If you are planning to study in Melbourne and are worried about the currency exchange and details about it, this blog is just for you! Currency exchange in Melbourne is one of the important things you need to know and should be aware of while studying abroad.
Whether it’s converting your home currency to Australian dollars (AUD) or managing your finances while studying abroad, understanding how currency exchange works can save you time and money. In this blog, we will be talking about the details of currency exchange in Melbourne.
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Understanding Currency Exchange in Melbourne
Currency exchange is basically a process of exchanging one country’s currency with the currency of the country you are moving to. As an international student planning to move to Melbourne for further studies, you need to have AUD i.e., Australian Dollar. There are several ways to exchange currency in Melbourne as well as back home in India. With wise decisions and advanced planning, you may end up saving some extra bucks while going for a currency exchange in Melbourne.
Where to Exchange Currency in Melbourne?
There are several options where you may go for currency exchange in Melbourne. By knowing the authorised currency exchange service providers you will be able to find out the best-suited service for you. Also, you should understand how currency exchange rates are calculated. Check out some of the top places to exchange currency in Melbourne.
Banks
Banks are one of the most trusted sources to exchange currency in Melbourne. Most major banks in Melbourne offer currency exchange services. You can visit a bank branch and exchange your money easily. Major banks like Commonwealth Bank, ANZ, Westpac, and NAB offer currency exchange services. The prices and commissions they are charging on each exchange may vary from bank to bank. Be sure to check and compare the prices offered by them. Some smaller banks and credit unions also provide currency exchange services, although they may have limited locations.
Currency Exchange Counters
Another place where you may go for currency exchange in Melbourne is Currency exchange counters. These counters are dotted throughout the city at airports, tourist areas, and shopping malls. Melbourne Airport and Avalon Airport have currency exchange counters where you can exchange currency in Melbourne before and after the flight. Several tourist attractions like Federation Square or Southbank, often have currency exchange counters nearby. Many shopping malls in Melbourne, like Chadstone Shopping Centre or Melbourne Central, have currency exchange services available. Always check the rates and commissions they are charging as you may end up paying extra bucks in a hurry. No doubt, these counters offer convenience but may have higher fees or less favourable exchange rates in comparison to the banks.
Online Exchange Platforms
At your convenience and ease, there are several online exchange platforms and online banks that offer currency exchange in Melbourne at your doorstep. You can exchange money online and have it delivered to your Australian bank account. Otherwise, you can also request for the delivery at your doorstep. While choosing any online exchange platform, be sure to choose a reputable website to ensure security.
ATMs
Another option is to withdraw Australian dollars directly from ATMs using your international debit or credit card. However, here also you may end up paying extra, so be sure to check out the rates and prices charged by your bank on any international transaction. If you have two or more than two cards, be sure to compare the prices. Additionally, some ATMs in Australia may offer dynamic currency conversion, allowing you to withdraw money in your home currency, but this often comes with unfavourable exchange rates.
Currency Exchange Apps
Some mobile banking apps or currency exchange apps allow you to exchange money digitally. You can transfer funds from your home bank account to your Australian account or use digital wallets for currency exchange.
Also Read: Travelling to London? Check out all the details about Currency Exchange in London!
Here we have compiled a list of top and authentic places for currency exchange in Melbourne. Check the table below and choose wisely.
| Currency Exchange Provider in Melbourne | Operates several currency exchange counters in prominent locations across Melbourne, including airports and shopping centres. |
| Travelex | Well-known currency exchange company with multiple branches across Melbourne. This currency exchange provider also offers cash exchange and prepaid currency cards. |
| Australia Post | Provides currency exchange services alongside postal services. Offers competitive rates and convenient locations throughout the city. |
| ANZ Bank | One of Australia’s largest banks offering currency exchange services to both customers and non-customers. Visit ANZ branches in Melbourne for transactions. |
| Westpac Bank | Another major bank in Australia, Westpac, provides currency exchange services at their branches in Melbourne. Offers competitive rates and special offers. |
| Currency Exchange Corporation | Specializes in currency exchange for travellers with multiple branches across Melbourne. Offers cash exchange and travel cards. |
| American Express Currency Exchange | Offers currency exchange services at select locations in Melbourne. Provides competitive rates and additional benefits for American Express cardholders. |
| Travel Money Oz | Specializes in currency exchange for travelers with multiple branches across Melbourne. Offers cash exchange and travel cards. |
Also Read: Travelling to Canada for studies? Check all the details about Currency Exchange in Canada!
Things to Consider for Currency Exchange in Melbourne
There are several things you must consider while going for currency exchange in Melbourne. You must work on Currency Exchange strategies while studying in expensive destinations. Here are some points that you should consider.
- Keep an eye on exchange rates and go for currency exchange in Melbourne when rates are favourable.
- Exchange rates keep on fluctuating due to factors like economic conditions and geopolitical events. Sometimes, you can also observe the impact of inflation on currency exchange rates.
- Always inquire about any fees or commissions and compare it.
- Make sure to carry valid identification with you when exchanging money.
- Plan ahead and budget your expenses to avoid unnecessary currency exchange fees.
Important Tips for Currency Exchange in Melbourne
Currency exchange in Melbourne is an easy process. Consider the following tips to ensure safe and fair transactions.
- Always try to avoid last-minute currency exchanges by planning ahead.
- Go for well-known banks or licensed currency exchange providers to ensure the security of your transactions.
- Be cautious of individuals offering currency exchange services on the street.
- Monitor exchange rates and exchange your currency when the rates are favourable.
- Always obtain a receipt for your currency exchange transactions.
FAQs on Currency Exchange in Melbourne
To exchange currency in Melbourne, you may head to several places like Travelex, Australia Post, ANZ Bank, Westpac Bank, Currency Exchange Corporation, American Express Currency Exchange, and Travel Money Oz.
It’s advisable to exchange a small amount of money to cover immediate expenses upon arrival, such as transportation from the airport and meals for the first few days. You can exchange the rest of your funds gradually as and when required.
You need to provide valid identification, such as your passport or student visa, when exchanging currency at banks or currency exchange counters. Make sure to carry these documents with you to avoid any hassle.
There are usually no restrictions on the amount of money you can exchange in Melbourne. However, large transactions may require additional documentation or verification procedures to comply with anti-money laundering regulations.
While currency exchange services are available at Melbourne Airport, rates and fees may be less favourable in comparison to the exchange services provided in the city centre. If possible, consider exchanging a small amount of money at the airport for immediate needs and exchanging the rest at a bank or currency exchange counter in the city for better rates.
By understanding the basics, comparing rates and fees, and planning ahead, you can exchange your money efficiently. Remember to prioritize safety and always be aware of potential scams or hidden fees.
To know more about education loans, the best bank accounts for students, forex and banking experience for global students or international money transfers, reach out to our experts at 1800572126 to help ease your study abroad experience.
