Look for the right rate
You can buy a foreign currency (perhaps when preparing for an overseas trip) and also sell it (such as when you come back from that overseas trip). When checking the exchange rate, it’s usually easier to find the right rate if it’s listed from your perspective, such as ‘I want to buy’ or ‘I want to sell’.
But occasionally, you may need to look out for the 'bank sells' rate if you intend to exchange local currency for foreign currency, and the 'bank buys' rate if you are exchanging foreign currency for local currency.
There may even be a few different rates displayed for each currency, including rates applicable to:
- IMT or Transfer: an International Money Transfer is the usual way for you to send your money overseas via a bank. This is also sometimes called 'TT', for Telegraphic Transfer.
- Travel cards: this rate is for products like the ANZ Travel Card, which you can load with selected foreign currencies.
- Cheques: if you're getting a bank draft issued in a foreign currency.
- Notes or Cash: if you're getting foreign currency cash, this is the rate you'd use.
If you come across an 'indicative mid-market rate' (on the Currency by ANZ app, for instance), this means that it is a rate that is determined by ANZ and is approximately halfway between the current buy and sell rates from the global wholesale currency market. Bear in mind it's only a guide and not a rate which you can use to buy or sell currencies.