 262 Lonsdale St||5.5 / 10|
|Bureau de Change||Between Coles and Liquorland on Elizabeth St||4.1 / 10|
How we rated them
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:
- 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%).
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.
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.