Lois Larson
Exchanging currency at the airport is often an expensive option due to higher fees and poorer exchange rates. If you're travelling to Australia, it's recommended that you order your currency in advance or withdraw money from an ATM when you arrive. At Sydney Airport, you can exchange money at Global Exchange, which has 25 locations, or at Travelex, in T2 Domestic. You can also withdraw cash from ATMs at the airport, although you should avoid dynamic currency conversion (DCC) and choose to pay in the local currency to get a better exchange rate.
| Characteristics | Values |
|---|---|
| Currency exchange at Australia airport | Available |
| Best exchange rates at the airport | May not be available |
| Better exchange rates | Available by ordering currency in advance or withdrawing from an ATM |
| Exchange rate at Sydney airport | Poor |
| Better exchange rate at Sydney airport | Available by ordering currency online and collecting on arrival |
| ATM withdrawals | Reasonably fair fees and exchange rates |
| Dynamic Currency Conversion (DCC) | Avoid |
| Carrying cash | Widely accepted in Australia |
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What You'll Learn
ATM withdrawals in Australia
If you're travelling to Australia and need to withdraw cash from an ATM, there are a few things to keep in mind. Firstly, let your bank know the dates you'll be in Australia. If you don't, your bank may consider your transactions suspicious and freeze your card.
Most Australian ATMs dispense AUD$20 and AUD$50 banknotes, so you'll need to withdraw in multiples of these denominations. Some older machines first dispense $20 notes, followed by $50 notes. It's always a good idea to count your cash and ensure you've received the correct amount.
ATMs in Australia typically charge fees per transaction, so making one large withdrawal can save you money compared to multiple small withdrawals. Check with your bank what your daily withdrawal limit is and plan your budget accordingly. You don't want to be left with extra AUD that you need to convert back at the end of your trip.
If you're using a foreign card, you'll usually be charged an ATM fee by the local bank, which is often around AUD$2 (about US$1.50) per transaction. Private ATMs may charge even higher fees, so it's best to stick to ATMs from recognised banks. Additionally, your home bank may charge a foreign currency exchange fee on top of the local ATM fee. To avoid this, you can choose to be charged in Australian Dollars instead of your home currency when given the option.
If you're looking to minimise fees, there are a few options to consider. Some banks, such as Citibank and HSBC, offer fee-free withdrawals from their ATMs worldwide or to specific customer categories. Networks like Allpoint also provide fee-free withdrawals from their ATMs in Australia and other countries. If you plan on staying in Australia for an extended period, opening a local bank account can be a good option, allowing you to make ATM withdrawals without incurring additional fees.
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Airport exchange services
To ensure you get the best value for your money, it's recommended to explore alternative options. Ordering currency from your bank before your trip is a good way to ensure authenticity and get a competitive exchange rate. Major US banks, such as Wells Fargo and Bank of America, offer a variety of foreign currencies for their customers without additional fees beyond the exchange rate. If you have the time to plan ahead, this can be a cost-effective strategy.
Additionally, using ATMs to withdraw local currency is another convenient and often fair-priced option. ATM withdrawals typically offer reasonable fees and exchange rates, especially if you avoid dynamic currency conversion (DCC). DCC allows you to view the transaction amount in your home currency, but it often results in an unfavourable exchange rate. Instead, opting to be charged in the local currency will usually provide a better deal.
If you're travelling to Australia, it's worth noting that Australian dollars are widely available due to their global trade presence. This means that exchange rates may not vary significantly, giving you some flexibility in when and where you exchange your money. However, it's always a good idea to carry minimal cash and rely on cards and ATM withdrawals to access funds when needed. This approach not only reduces the risk of carrying large amounts of cash but also allows you to take advantage of competitive exchange rates outside of the airport.
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Exchange rates
One option is to order currency online and collect it at the airport. Foreign Xchange, for example, offers this service, guaranteeing one of the best rates available. Global Exchange also offers a Click & Collect service, with no waiting and no surprises.
If you are looking to exchange a large sum of money, it may be worth calling the currency exchange platform to find out their best rate. Foreign Xchange, for example, offers better rates for orders over $1,000.
Another option is to order a travel card, which can be a good way to get a great exchange rate while reducing the risk of carrying large sums of cash. Wise offers a travel card that uses the mid-market exchange rate with no markup or margin.
If you are planning on staying in Australia for a longer period, you may want to consider opening an Australian bank account. With a borderless multi-currency account, you can manage your money in over 40 currencies and always convert between them at the mid-market exchange rate for a fair fee.
Finally, if you need cash immediately upon arrival, withdrawing from an ATM is an option. ATM withdrawals tend to come with reasonably fair fees and exchange rates, as long as you avoid dynamic currency conversion (DCC).
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Credit and debit cards
Debit cards are not as widely accepted as credit cards, especially in smaller rural communities. If your debit card has a Visa, MasterCard, Maestro, or Plus logo, you can use it at most ATMs for cash withdrawals as long as you have a four-digit PIN. Some banks may charge a per-withdrawal fee of up to $5 and a conversion fee of up to 3%.
When using a MasterCard or Visa credit card overseas, the international MasterCard and Visa networks typically add a 1% conversion fee, and most banks add an additional 2% fee, for a total of 3%.
To avoid high fees, it is recommended to order currency in advance or withdraw from an ATM upon arrival. You can also consider opening a borderless multi-currency account that allows you to manage your money in multiple currencies and convert between them at mid-market exchange rates for a fair fee.
It is always a good idea to carry a mix of cash and cards when travelling, and to notify your bank before you leave to avoid any issues with foreign transactions.
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Currency exchange kiosks
However, exchanging currency at the airport may not be the best option due to high fees and unfavourable exchange rates. Airport exchange services often markup their rates due to a lack of competition, resulting in lower value for your money.
To get a better exchange rate, it is recommended to order currency in advance for collection at the airport or withdraw local cash from an ATM. Ordering currency online through services like Global Exchange's Click & Collect or using a platform like Wise can secure better rates and avoid the hassle of waiting at the airport. Additionally, withdrawing cash from ATMs of different banks available at the airport can be a convenient option with reasonably fair fees and exchange rates.
If you plan on staying in Australia for an extended period, opening an Australian bank account for day-to-day use might be more suitable. This allows you to manage your money in the local currency without incurring excessive exchange fees.
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Frequently asked questions
Yes, you can exchange US cash at an Australian airport. Sydney Airport, for example, has Global Exchange kiosks offering on-the-spot money exchange, as well as larger offices with a fuller range of services. There is also a branch of Travelex in the T2 Domestic terminal.
Exchange rates at Australian airports are often poor and come with high fees. It is recommended that you only exchange a small amount of money at the airport for immediate needs and then find a better deal elsewhere.
Yes, there are ATMs at Australian airports. It is generally recommended to withdraw cash from an ATM rather than exchanging cash, as this will usually give you a fairer exchange rate and lower fees.
Yes, ANZ and Australia Post have branches at Sydney Airport.
The best way to get Australian dollars is to order them from your bank before your trip. This way, you can ensure you are getting the best, legal rate. If you are unable to do this, you can use an ATM at the airport, but be sure to avoid dynamic currency conversion (DCC) and choose to be charged in the local currency.
