How Does Australia Post Foreign Exchange Compare to Other Services?

Learn whether the Australian Post foreign exchange service is a good choice for making international money and currency transfers.

What it will cost to use Auspost foreign exchange

Australia Post is one of the most highly respected and recognised brands in the country. They have a vast network of locations making it a very convenient option if you prefer to transact in person. When it comes to currency exchange, Auspost is an agent for Western Union. This means the exchange rates, fees and charges you receive in store are from Western Union.

The Currency Shop says:

  • A dedicated currency provider will almost always give you better rates and lower fees.
  • Use our comparison table to compare foreign exchange rates, fees and services of other providers.
  • TransferWise, OFX, and WorldFirst are good places to compare exchange rates.

What We Will Cover in This Australian Post Foreign Exchange Review

Australia Post is most well known for the providing postal services in Australia and its overseas territories. Delivering mail, helping businesses and consumers with parcels, and providing a national retail network. Australia Post also provides banking services on behalf of more than 70 banks and financial institutions. You can use your credit or debit card for deposits and withdrawals, account balance enquiries, paying credit card bills and sending money overseas. For domestic customers Money Orders are one option for someone wanting to transfer money. For international money transfers Australia Post acts as an agent for Western Union.

 

We’re most interested in how much it costs to transfer money internationally through Australia Post. In this article, we’ll explore:

  • How Australia Post's foreign exchange rates compare to others.
  • Australian Post foreign currency for travel.
  • Fees involved in sending and receiving international currency via Auspost.
  • How easy is it to make a transfer via Australia Post?
  • How long does an international money transfer take through Auspost?
  • Our suggestions for other options.
Australian dollar coin on calculator
How Post Office Exchange Rates Compare

The best deal for you

TransferwiseRead ReviewTotal (AUD)$13,987.86Exchange Rate0.7182Transfer Fees$64.16Transfer Time1-2 DaysLearn MoreTotal (AUD)$13,987.86Rate Updated just nowGO TO SITE
So, sending USD 10,000 to United States at an exchange rate of 0.7182 will cost you $13,987.86 which includes a fee of $64.16

About TransferWise

Transparency and an easy online experience are the 2 things that set TransferWise apart from the banks and other money transfer companies. If you prefer to bank online, you'll like TransferWise. Setting up an account and making a transfer is very easy. They are also very clear on the exchange rate and fees you'll pay before you make a transfer. Click here for the full review

Pros

  • Clear and transparent exchange rates fees
  • The online experience is first class
  • Like the banks, they are regulated by ASIC and registered with AFSL
  • Constantly bringing out new innovative products

Cons

  • There are currently a number of global currencies they do not currently support
  • Limited support based in Australia
  • Percentage based fee can add up on very large transfers

More trusted money transfer options

Provider Exchange Rate Transfer Fees Transfer TimeTotal (AUD) Rate Updated just now
TorFXRead ReviewTotal (AUD)$13,993.67$5.81 more expensive Exchange Rate0.7146 Transfer Fees$0.00 Transfer Time2-3 DaysGet discounted rate $13,993.67$5.81 more expensive GO TO SITE
So, sending USD 10,000 to United States at an exchange rate of 0.7146 will cost you $13,993.67 with no fees.

About TorFX

TorFX are particularly good taking care of customers over the phone but using their website isn't the easiest to use. They don't charge a flat fee which is great but it's important to consider their exchange rates. While, they don't offer fantastic rates for small amounts under $2000 , TorFX offer exceptionally good exchange rates for larger transfers to the UK, New Zealand, South Africa and Europe.

Pros

  • No transfer fees
  • Highly competitive exchange rates
  • Secure transfers with authorised
  • Assigned account manager
  • 24 / 7 Assistance
  • Available range of transfer options

Cons

  • Limited exotic currencies available
  • Exchange rates on small transfers aren't great
  • Website experience could be better
XERead ReviewTotal (AUD)$14,004.93$17.07 more expensive Exchange Rate0.7140 Transfer Fees$0.00 Transfer Time2-3 DaysGet discounted rate $14,004.93$17.07 more expensive GO TO SITE
So, sending USD 10,000 to United States at an exchange rate of 0.7140 will cost you $14,004.93 with no fees.

About XE

XE is a well known and trusted name in the money transfer industry. With over twenty years experience, they now help 33,000 people and 2,000 businesses make transfers each year. Over 60 currencies can be transferred with XE and they pride themselves on the free tools and transparent rates they offer. Click here to read the full review

Pros

  • Well known and trusted brand.
  • Very informative website. Extensive information on currency and money transfers.
  • XE App is available on both iOS and Android. It allows you to see the interbank rate for over 100 currencies.
  • XE themselves charge no fees for international money transfers.
  • Offers support for both individuals and businesses when it comes to international money transfers.

Cons

  • Cannot pay via cash or cheque. Must pay via bank transfer, BPay is also accepted in Australia.
  • Maximum transfer amount is $500,000USD.
  • While XE compares more than 100 currencies, there are only 60 that are available for money transfers.
WorldFirstRead ReviewTotal (AUD)$14,007.74$19.88 more expensive Exchange Rate0.7139 Transfer Fees$0.00 Transfer Time2-3 DaysGet discounted rate $14,007.74$19.88 more expensive GO TO SITE
So, sending USD 10,000 to United States at an exchange rate of 0.7139 will cost you $14,007.74 with no fees.

