Raffles Forex Logo

Establishing their first Melbourne store in 2009, they now have more than seven 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 comparison table to compare online rates for exchanging currency in Australia.

 

 

What We Will Cover:

  • Fees, charges and commissions
  • Payment options
  • Exchange rates
  • Overseas transfers
  • Available currencies
  • Travel Cards
  • Pros and cons.

 

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.

 

Compare Money Changers Like Raffles

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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.

 

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.

Live Rate Tracker

 

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. If you are interested in using a travel card, you can refer to the link below.

Travel Cards Explained

 

Should You Use Raffles Forex?

Pros

  1. Deal with most major currencies
  2. Competitive exchange rates which beat rates from major banks.
  3. Ability to pre order currency at a good rate if they don’t have it in stock.
  4. Informative website.

Cons

  1. There are discrepancies in information provided on their website, compared with in store or over the phone.
  2. Difficult to navigate website, despite its informativeness
  3. Not many locations, based only in the Melbourne CBD
  4. Cash only.

 

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Helping You Save Money on Currency

Buying travel money or transferring money overseas can be expensive and confusing. So how do you make the best choice and get the most out of your money?

An easy way is to use a comparison table for either international money transfers or currency exchange. These tables list and compare the banks with other large foreign exchange companies.

We’ve also put together tons of helpful videosguides and reviews that will help you make the right decision. You can work out a cheaper way of converting currency while still keeping your money safe.