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.
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:
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 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.
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.