Raffles Forex Review

Establishing their first Melbourne store in 2009, they now have more than nine years experience in both remittance and currency exchange services

The Currency Shop says:

  • Raffles Forex are a good option for Euros or Indonesian Rupiah and provide competitive exchange rates.
  • Their website boasts a lot of content and is very informative.
  • Use our travel money comparison tool to compare online rates for exchanging currency in Australia.


What We Will Cover:

  • Pros and cons.
  • Fees, charges and commissions
  • Payment options
  • Exchange rates
  • Overseas transfers
  • Available currencies
  • Travel Cards
  • Deal with most major currencies
  • Competitive exchange rates which beat rates from major banks.
  • Ability to pre order currency at a good rate if they don’t have it in stock.
  • Informative website.
  • There are discrepancies in information provided on their website, compared with in store or over the phone.
  • Difficult to navigate website, despite its informativeness
  • Not many locations, based only in the Melbourne CBD
  • Cash only.

Fees, Charges and Commissions

Raffles Forex do not charge any fees or commissions. To compare the fees and rates of a number of currency exchange providers in Australia, you can use our comparison table and order currency online.


Exchange Rates

Raffles offer more competitive exchange rates than most of the major banks and are especially good for purchasing Euros. You can use our live rate tracker to get an idea of what the exchange rate is for each currency at the moment.

Payment Options

While their website states that do accept card with a surcharge, Raffles Forex only accept cash as payment. They don’t take credit or debit cards in store.

Overseas Transfers

Raffles offer remittance services, as well as worldwide money transfer to a number of countries including the UK, US, UAE, China, Japan and many more. To read more about the services they offer, you can visit the services page on their website.

Available Currencies

Raffles Forex say that they deal with with most major currencies. These include INR, USD, GBP, EUR, CAD and NZD. The store themselves may have additional currencies available for purchase.

Travel Cards

Travel cards are not available from Raffles Forex, they deal only in cash.

Ileana Ionescu
Content manager
With a background in business journalism, Ileana is an experienced content manager, creating content for Exiap that helps its audience make informed decisions about their finances.
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Last updated
May 6th, 2020