Whether you call it the Land Down Under or just Australia, the reality is that there are real restrictions and requirements when it comes to bringing cash...
If you're planning a trip to Melbourne, it's important to know how to get the currency of the country you’re visiting. Also, you might want to know the current exchange rate and the best places to withdraw cash.
So, in this article, we’ll show you the best places to visit to exchange currency in Melbourne, and we’ll show you an alternative, Wise – which may be cheaper and help you save the effort of going to a physical location – but more on this later.
First off, in case you’re wondering something along the lines of “does Australia use Australian dollars?”, the answer is yes. The currency in Melbourne — and the rest of Australia — is the Australian dollar.
You can also find it written as AUD in currency exchange shops.
Check out today’s rate below:
Before exchanging money in Melbourne or any foreign city, it's important to be informed to avoid excessive charges and get the best deals. Consider opening a bank account in Australia for long-term stays or substantial investments like buying property or cars.
Beware of 'zero fee' services
Services claiming 'no commission' often offer poor exchange rates, not reflecting the mid-market rate, leading to hidden profits for them.
Check the exchange rate beforehand
Familiarize yourself with the base rate to identify a bad deal from exchange services.
Avoid exchanging money at airports or hotels
Convenience comes at a price, as airports and hotels usually offer poor rates and high transaction fees.
Use ATMs strategically
Check if your home bank has partnerships with Australian banks to avoid extra ATM fees, and inform your bank before traveling.
Opt for local currency
When using an ATM abroad, choose to be charged in Australian dollars for a fairer rate and avoid undisclosed exchange rates and additional fees.
Say goodbye to overcomplicated currency exchange.
Wise can help you get a better deal on currency conversion in over 40 currencies, with the mid-market exchange rate and low fees.
Open a personal Wise account online or in the Wise app, and order a linked debit card for a one-time fee to spend and withdraw money in 150+ countries.
There’s no fee to spend any currency you hold, and no foreign transaction fee to worry about.
Use your account when you travel or shop online in foreign currencies, send payments in 70+ currencies, and get your own local bank details in 9 currencies.
Well, we’ve already been through some of the options you have and aspects to watch out for. So if you’re still into the idea of carrying cash around and exchanging it, here are some popular foreign currency exchange locations in Melbourne.
One last reminder, though: there’s no such thing as fee-free or 0% commission foreign exchange transactions. So, always check the mid-market exchange rate in advance, so you know how much your money’s worth.
United Currency Exchange offers three locations in Melbourne.
|272 Lonsdale Street (opposite Emporium Shopping Centre)||03 9042 4572|
|QV Melbourne, Shop QVA01, Ground Floor (Corner Swanston & Lonsdale Street)||03 9671 3993|
|Ground Floor, 228 Flinders Lane (next to Melbourne East Police Station)||03 9077 1720|
- Lonsdale Street - Mon-Fri 11:30a-6:00p, closed on weekends
- QV Melbourne - Mon-Fri 9:00a-9:00p, Sat-Sun 10:00a-8:00p
- Flinders Lane - Mon-Fri 10:00a-8:00p, Sat-Sun 10:00a-6:30p
Travelex offers 5 locations in Melbourne, 3 of them inside HSBC banks. See their website for HSBC branch locations.
|c/-Australia Post, 250 Elizabeth Street, Melbourne, 3000||(03) 9654 2526|
|261 Bourke Street, Melbourne, 3000||(03) 9654 4222|
- Australia Post Branch - Mon-Fri 8:30a-5:30p, Sat 9:00-5:00p
- Bourke Street - Mon-Fri 9:00a-5:00p, Sat 10:00-4:00p
Offering 6 locations throughout Melbourne including several shopping centres. Check out Travel Money Oz’s Melbourne Store Locator for the closest store to you.
1300 426 997 (general help line)
All stores are open seven days a week. Check individual branch for more details.
As you can see, there’s no shortage of options when it comes to exchanging money in Melbourne. Don't forget to do your research on the exchange rate before converting your money, and check Wise out if you want a fuss-free alternative to exchanging cash.
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 Wise Payments 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.
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