Best Australian Dollar Exchange Rate Today: Cheap International Money Transfer
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What is the best rate for AUD
If you need to exchange SGD for AUD you’ll be looking for the very best Australian Dollar rate available. Getting the best exchange rate possible means you pay less overall in fees, so you’re getting the best value for money out there.
Exchange rates change all the time, due to supply and demand on global markets, which means that comparing a few different providers is the easiest way to find the best available AUD rate. In most cases, the best rate on the market for SGD/AUD exchange will be the mid-market exchange rate. This is the rate you’ll find if you google your currency pair, or if you're using a currency conversion tool.
It’s helpful to know the mid-market rate for your currency pair because it’s a good way to compare the rates you’re quoted from different banks and providers. The mid-market exchange rate is the one that banks and currency exchange services use when trading high value amounts on wholesale markets - but it’s not always available to customers making smaller transactions and transfers. That means that shopping around to find a provider which offers the Singapore Dollar/Australian Dollar mid-market rate, or as close as possible to it, is usually the best way to get a good deal.
How to get the best AUD exchange rate
Because different providers set their own SGD/AUD rates, you’re going to have to shop around to get the best Australian Dollar rate available. However, this doesn’t have to be a hassle thanks to your helpful comparison tools which allow you to find the most competitive rates quickly, based on the specific transaction you need.
Whether you use the Exiap tools or not, you’ll want to compare a range of different options for your transaction - these may be banks or in-person currency exchanges, but you can also look at specialist online and in-app services which offer secure currency conversion.
The right service for you is likely to come down to a few factors, including the specific transaction you need to make, the costs, convenience and speed.
Why does getting a good Australian Dollar exchange rate matter?
Getting a good AUD rate means paying less in fees, and maximising the value for money you’re getting for your transaction.
If the exchange rate you’re quoted from your bank or preferred provider includes a fee, it will push up the costs of your transaction. If you're sending money to someone, this might mean that they get less than you expect - or that you have to pay more than you initially budgeted. The same goes if you’re converting currencies to invest or when you travel - getting a better rate means you’ll end up with more AUD in the end to use however you please.
The fees added to exchange rates are usually a percentage which is just bundled up in the rate you’re quoted. This percentage might sound pretty small at first - but it mounts up very quickly if you transact often or if you’re exchanging a high value payment. Getting a better exchange rate can mean saving a lot of money over time, or if you’ve got a big payment coming up.
Can you avoid losing money on the AUD exchange rate?
While banks and exchange services set their own rates, there are a few helpful things to consider if you want to avoid losing money on the Australian Dollar rate.
If you’re exchanging for travel, bear in mind that the exchange rate offered at the airport or at your hotel is likely to include significant fees. The rates available in popular tourist hotspots are often pretty poor because vendors know there’s a steady flow of one-off customers who would rather be enjoying their holiday than examining the costs of currency exchange. Exchange fees might include upfront costs but are also likely to include exchange rate markups and other hidden or tricky to spot fees, so you may not even realise you’re getting a bad deal until after the event.
If you need AUD for an upcoming trip you might decide to get a dedicated travel account and card to make it easier to plan and budget for your travels. Providers like Wise let you add money in SGD and either convert instantly or at the point of making a payment or withdrawal, with great exchange rates and low fees. You won’t need to stand in line at a money changer, as you can manage all your travel finances from your phone, at home or on the move.
If you’re exchanging money to pay a large upcoming bill, or as an investment, you may also get hit by sudden changes to the exchange rate - or by a provider simply setting a poor rate on the day you need to transact. You can get around this by locking in a rate in advance so you have some peace of mind. Specialist services like OFX may allow you to arrange a forward contract which locks in a rate for a future transfer - or you could use a multi-currency account from a provider like Wise to convert to AUD when you see a good rate, and hold your balance until you need it.
Preparing AUD for overseas travels?
One of the most common reasons for needing SGD/AUD exchange is for travel purposes. If you have a trip to Australia coming up you’ll want to find a great exchange rate to make sure you can make the most of your travel.
How to track down the best rate
As we’ve seen, exchange rates change all the time, so tracking down the best Singapore Dollar/Australian Dollar rate will mean doing a bit of homework. This isn’t as hard as it sounds, thanks to tools like our currency exchange rate comparison tool. Just enter the amount you want to exchange to generate rates from a selection of providers, so you can see if any suit your needs.
You can also set up rate alerts which let you know when your currency pair reaches your preferred exchange rate - check out the rate alert from Wise if you’d like to watch the market and exchange when rates are most favourable.
How much SGD would you need for a weekend in Australia?
If you're planning a trip to Australia, you might want to know in advance how much SGD you need prepare before converting it to AUD. We put together a list of the most common expense you would want to plan in advance and then convert to AUD:
Accommodation: In Australia, the average accommodation typically costs around 98 SGD / night (equivalent from AUD)
- Transportation: A local bus or train ride provide convenient and affordable ways to explore the areas around, with an average price of 42 SGD (equivalent from AUD)
- Food: You can have a meal in a restaurant in Australia for an average of 48 SGD (equivalent from AUD)
How to get the best AUD transfer rates
If you’re looking for currency exchange because you need to send money to someone overseas, you might find the best deals on offer are from specialist services like Wise and OFX, rather than from a bank.
