How to Compare Exchange Rates

Constantly changing exchange rates make it difficult for consumers to compare exchange rates offered by competing providers. If comparisons are not done within minutes of each other one provider may look better than the other when it's the fluctuation in the exchange rate that has made the difference. Exchange rates often move from second to second.

Another factor that makes it difficult to compare rates is the practice of quoting consumers a very aggressive rate when the consumer is initially comparing exchange rates only to give a much less competitive rate when the consumer has signed up, provided identification and finally locks in the rate.

Also consumers need to beware when providers post interbank exchange rates on websites sites without clearly warning consumers that these are not the rates they will get on exchange.

We recommend the following transparent approach. Simply ask the provider to quote their percentage margin versus the interbank rate.

OzForex is committed to full price transparency.

View customer rates and interbank rates via the FX Dashboard.

These rates should be significantly better than your bank, if another provider will guarantee a margin* less than ours we will better that margin.

* The margin is the percentage difference between the interbank rate and the customer rate as displayed on when you follow the link above.

Note: Most banks and providers won't commit to a fixed margin because it restricts their ability to increase the profit margin when the rate is locked in but it's the only way to truly compare providers as the wholesale rate is constantly changing at any moment in time.

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