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Great Rate Foreign Exchange Rates in Sydney CBD (around Great Southern Hotel, George St)

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While not a bargain per se, with the recent USD exchange rates it makes a lot of sense to let everyone know where to get the best rate.

I have found a lot of small foreign exchange outlets located on George Street around the Great Southern Hotel which give amazingly high exchange rates with no fees at all. For example, I just exchanged at a rate of AU$1 = US$0.9741 as compared to the current rate on XE of US$0.98465.

Current rates with the larger competitors:
Travelex = US$0.9580 (no fees)
The big four banks = US$0.9502 to 0.9586 (excluding additional fees)

Source: http://bestexchangerates.net/AUD/USD&buysell=buy&type=notes

A good strategy is to have a look between the places, check out the best rate and (if you're exchanging a reasonably large amount) try to negotiate a better one!

If anyone knows of any other good value currency exchange places around Australia or around Sydney, let me know and i'll add them!

You can see the current rates below:

http://upload.ozbargain.com/2010/11/18/4811_imag0009.jpg

And a photo of one of the stores:

http://upload.ozbargain.com/2010/11/18/4812_imag0006.jpg

Good luck and happy FOREXing!

p.s. Mods, I have put the link to Google as I can't link to the uploaded photos due to getting this error:

Posting deals from ozbargain.com has been temporarily banned on OzBargain. Reason: Exceesive negative votes over the last 5 days.

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  • +5

    I've had good experiences with KVB Kunlun (google them) down at the TGV office buildings near Town Hall steps

    • +1

      Ive been to the KVB in the citibank building on Park St. They do have a pretty good rate, but a very long wait. There is actually another place right next to them (you'll see this place first when you exit the elevator), they have a very slight higher rate, but literally no waiting. =)

      • I always get better rates at the one next to KVB Kunlun on level 18!

        Bank of China is also good.

      • I've been there too but they don't have a board showing their rates and blow me if I'm going to wait inline just to know what the rate is.

        • Found the pamphlet:

          GFL - Global Forex (Sydney) Pty Ltd
          Level 18, Citigroup Centre,
          2 Park St, Sydney NSW 2000
          Phone:
          02 9267 2238
          02 9283 8263

  • OK, I've added the picture as the link. The temporary ban on Ozbargain is a bug.

  • +3

    http://citibank.com.au/global_docs/onlinetools/ci1.htm

    theres a place in citibank building, level 22. i always exchange there. their rates are awesome, and no fee's. I recently exchanged, 160000 Yen for 2000 AUD.. which works out to be 1AU = 80Y. When the big four and all, was at 1AU = 75-78Y

    • Never knew there is one on level 22 as well. I should check it out next time!

    • is it for cash? will it work in the branch in brisbane in exchange for cash?

    • Yeah good to have another option but the OP's picture shows Yen at 82.1. Of course the rate may have fluctuated that much since you purchased.

    • the rate is showing draft / TT .

      cash rate always lower than TT / draft !!!

    • where abouts is the citi bank building? is that the one in sydney? on park street or pitt street?

      • It's on Park Street. Opposite Townhall Woolies

        • awesome, i work right near town hall.

          better check it out

        • Citibank Building
          Level 18, 2 Park St
          Sydney 2000

    • +1

      Do you know what's the name of the place on level 22? Or have a phone number please? Don't want to trek up to the city and find out they've run out of money for the day.

    • do they change cash too?

    • Is this a cash exchange d?

  • Can you buy travelers cheques at the same rate?

  • how bout melbourne?

  • +1

    I've always found that the local casinos give you the best rates, and they don't charge fees and are open 24/7. They only to one way exchange, back to AUD from whatever though.

  • +4

    Australia must have the worst rates when it comes to exchanging money
    I feel sorry for travellers who don't change money before they come here.
    Sometimes I hang around the front and wait for someone who might have what I want and I just change money with them!

