Disclaimer: This blog – titled Foreign Exchange Rates Comparison – Follow Up compares the daily bank exchange rates of the four big Australian banks posted on their respective websites each morning. These rates are typically the base rate with which the bank will work off dependent if you are buying cash or paying foreign currency via telegraphic transfer.
This blog continues the analysis that began with Foreign Exchange Rates Comparison – 24th May 2012. What I will be doing in this blog post is re-visiting the websites of the four big Australian banks to determine there bank exchange rates. I will compare these rates to where the market rate is trading and to the rates initially supplied in Foreign Exchange Rates Comparison – 24th May 2012 and determine which bank provides the most competitive foreign exchange rates.
For this foreign exchange rates comparison the four banks whose bank exchange rates i’ll be analysing are:
National Australia Bank (NAB)
Westpac Banking Corporation (WBC)
Australian and New Zealand Banking Corporation (ANZ)
Commonwealth Bank of Australia (CBA)
Today the 6th June 2012 as at 9am the current mid-market Exchange Rates are as follows:
Having now visualized current market rates and which bank’s rates ill be analysing please see below:
If you are a traveller heading to the U.S or Europe you would be best to purchase (you are after the highest rate):
USD in order from WBC at 0.9359, CBA at 0.9338, ANZ at 0.9322 (NAB did not offer a rate)
EUR in order from CBA at 0.7414, ANZ at 0.7403, WBC at 0.7392 (NAB did not offer a rate)
If you are an importer of goods into Australia you would be best to purchase your (you are after the highest rate):
USD in order from WBC at 0.9394, NAB at 0.9367, CBA at 0.9349, ANZ at 0.9324
EUR in order from WBC at 0.7443, NAB at 0.7440, CBA at 0.7426, ANZ at 0.7404
If you are an exporter of goods, you would be best to sell (note – you are selling at the lowest rate possible) your:
USD in order to WBC at 1.0031, ANZ at 1.0034, CBA at 1.0063, NAB at 1.0070
EUR in order to ANZ at 0.8110, WBC at 0.8117, CBA at 0.8124, NAB at 0.8134
What this updated foreign exchange rates comparison tells me at this initial stage, is that all bank exchange rates here are again still a long way off where the market is trading. It also tell’s me that overall WBC still would appear to be the most competitive on exchange rates.
So the winner is Westpac. Good Luck.