Where to Find the Best Currency Exchange Rates in Melbourne

Coronavirus Update: Many currency exchange stores such as Travel Money Oz and Travelex 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 most of your options will be closed.

Unimoni have just opened 1 store in the CBD. S Money is also available but you need to order online and pay for your order first before going into the city.

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

 

Prior to the lockdown, we walked around Melbourne CBD comparing exchange rates over 11 money changers. Then we compared their travel money rates to what you can get by ordering online and picking it up in the CBD.

Read on to found out the best currency exchange rates.

To buy US dollars, Euros, Japanese Yen or New Zealand Dollars

Compared to the other online currency exchangers, S Money had the best exchange rates. They use the same wholesale rate that you see on Google or xe.com making them the clear winner.

They do charge a service fee though which start at $9. Even taking this into account, they were the cheapest option.

How it works

  1. You have to order your currency online
  2. Choose to pick the currency up in the Melbourne CBD, otherwise there is a $19 delivery fee
  3. Pay for for your order using PayID or a bank transfer. Then it can be ready within 24 hours. Avoid using your card as there is a card fee of 1.2%

To buy other popular currencies

We found the best rates to buy Singapore Dollars, Thai Baht, Indonesian Rupiah or Canadian Dollars in-store.

In Melbourne, United Currency Exchange and Unimoni had both the stock and better rates when we compared each money changer.

 

How it works

  1. You have to walk into the store in person to get the best rate
  2. For larger amounts, above $500 ask if they can improve their price. You can often save more by doing so
  3. You can pay by cash or card. Keep in mind that card fees vary depending on the currency exchange and your card provider.

To sell currency

To sell currency, you have to do it in-person at a currency exchange. No money changers will do it online.

When we compared the exchange rates to sell currency, we found that was no single store that consistently provided the best deal.

It really comes down to what currency you are selling and how much you have.

 

How it works

  1. Make sure you check and compare at least a couple of different money changers
  2. For larger amounts, above $500 ask if they can improve their price. They will often improve it for you but you have to ask.
  3. Keep in mind that for less common currencies like Zambian Kwacha or Iraqi Dinars, most money changers won't buy it from you. The money changers aren't able to resell it other customers quickly so they prefer not to buy it. You can consider donating it. Travel Money Oz and Commonwealth Bank accept foreign currency and they donate it to UNICEF.

Currency Exchange in Melbourne

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.

Money Changer Address Rating
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%).

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.