About World First

World First was founded in 2004 in the UK and has grown rapidly with offices now in the U.S., Canada and throughout Asia. They consistently receive strong customer reviews and in a recent study, 98% of their clients said they would use them again.World First have a strong online offering, particular for businesses selling online. They do provide local support as well with offices in Sydney. Click here to read the full review

Pros

  • No fees and great exchange rates
  • Safe and secure transfers
  • Regulated by ASIC and registered with AFSL
  • Great for personal and business payments

Cons

  • Does not accept BPAY, credit card, cheque or cash
  • Limited currencies available
WorldRemitRead ReviewTotal (AUD)$14,077.40$89.54 more expensive Exchange Rate0.7106 Transfer Fees$3.99 Transfer Time1-2 DaysGet discounted rate $14,077.40$89.54 more expensive GO TO SITE
So, sending USD 10,000 to United States at an exchange rate of 0.7106 will cost you $14,077.40 which includes a fee of $3.99

About WorldRemit

WorldRemit are particularly good for transfers under $10,000 to destinations across Asia, Africa and South America. Sending money online is significantly easier than using companies like Western Union or Moneygram and their exchange rates and fees are clear and transparent. With 2 million users, WorldRemit has a focus on improving access to remittances for the billions people worldwide who don’t have access to banking. Because of this, WorldRemit has a number of ways to both make and receive transfers. They concentrate on servicing individual needs as opposed to businesses. Click here for the full review

Pros

  • They have a great network in Asia and Africa and number of receiving options like cash-pick up or bank transfer.
  • They are clear about their exchange rates and fees
  • No minimum amount

Cons

  • Maximum transfer sizes for every transfer
  • No support for business customers
  • They are not licensed to provide financial advice.
OFXRead ReviewTotal (AUD)$14,192.45$204.59 more expensive Exchange Rate0.7046 Transfer Fees$0.00 Transfer Time1-3 DaysGet discounted rate $14,192.45$204.59 more expensive GO TO SITE
So, sending USD 10,000 to United States at an exchange rate of 0.7046 will cost you $14,192.45 with no fees.

About OFX

OFX (formally known as Ozforex) is the largest Australian owned money transfer company. It launched in 1998 and grew rapidly until finally listing on the Australian Stock Exchange in 2013. OFX excels in 2 areas – Online experience and customer service. The company was born online and continues to develop easy, intuitive products. While OFX customers do most of their transactions online, they are backed up with exceptional customer service.

Pros

  • Better exchange rates compared to banks
  • Highly safe and secure transfers
  • 1 - 2 days delivery times for most countries
  • Quick response time
  • Fantastic customer service

Cons

  • Credit cards, cheques and cash are not accepted
  • Transfers to Thailand can take up to 4 days
  • Fees for transfers smaller transfers
ANZRead ReviewTotal (AUD)$14,324.60$336.74 more expensive Exchange Rate0.6981 Transfer Fees$0.00 Transfer Time1-2 DaysGet discounted rate $14,324.60$336.74 more expensive GO TO SITE
So, sending USD 10,000 to United States at an exchange rate of 0.6981 will cost you $14,324.60 with no fees.
ANZ International Money Transfer is a secure and fast way to transfer money overseas.

Pros:

  • Fast transfers
  • Safe and secure
  • No fee for transfers under $10 000 via Internet banking

Cons

  • $12 fee for transfers under $10 000 via Internet banking
  • Poor exchange rates
  • 24 hour hotline not available
Commonwealth BankRead ReviewTotal (AUD)$14,791.78$803.92 more expensive Exchange Rate0.6766 Transfer Fees$12.00 Transfer Time1-2 DaysGet discounted rate $14,791.78$803.92 more expensive GO TO SITE
So, sending USD 10,000 to United States at an exchange rate of 0.6766 will cost you $14,791.78 which includes a fee of $12.00
Commonwealth Bank provides secure and easy transfers to over 200 countries and more than 30 currencies.

Pros:

  • Fast transfers+ Easy transfers
  • Security guarantee covers any losses from unauthorised transactions

Cons

  • $6 fee for transfers under $1000 via Internet banking
  • $12 fee for transfers under $1000 via Internet banking
  • Poor exchange rates

Australian Post Foreign Currency for Travel

The post office does have a money exchange service. Similar to money transfers, it is run through another company (Travelex). Luckily, it's really easy to order online and pick it up from the post office.

 

A Cheaper way to do exactly the same thing

Instead of going through the Auspost website and picking it up at a post office, you can use this promo code and do exactly the same thing but at a better exchange rate.

Fees Involved in Sending and Receiving International Currency via Auspost

Fees to send money online start at $4.99 up to $20. However Western Union don't charge a flat fee like many banks. Their fees and charges depend on your amount and where you are sending the money. For more information, click here.

How Easy is it to Make a Transfer via the Post office?

Making a transfer in person is a quick process at any of the 3200 Australia Post retail stores across Australia. This is that same as it is at any registered Western Union agent. If you wish to complete a money order you need to pick it up from one of these stores so there is no real advantage to starting the process on their website.

There is also no advantage to using the Australia Post website for international money transfers - you'll just be redirected to the Western Union website.

How Long Does an International Money Transfer Take Through Australia Post?

For money orders purchased online, allow 3-4 business days for collection from your nominated post office.

Conclusion

For international money transfers, Australia Post (as an agent for Western Union) offers no benefits from using any other agent. Western Union as a service can be handy because of it's extensive network. It's good to keep as an option for emergencies but if you have time and want a better exchange rate, there are better and cheaper options.

 

For holiday money, it's much cheaper to go directly to Travelex. You can order the currency through their website to then be picked up at your local Auspost.