    • see in any other country that would be dodgy and I'd be weary but Australian money is soo hard to counterfeit that I might just do what youve suggested :D

      But only whilst wearing dark sunnie and a cap. (possibly a trenchcoat in the middle of summer as well whilst trying to sell stolen watches to unsuspecting americans!)

    • That depends where. I remember you get more exchanging here than in Japan.
      Best way to get money if you're there is to use your keycard at the ATM's.
      Only real money to exchange money there are at the banks which give you bad rates.
      Is it any different now?

      • +2

        Oh yes, Japan banks are terrible too.

        Yeah Wizard all the way. (or 28 degrees now)

  • my sister recently used the post office no fees and they give you the rate as it is at the time of exchange.

    • Is this meant to be all post office? I tried my local one once and they denied having this service.

    • +1

      I doubt the spot rate given will be that great, if there are no fees they are probably going to be making money off a bigger spread.

  • Best rate ive got is from a branch on George St called "The Money Change". Across from the World Centre.
    No fees or commission.

  • Any places in Melbourne?

    • I too would like to know

    • kvb in the city (collins st)
      no queues at all (last time i went there)

  • When can you start negotiating ? $500 ? $1000 AUD ? Not sure when ? Thanks !

    • I would try to bargain at those kinds of amounts. Probably wouldn't bother for under $500 (especially given that the better rate would probably save you under $3 due to the low amount) but you could always give it a shot!

  • Anyone know what the name of the place next to KVB is? And if there's a phone number? Went to get it exchanged last time but forgot to grab a business card or even jot down a phone number!

    • GFL - Global Forex (Sydney) Pty Ltd
      Level 18, Citigroup Centre,
      2 Park St, Sydney NSW 2000
      Phone:
      02 9267 2238
      02 9283 8263

  • In Perth the best place I have come across is Nationwide Foreign Exchange. Small counter at 215a Murray Street Mall, also one on Hay Street I believe. Rate is about the same as the major banks but no commission and they are generally quicker and easier to deal with.

  • I have $15 of NZ money that I want converted back to AUD. How much will I get back?? Was going to do it a while ago and got offered $4 or something rediculous.

    • Assuming the rate was the same as listed above, your NZ$15 would convert to AU$11.37 at this place.

  • -2

    Au post, no fees and as good as I could find.

    • +1

      When I checked, Australia Post's exchange rates were lower than Travelex or Westpac.

      • -2

        bout 3cents less than exchange rates listed on xe.com - AND NO FEE. I will use again..

        • no fee for travelex or westpac or this posted location either

  • +2

    I use my Wizard Clear Advantage credit card when overseas. No transaction or currency conversion fees. Rate is also better than visa. I also find when I use it in my paypal account the rate is better than my other credit cards that is also registered on paypal.

  • anyone got any tips for adelaide? I'll be looking to exchange some THB, would normally use the wizard MC while over there but the dam thai banks have a $5AUD fee on all cash withdrawls made by overseas credit cards..

  • i recently bought airfares in USD with Wizard MC and I got a rate above partiy!!! You can't beat that!! I got something akin to 1.009?? Don't know exactly because I haven't got the statement yet and they only show conversion rates of the statement. It was great paying $134.58 USD whilst only being charged $133.40 AUD!!!

  • +1

    went there yesterday and got a rate of $0.9711 but we asked them if they can price match the shop that was 2 doors down (in the newsagency) so they gave us a rate of $0.9720

  • does anyone know of a good place in brisbane?

  • I need some advice.
    I have $20,000 that I would like to exchange to US dollars to lock in the exchange rates before I travel in June next year. I'm going to wait until I can at least get parity with the US dollar. I also want to earn interest on my US $'s and I was wondering if anyone knows of any banks that will offer me a good savings interest rate on my savings and hold American currency in an Australian Bank Account.
    Maybe I would have good room to negotiate a good exchange rate if I exchange 20K at once.

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