Which Bank Has The Best International Exchange Rate?

LBrakus on 22/10/2022 - 22:45

I have Zurich life insurance overseas (based in UAE) and I have been using NAB to transfer money internationally which is a big rip off. I have been grudgingly paying with bad exchange rates annually for several years until the AUD rate got really bad and thought I need to find a way to save some money.
Zurich (UAE) can only accept bank transfers, VISA and Mastercard debit or credit card. Unfortunately, they do not accept prepaid cards otherwise, I would have used Revolut.

Can anyone recommend a bank with better exchange rates? thanks

Financial Exchange Rate

Comments

  • Hybroid on 22/10/2022 - 22:47
    +2

    Open a WISE.com account and/or card. Best exchange rates around.

    • Kedd on 22/10/2022 - 23:00

      No AED transfers at the moment it seems. https://wise.com/help/articles/2932360/guide-to-aed-transfer…

      Wise is great in general, though.

    • Brakus on 23/10/2022 - 01:15

      Does WISE use a prepaid card? If so, Zurich would not support it

      • foxmulder on 23/10/2022 - 09:20

        If it's just transfer you need, you won't be using any card. Generally, you will need to transfer money to Wise account here then Wise will transfer money internally in UAE to the recipient.

        • Brakus on 23/10/2022 - 09:41

          Will wise show my name as the sender? Does it have a valid international account number and bsb?

          • foxmulder on 23/10/2022 - 10:32

            @Brakus: I'm not sure what it looks like on the receiving end. I'm guessing it will show as Wise or other name they have in that local country with the same reference you put in the transer to point that money from you. You only transfer to a local Wise account number - and yes it will be a valid bsb and number.

  • Kedd on 22/10/2022 - 22:59
    +2

    If they accept Visa or Mastercard, just use any bank card which doesn't tack on an international fee - personally recommend Up (Mastercard) or ubank (Visa). https://www.ozbargain.com.au/wiki/cards_with_no_overseas_tra…

  • Wiadro on 22/10/2022 - 23:18
    +2

    i use my CBA world debit card its better than the Amex fx rate

    • LemonShapedRock on 22/10/2022 - 23:22
      +1

      CBA uses the Mastercard exchange rate which is pretty close to the Theoretical Exchange rate.

      Most VISA and Mastercards use their global VISA/Mastercard rates. As long as your card doesn't charge you then3% international exchange fees you'll be fine with most VISA/Mastercards.

      • LemonShapedRock on 22/10/2022 - 23:24
        +1

        If you're talking about international bank transfers then it's almost impossible to say which has the best exchange rates because they all use intermediary banks which use their own rates/fees to determine the final amount your recipient receives I believe.

  • CodeXD on 22/10/2022 - 23:26
    +1

    Citibank or 28D is also an option.

  • vince088 on 23/10/2022 - 08:10

    ing bank?

  • justgooddeals on 23/10/2022 - 11:41

    This website powered by Wise lists ANZ as offering the best exchange rate provided by BANK. Aus to USD

    ANZ is the only bank that comes relatively close to the foreign exchange brokers. Still nowhere near as good as the FX brokers

    https://www.thecurrencyshop.com.au/international-money-trans…

    Doesn’t mean you have to use bank.

    This rate Visa will offer you-

    https://usa.visa.com/support/consumer/travel-support/exchang…

    If you use credit card just ensure follow advice above. Use one that doesn’t charge 3% foreign transaction currency payment fee

    https://www.ozbargain.com.au/wiki/cards_with_no_overseas_tra…

    Mastercard has similar calculator currency converter.

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