ANZ Exchange Rates Explained and Compared
ANZ provides it’s customers with a range of products and services relating to currency. This article will explain and compare the different exchange rates provided for Travel Money (cash), Travel Cards and International Money Transfers. It will help you:
Find the right exchange rate in your situation
How to use the exchange rates to calculate your currency conversion
Compare the exchange rates at ANZ to the rest of the options available in Australia
ANZ exchange rates explained
When you look at the above table of exchange rates, it’s easy to get confused. This is because exchange rate you receive will depend on a few things:
- The currency you need
- If you want to buy or sell the currency
- The type of transaction. That is, are you buy Travel Money, a Travel Card or transfering money overseas to another bank account
Let’s start with the currency. Each line in the table relates to a different currency. So if you are heading to UK, you only need to look at the line of exchange rates for the United Kingdom. Take into account that the Euro Monetary Union (or EU) will cover a number of countries like France, Germany, Italy and Spain. If you are not sure about what currency you’ll need for the country you are going to, check out our handy travel money guides here.
Next, you need to work out which column of exchange rates relates to your situation.
If you are sending money overseas or travelling overseas and need to buy currency, make sure you look at the 3 columns on the right hand side marked “Bank Sells”. If you are receiving money from overseas or if you need to sell currency, make sure you look at the 3 columns marked “Bank Buys”.
Once you’ve worked out the right set of columns, you need to work out which product relates to you:
- “IMT/TT” stands for International Money Transfer or Telegraphic Transfer. This is the exchange rate that you’ll recieve if you are making a bank transfer to or from another bank account overseas
- “Travel Card/Chq” is the exchange rate you’ll receive if you are loading a ANZ Travel Card
- “Notes” is the exchange rate you’ll receive if you are buying or selling currency in cash via the branch. Please note that the exchange rates at the airport are different.
A Guide to Calculating Currency Conversions
Once you’ve found the right exchange rate, next comes calculating the currency conversion. To help you, here are some common situations and how you calculate the conversion:
Buying Travel Money: How much Currency will my money buy?
If you have a set amount of money you want to convert, here is how you calculate how much currency you will receive:
The Australian Dollars You Have X (multiplied by) The Exchange Rate = Currency You Will Receive
Let’s say you have $2,000 and you are buying US dollars at a rate of 0.7134 then the amount of US dollars you will receive is
2 000 multiplied by 0.7134 = 1,426.80 US dollars
How much will it cost to buy a certain amount of currency?
If you have a set amount of currency you want to buy, here is how you calculate how much it will cost in Australian dollars:
The Australian Dollar Cost = The Amount of Currency You Want to Buy / (divided by) The Exchange Rate
If you want to buy 2 000 Euros and the exchange rate is 0.6433 then to total Australian dollar cost will be
2 000 divided by 0.6433 = $3,108.97
How much will it cost to send a certain amount of currency overseas?
If you have a set amount of currency you want to send money overses, the calculation is the same as buying travel money
The Australian Dollar Cost = The Amount of Currency You Want to Send / (divided by) The Exchange Rate
If you want to send 2 000 Euros and the exchange rate is 0.6433 then to total Australian dollar cost will be
2 000 divided by 0.6433 = $3,108.97
What about receiving currency from overseas?
If you are receiving currency from overseas, this is how to calculate how much you should receive in Australian dollars
The Australian Dollar You Receive = The Amount of Currency Received / (divided by) The Exchange Rate
If you received 2 000 British Pounds through a bank transfer and the exchange rate was 0.5878, then the amount you’d receive is:
2 000 divided by 0.5878 = $3,402.52
ANZ Exchange Rates Compared
The Currency Shop compares exchange rates on travel money and international money transfers:
Where to find the right ANZ exchange rates, currency converters and calculators
Here are the most useful links for ANZ exchange Rates:
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