There are lots of ways; most importantly you need some information. When you use our Best Exchange Rate calculator you can see who is offering the best deal for your needs, and who is taking the smallest margin (see below) from the current market mid rate.
This is always a good start; but depending on the amount you are looking to exchange you may be able to get an even better deal. When you walk into a branch or outlet always ask if you can get a ‘dealer quoted rate’ normally any branch will have access to FX Dealers that can give them up to the minute quotes with a much better rate. They will normally only do this for amount over $50,000 AUD but you never know your luck it can’t hurt to ask.
Example of the AUDJPY percentage margins being charged by vendors, you should really avoid paying a margin any where above 1.5 per cent for major currencies (USD, EUR, AUD, GBP, CAD, NZD, CHF etc) and 3 per cent for minors (CNY, BRL etc).
Note domestic fx rates are available for Australia, New Zealand, Hong Kong and UK based banks and FX vendors, for other countries and currencies the market mid point rates are used.
