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. 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 World First 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, so 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, while 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 rate compares to others
- 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?
How Australia Post foreign exchange rate compares to others
As an agent for Western Union any transfers done in-store are processed using Western Unions and their rates. For online transfers the Australia Post website redirects you straight to the Western Union site.
Fees involved in sending and receiving international currency via Auspost
Fees start at $4.99 to send up to $20 online 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, 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 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 is a service that because of it's extensive network can be handy for when there are emergencies, but if you have time and want a better exchange rate there are better and cheaper options.