Specialist providers like Wise and OFX aren’t banks, but they’re licensed and regulated, so they’re safe to use. They don’t have the same overheads as a bank, and have invested in new ways to process customer payments which can mean you get a better exchange rate and a faster delivery time compared to using a bank.
Wise
The Wise multi-currency account allows you to buy, hold, and spend Australian Dollars and over 40 other currencies at the real exchange rate with no markup. In addition to saving on currency exchange, the service offers a debit card linked to the account and 2 free withdrawals per month of up to 250 GBP (equivalent in SGD) and provides local bank details for receiving payments in 9 currencies.
OFX
OFX was founded in 1998, and has 1 million+ customers. You can send payments in 55 currencies with OFX. Through your personal broker you can also set up forward exchange contracts and target rate orders to help manage currency risks when transacting or holding high values of foreign currencies.
OFX is available to send to 170 countries in 50 currencies. It doesn’t use a transfer fee for international payments. However, there is an exchange rate markup - which is a fee wrapped up in the exchange rate being offered.
How to compare SGD/AUD
The easiest way to compare your options for SGD / AUD exchange rates is to use our comparison calculator.
We’ve rounded up a selection of leading providers and services, to help you compare the available exchange rates, costs and fees depending on the service you need. That means it is easier than ever to get a good deal on your currency exchange.
What is the best place to buy AUD?
You can buy AUD online or in a physical currency exchange office or bank. Which is best for you might depend on the reasons you need foreign currency, and your personal preferences.
Buying currency in person is instant and useful for travel money cash - but it does mean taking time out of your day to travel to an exchange store, and standing in line to get your hands on cash. An alternative for travel purposes is to get a travel card from a provider like Wise which lets you top up online in SGD and then make cash withdrawals at ATMs around the world. This means you can get your AUD cash on arrival, with less hassle and low overall costs.
If you’re looking to get foreign currency for a payment the most convenient option is usually to arrange this digitally, either through your bank or a provider like Wise, OFX or TorFX. You could also sort your transfer out in person by visiting a bank - but the costs for this are often extremely high.
Services like Wise, OFX and TorFX offer payments to a good selection of countries - Wise customers can send money to banks in 160+ countries for example - and you can get everything sorted with just your laptop or phone. Specialist providers like these often offer great exchange rates and low overall costs which can mean better value for you and the person you’re sending money to.
Right now, the mid-market rate for 1 SGD / AUD is 1.18316. Find providers who offer the same rate, like Wise or similar to this value to make sure you get the most of your exchange rate.
Which providers offer the best AUD rate?
The exchange rates available change all the time in line with global markets - but you can usually find a competitive Australian Dollar exchange rate from a specialist service such as Wise or TorFX. To see which option is the best at the time you need to transact you can compare the rates available online.
Don’t forget to also look at any transfer fees applied, as well as the payment processing times, as they vary between providers.
Is there a best time to exchange SGD/AUD
There’s not really a best time for SGD/AUD exchange - the rates you can find will all depend on changes in global currency exchange markets. Currency exchange rates fluctuate a lot because of a whole host of factors - including both macro and micro economic and political factors.
If you’re interested, it can be handy to track the SGD/AUD exchange rate to look at trends and changes. Exchange rates are publicly available on Google or other currency conversion websites and apps, including historic data so you can see how currency values have changed over time.
An alternative here is to pick a provider which lets you set a rate alert for your currency pair. Services like Wise allow you to input a desired exchange rate, and will then notify you if your rate becomes available. Just keep an eye out for the message and be ready to make your exchange or transfer when the rate looks good.
FAQ - Best AUD Exchange Rate Today
What is the best SGD / AUD rate?
The best AUD rate will depend on exactly what service you need. Exchange rates vary based on the provider you pick, the amount of currency you want to exchange, and whether you're an overseas payment, spending with a card internationally, or exchanging travel money for example. To get a headstart on finding the best rate out there, check out our comparison calculator which looks at the rates and fees available from some leading providers.
Where can I get the best AUD rate for my international money transfer?
If you're sending a payment overseas you'll want to find a provider which offers the mid-market exchange rate, or as close as possible to it. The mid-market rate is the one you'll find on Google. While lots of providers add a markup - an extra fee - to the exchange rate they use to convert customers' money, some pass on the Google rate, which can keep costs down. Use a comparison calculator to find the best provider for your specific payment.
How do exchange rates work?
The exchange rate is the calculation used to convert your home currency to the currency you need for your travel or international payment, for example. It's the amount of SGD it'll cost you to buy AUD - or whichever other currency you need. When you're converting from one currency to another you need to check the exchange rate being used, as well as any other fees you'll pay, to figure out the overall cost of your transaction.