Where to Sell Foreign Currency in Australia Without Getting Ripped Off
If you need to sell foreign currency in cash, your options in Australia are limited. Currently, there is nowhere in Australia that allows you to sell currency online. This means you have to physically go into a store.
But which is the best place to sell your foreign currency?
The best exchange rates to sell foreign currency are usually found in the city. This is because there is much more competition for your business. On the other side of the coin (no pun intended), the airport is by far the worst and should be avoided at all costs.
Around the CBD and looking to exchange currency? Use these city guides to help you get the best exchange rates deals.
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Frequently Asked Questions about Selling Foreign Currency
What if I can't find anywhere that will take my leftover currency?
What exchange rate will I get?
Unfortunately, exchange rates will vary depending on your currency, your amount and the place you go. The only way to find out what exchange rate you will get to sell your foreign currency, is to call up or walk into a money changer.
What currencies can I sell?
In Australia, most money exchangers will allow you to sell US Dollars (USD), Euros (EUR), British Pounds (GBP), Japanese Yen (JPY), New Zealand Dollars (NZD), Thai Baht (THB), Indonesian Rupiah (IDR), Swiss Franc (CHF) Singapore Dollars (SGD), or Canadian Dollars (CAD). These currencies are the most popular and make it easier for the currency exchange business to sell the currency back to Australians that are heading overseas.
What about the other currencies?
With less common currencies, money changers aren't able to resell it to other customers quickly so they prefer not to buy it. These include:
Argentine Peso (ARS), Brazilian Real (BRL), Chilean Peso (CLP) , Chinese Yuan Renminbi (CNY), Croatian Kuna (HRK), Czech Republic Koruna (CZK), Danish Krone (DKK), Fijian Dollar (FJD), Hong Kong Dollar (HKD), Hungarian Forint (HUF), Malaysian Ringgit (MYR), New Caledonia CFP Franc (XPF), Norwegian Krone (NOK), Philippine Peso (PHP), Polish Zloty (PLN), Russian Ruble (RUB), Saudi Arabia Riyal (SAR), South African Rand (ZAR), South Korean Won (KRW), Swedish Krona (SEK), Turkish Lira (TRY), UAE Dirham (AED), Vanuatu Vatu (VUV), Vietnamese Dong (VND).
What ID will I need to bring?
When you go to a money changer, you will need to show some identification like a passport or driver's licence if you’re exchanging more than $1,000. Some money exchangers require I.D. for all transactions.
Can I sell foreign coins?
No. Money changers don't accept coins so converting them back into Australian dollars can be difficult. They will generally only accept foreign currency notes in good condition. In some instances, they may not accept your currency if it is too old.
If you haven't spent all your foreign currency coins before returning to Australia, you can either keep it for your next trip or donate it to charity. You can easily donate at the Commonwealth Bank and Travel Money Oz, with the money going to UNICEF.
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