Situated just south east of Melbourne’s CBD, Dandenong is a popular location for locals, expats and tourists alike, offering a good base for exploring the Yarra Valley and Dandenong Ranges. With national parks offering spectacular and peaceful countryside, it’s a great place for those who want to get back to nature - and the opportunity to tour the local wineries will also appeal to tourists looking to relax and enjoy a few of the finer things in life.
Whether you’re planning a short visit to Dandenong, or you’re considering a permanent relocation there, you’ll need some money to make the most of it. Here’s all you need to know about exchanging your currency to AUD in Dandenong.
If you’re changing your cash to Australian dollars when you arrive in Dandenong, then you will want to get the most for your money. Here’s how to make sure you don’t get ripped off.
The real exchange rate is known as the mid-market rate, or the interbank rate. This is the exchange rate used by banks and institutions trading on the global financial markets.
Unfortunately, however, banks and money exchange services don’t always offer the real exchange rate to their customers. Instead, they roll up their own charges and fees into the rate they use. This means that they can say that their service is fee free, or zero commission - and actually still make a handsome profit. This isn’t transparent, and it usually means that customers pay more than they have to.
The best way to check the rate your bank or exchange service is offering you, is to google your currency pairing, or use an online currency converter to find the real exchange rate. You can then compare it with the bank’s exchange rate to see if it’s fair.
Exchange rates move up and down all the time, based on a wide range of factors. The political or economic situation in a country can impact the cost of its currency, as well as general market sentiment. That can make it a headache to keep an eye on the rates for your particular currency pairing - sign up to a handy exchange rate alert service, to stay up to date.
One of the most cost effective way to get your hands on foreign currency is to use a local ATM when you’re abroad. You’ll need to talk to your home bank to understand their charges for this service - but you should also ask if they have any branches or a partner bank in Australia. This could be useful, as many banks operate in networks which offer cheap or fee-free currency withdrawal to their customers when travelling.
In any case, if you’re planning on using an ATM abroad, it’s worth getting clued up on Dynamic Currency Conversion (DCC) - which is a costly headache for many expats and travellers. This is where you’re asked if you want to be charged in your own currency or the local currency for a transaction. Long story short, choosing local currency is always the best option.
Airports and hotels often offer money exchange services. This can seem like an easy way to get the cash you need for your trip - but you’ll most likely pay a high premium for the convenience.
In general, exchange services which serve a captive market, and have little competition, won’t offer a great deal. If you need some currency quickly - for a taxi from the airport, for example, consider getting some cash from an ATM instead.
Finally - only change what you need, and spend what you change. Otherwise you’ll be hit by fees and costs twice. Treat yourself to a bottle of the Yarra Valley’s famous wine, if you have some cash left over at the end of your trip.
If you need to change cash to AUD once you arrive in Dandenong then you have several choices. However, don’t forget that these services will likely still charge fees - even if they claim to have zero commission.
It’s worth noting that none of these services post their exchange rate to change foreign cash to AUD, online. That means you’ll need to call or visit them, just to see the rates on offer.
Exchange rates can be as changeable as the weather. So before you commit to a currency exchange shop, make sure to check the rate they’re offering you so you’ll know if they’re overcharging you:
Here are some handy foreign exchange services in Dandenong:
|Company||Contact information||Exchange rate they use|
|Travel Money Oz||Dandenong Plaza, 23-55 McCrae Street Dandenong, VIC Customer service phone number: 1300 452 353||On their website Travel Money Oz says about their exchange rate: “TV programs show wholesale rates, which are only available to large financial institutions and organisations. Unless you’re buying and selling millions of dollars at a time, you’ll be purchasing your currency at retail rates, which are what we display in store and on our website.”|
|Travelex||Dandenong Plaza Post Shop 23-55 Mccrae Street Dandenong 3175 Customer service phone number: 1800 44 00 39||The Travelex website explains why it uses a tourist rate, rather than the real interbank rate for currency conversion: “The market (or spot) exchange rate is the rate banks exchange currencies at. A lot of extra processes and people go into providing you with currency. The cost of these is reflected in the price of the currency.”|
|FX Dandenong||236 Lonsdale Street, Dandenong Vic 3175 Customer service phone number: 03 8753 7566||FX Dandenong explain on their website, why their rates are not as good as those shown on Google: “The difference is wholesale or retail rates. On Google you see wholesale rate – the rates available to large financial institutions and companies buying and selling millions of dollars of foreign exchange.”|
|Danesh Exchange||236 Lonsdale St Dandenong Vic 3175 Customer service phone number: 03 8753 7579||To get up to date rates, you’ll have to call or message Danesh Exchange - they’re not available online|
If you’re changing cash for your trip abroad, you need to be wary, to make sure you’re not ripped off. There’s no shortage of exchange services out there - but finding one which uses the real exchange rate, and charges a fair fee, is a bit trickier.
A better option for many expats and travellers, is to transfer money to a local bank account in Australia, and use this to withdraw cash from fee-free ATMs there. If you, or someone you know, has a bank account in Australia already, then you can use Wise to make a transfer using the real mid-market exchange rate, for only a small fee. Check out how much you could save, by making your international transfer with Wise, compared to some of the other options available, here.
Or, you might be even better off if you get yourself a Wise multi-currency borderless account. This smart new account lets you hold your money in any one of dozens of currencies, including AUD. You can also get a linked Wise debit Mastercard, which you can use your AUD balance to pay directly for goods and services, and beat ATM fees entirely. See if you can get a better deal with Wise, today.
This publication is provided for general information purposes only and is not intended to cover every aspect of the topics with which it deals. It is not intended to amount to advice on which you should rely. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content in this publication. The information in this publication does not constitute legal, tax or other professional advice from TransferWise Limited or its affiliates. Prior results do not guarantee a similar outcome. We make no representations, warranties or guarantees, whether express or implied, that the content in the publication is accurate, complete or up to date.
If you plan on going to Australia with some of your home currency to exchange, read on to learn what you need to know about exchanging currency in Shellharbour.
If you’re planning a trip to Chadstone, or if you’re considering Chadstone as a possible new home, read this to learn where in Chadstone to convert your money.
If you’re a tourist headed to Cairns for a break, or considering a permanent relocation there, you can learn about exchanging your money to AUD here.
Before enjoying all there is to do and see in Wollongong, it’s important to know where to get the best deal for your local currency. Here's all you need to know
If you’re a visitor to the Gold Coast, or planning on moving there permanently, read on to find out the best ways to change your cash while you’re there.
Whether you call it the Land Down Under or just Australia, the reality is that there are real restrictions when it comes to bringing cash across borders. If...