Sydney Airport currency exchange: Beware of high fees

Sydney airport is Australia's busiest, with 4.3 million visitors passing through in 2017 alone. If you're lucky enough to be headed there as part of a trip to Australia, you'll need some money to get you started.

However, getting cash converted to AUD at Sydney Airport isn't necessarily the best choice available for travellers. You could find there are better deals out there - which mean you can spend less on fees, and more on your holiday. Here's how to avoid high charges when exchanging money at Sydney Airport. You can also learn more about the Wise card, an easy way to stretch your dollars when paying in foreign currencies.

Get Your Wise Card 💳

Where to exchange money in Sydney airport?

You'll have no problems finding somewhere to exchange money at Sydney airport. Global Exchange has 25 locations throughout the airport - including kiosks offering on the spot money exchange, and larger offices which have a fuller range of services¹.

There's also a branch of Travelex, in T2 Domestic after you pass through security². Plan ahead, and you can order your currency online and collect on arrival, from Travelex, and selected locations of Global Exchange. This will get you better rates than simply turning up and buying your currency at the airport - although it might still not be the best deal available overall. More on that later.

If you'd rather withdraw your cash from an ATM, these are available too, and there are several ATM's of different banks and providers to choose from³. If you'd rather talk to a bank representative face to face, than ANZ⁴ and Australia post⁵ have shops on the airport as well.

Should I exchange money in Sydney airport?

Airport exchange services tend to not offer the best available exchange rates. A captive market, and a lack of genuine competition means that they often choose to markup their rates and make a healthy profit. Unfortunately, that means you lose out. You might get more AUD for your money, ordering currency in advance, or withdrawing from an ATM upon arrival.

Even better, get a small amount of cash for your immediate needs, and then get the rest of your money exchanged in the city where you have a broader choice of providers, and - usually - a more competitive rate.

Watch out for hidden fees in the exchange rate

You're on holiday and you don't want to worry about money. But a little bit of planning can save you a lot of cash - and leave you with much more in your pocket to enjoy your trip.

That's because the exchange rates offered in places like airports and hotels are often not very good value. Instead of offering the mid-market rate - that's the one you'll find on Google - they markup the exchange rates they offer, to cover their own profits.

This means they can then claim to offer fee free, or zero commission exchange - but it's not transparent, and usually isn't good value. Don't fall for an exchange that says it'll provide a service for free - check the rates on offer, and make sure you're getting the real exchange rate for your money.

Use a currency converter to check the airport exchange rate

Exchange rates move up and down all the time - but it's easy to find out the real rate for your currency pairing using an online currency converter. You can then compare this to the rate your bank or exchange service is offering, to make sure you're getting a fair deal.

What is the best place to exchange money?

As we mentioned above, converting your cash at the airport is usually an expensive choice. If you really have to get some cash before you head into the city, you could consider ordering a small amount in advance for collection at the airport - which usually means you'll get a better rate, or withdrawing local cash at an ATM.

ATM withdrawals tend to come with reasonably fair fees and exchange rate - as long as you avoid dynamic currency conversion (DCC). DCC is where you're asked if you want your transaction - at an ATM, store or restaurant for example - to be charged in your home currency or the local one. Choosing local currency is always the best option. This means your home bank will choose the exchange rate used for the transaction, rather than the ATM or card terminal operator.

How to avoid paying high fees on your money exchange in Sydney

There are a few ways you can make sure you're getting a good deal on your currency exchange in Sydney.

• Do some research before you leave - it might be cheaper to exchange money at home rather than waiting until you arrive in Australia
• If you're using an ATM, avoid DCC - see above - and check before you leave, if your home bank have any partners in Australia which offer cheap or free ATM withdrawals
• Check the exchange rates and fee applied by any exchange service or bank, using a comparison service for transfers, or an online currency converter
• Only change what you need - and spend all you change. Otherwise you'll get hit by fees a second time when you have to convert your money back to your home currency.

You don't want to be worrying too much about money during your trip to Australia. And with a little advance planning you shouldn't need to lose any sleep over high fees for currency conversion. SImply follow these tips and ideas to make sure you get a fair deal, and then you can relax and enjoy your holiday.

Get more from your money with Wise

The Wise card is a simple way to save up to 4x when you're spending internationally. You can spend in 150+ countries at mid-market rate — basically the rate you see on Google. With no foreign transaction fees and low, transparent pricing, Wise usually gives you the best value for your money.

Simply create a Wise account for free, order a card and top-up AUD to get started. Having a physical Wise card allows you to make chip and pin payments, as well as make some free ATM withdrawals each month for when you're abroad. You can get digital cards and add to your Google or Apple Pay wallet for instant use. Spend directly with the Wise account in AUD and let auto-conversion do the trick or convert in advance to your desired currency. You can hold and exchange 40+ currencies in your Wise account and spend the currencies you hold for free.

Wherever your travel takes you, the Wise card makes spending money abroad cheaper and easier.

🚀 Get your Wise card

Please see Terms of Use and product availability for your region or visit Wise Fees & Pricing for the most up to date pricing and fee information.