UAE Exchange - Best Currency Exchange I found in Melbourne CBD

I thought I'd put in a good word here.

I just came back from a trip and had $17 Singapore Dollars sitting in my wallet. Given that it's no good to me here, I had a quick look at my options for making it into good old fashioned AUD

First of all, the spot rate was 0.785, so it would be roughly worth $13.30

Commbank - charge $8 Fee - making the transaction basically worthless
One place on Swanston St had an $8 fee plus a $3.95 fee on top, I would actually owe them money if I used them.
Another place that advertised 'No commissions' had a $50 minimum
I didn't go to travelex as I've heard they're similarly exhorbitant.

So I found Uaexchange, corner of Swanston and Lonsdale. They changed it for me.
I got $12.65, so I've paid about 60 cents for the privilege, but in comparison, it's a bargain.

Related Stores

aus-uaeexchange.com
aus-uaeexchange.com

Comments

  • +1

    Would this be the small shop next to a souvenir/dumplings place on Swanston St?

    If so, I also use their rate as a basis for comparison every time I go overseas and have found that they almost always give the best rate

    On top of that, they also give you a 0.05 (or might have been 0.005) on top of the exchange rate if you produce a student card of some sort :)

    • 283 Swanston st, that's the one!

      • There's also one on 45 Elizabeth St, Melbourne which is good. I'll be heading there this evening. Pretty much just a block away from Flinders St Station.

  • Yes simply the best place for exchange rates ever, they literally charge ~1c premium per American dollar, you just can't beat that, not even electronic exchanges such as from Paypal can beat that, and they give you physical Benjamin Franklins.

    Just goes to show how much these Financial service companies are ripping us off.

  • Good tip! I haven't bothered the highway robbery rates of travelex etc.
    They seem to have originated as a remittances provider (foreign workers sending money back home)
    Presumably the volumes of money support the good rates.

    Shop locator
    http://www.uaeexchange.com/index.php?option=com_blocator&vie…
    Can't find rates online.

  • Looks like the have quite a few locations around australia
    http://aus-uaeexchange.com/AUS/jsp/index.jsp?hid_status=4

  • They have the updated UAE Exchange Australia branches
    http://www.uaeexchange.com/index.php?option=com_blocator&vie…

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