Which Australian Bank has the best foreign exchange rate?

Which Australian Bank has the best foreign exchange rate?

Bank of Queensland
The rest of the banks in Australia used to use Travelex to actually provide the currency to their customers. Now that ANZ has closed its retail foreign currency exchange services, Bank of Queensland has the most competitive exchange rates.

Which Bank has best exchange rate?

Local banks and credit unions usually offer the best rates. Major banks, such as Chase or Bank of America, offer the added benefit of having ATMs overseas. Online bureaus or currency converters, such as Travelex, provide convenient foreign exchange services.

Does CBA do currency exchange?

Buy or sell 9 foreign currencies on the spot at selected CommBank branches in exchange for Australian Dollars, or order over 30 foreign currencies online.

Are there fees for a CBA foreign currency account?

There are no monthly fees for having a foreign currency account with CBA, but foreign currency account holders must also have a CBA transaction or savings account in Australian dollars, which may have fees associated with it¹. There are also fees for some products and transactions when using a foreign currency account:

What is the exchange rate margin for CBA?

At the time of writing, the exchange rate margin that CBA was showing for Foreign Transfers was 5.26%. The margin indicates the amount above the mid-rate (i.e. the rate at which the banks interchange with each other).

How does CBA currency exchange and travel money work?

Find out how CBA currency exchange and travel money works. CBA branches hold a limited stock of currency so you usually have to order your currency and pick it up at a branch. You can either order your currency online or at a branch. It’s fee free to order online but a $10 fee applies for in-branch orders.

Is the Commonwealth Bank exchange rate the same as other banks?

Commonwealth Bank exchange rates for travel money are comparable to those of the other Australian banks but you will, more likely than not, get less for your dollar than if you ordered your foreign currency and travel money online through providers such as Travelex.