The interbank Australian exchange rate has slowly become undone as more and more people begin to see its shortcomings. The transfer costs and the margins placed on exchange rates have made sure that the banks are not competing with the big names in exchange rates. Because of this the banks have been knocked quite far behind in the exchange rankings.

HSBC – In the top ten currency traders, HSBC has found itself offering rates that don’t compare to the cutting edge online transfer sites. HSBC offers Australian Dollars for British Pounds at 1.673. The International exchange rate for Australian Dollars is 1.777. It’s not a huge margin, but compared to the other traders it is noticeable. Where you should get AUD 177.86 for GBP 100 instead you will get AUD 167.29 for GBP 100 with HSBC.

Natwest – Similarly to HSBC, Natwest is no longer in the top rankings of the exchange market as they offer 1.667 giving you AUD 166.71 for GBP 100. You also have to go through the branches to order the currency, unlike online systems that simply require a debit or credit card and ID.

Nationwide – Only offering delivery, Nationwide offer a rate of 1.690 giving you AUD 163.05 after delivery costs.

Buying them online is a much simpler and cheaper method of purchasing Australian Dollars at a much cheaper price. A company which specialises in handling Australian Dollars at a cheap rate may also be found online but most companies look to compete with each other’s rates so there will be a good variety of choice out there.

The banks on the other hand are not able to compete on the same level as they have much more costly over heads, so always do your research in order to find your ideal currency exchange rate.