The challenges of converting AUD to EUR
You’ve just landed your Australian paycheck in your Bank account (UP in my case), ready to convert AUD to EUR and send funds overseas. But here’s the catch: banks and platforms drown you in vague fees, slow processing times, and exchange rate markups that quietly shrink your euros. After battling these hurdles first-hand—and rigorously testing Wise, Revolut, and Swyftx—I’ll show you how to sidestep the traps, slash costs, and keep more of your hard-earned EUR.
As a financial markets and forex trader with four years of experience, I’ve tested dozens of currency conversion methods. My analysis prioritizes transparency, cost savings, and real-world reliability. Converting currencies impacts your financial security. This guide reflects rigorous testing but does not constitute financial advice. Consult a licensed advisor for personal circumstances.
The Contenders: Wise, Revolut, and Swyftx
Let’s cut to the chase. In my search for the cheapest way to convert AUD to EUR as an expat in Australia, I conducted three transfers per platform to average results, using identical amounts ($100 AUD) and mid-week timings to minimize rate variance. I transferred $100 AUD from my UP Bank account using three platforms:
- Wise: A fintech giant known for low fees and real exchange rates.
- Revolut: A digital banking alternative offering multi-currency accounts.
- Swyftx: A crypto exchange promising “cheaper” transfers via stablecoins.
All required identity verification (Swyftx demanded “Gold Level” KYC to withdraw funds), and funds were sent via PayID with zero transfer fees. But the devil’s in the details—let’s dissect the results.
Step-by-Step Breakdown: Fees, Speed, and Final Payouts
Why Crypto Transfers Are Risky for Expats
Converting AUD to EUR via crypto platforms like Swyftx exposes you to volatility, network fees, and regulatory uncertainty. The Australian Securities and Investments Commission (ASIC) warns that crypto assets are high-risk and lack consumer protections. Only use this method if you fully understand blockchain technology.
1. Wise: The Straight Shooter
- Process: Sent 100 AUD to Wise account (instant via PayID – no fees).
- Conversion: convert AUD to EUR directly in Wise.
- Fees: 0.35 conversion fee.
- Result: €60.67 landed in my Revolut EUR account in 10 seconds.
- Why It Wins: Transparent fees, mid-market exchange rates, and instant delivery. Wise skips the fluff—just efficiency.
2. Revolut: The Middleman Gamble
- Process: Sent 100 AUD to Revolut via Wise (by using the free Wise debit card)
- Conversion: convert AUD to EUR within Revolut’s app.
- Fees: Revolut asked for 2.16 AUD in transaction fees + 0.35 AUD in conversion fees (total fees = 2.51 AUD)
- Result: €59.41 after Revolut’s exchange rate markup (~1% on weekdays; higher weekends).
- The Catch: While Revolut offers slick multi-currency features, free users face hidden markups. Premium plans unlock better rates—but why pay twice?
3. Swyftx: The Crypto Detour
- Process: 100 AUD sent to Swyftx using PayID (instant without fees)
- Then converted 100 AUD into 62.19 USDT (0.38 USDT fee).
- Transfer: Sent USDT via TRON network (cost: 1 USDT).
- Hiccups: Funds held for 45 minutes due to “security checks” (usually this process takes 5 minutes).
- Final Conversion: USDT → EUR via Revolut → €58.76.
- Reality Check: Despite Swyftx’s promise of “low fees,” multiple conversions, network costs, and volatility eroded 4.5% of the original amount.
Cost Comparison Table
| Platform | Total Fees | Time | Final EUR | Best For |
|---|---|---|---|---|
| Wise | $2.51 (2.5%) | 10 seconds | €60.67 | Speed, transparency |
| Revolut | ~$3.50 (3.5%) | 1-2 days | €59.41 | Multi-currency management |
| Swyftx | ~$4.24 (4.2%) | 45+ minutes | €58.76 | Crypto enthusiasts |
Fees and rates valid as of February 2025. Check platform websites for updates.
Key Takeaways
- Wise Is King: Wise’s mid-market rate saved 1.2% compared to traditional banks like Commonwealth Bank, which charges up to 5% for AUD-EUR transfers. According to the Reserve Bank of Australia, the average AUD/EUR rate in Q2 2024 was 0.6065, but third-party platforms apply their own margins. For real-time checks, use tools like Wise’s currency converter.
- Revolut’s Markup: Free users lose ~1% on exchange rates—better for spending abroad than large transfers and convert AUD to EUR. Overall, the conversion rate for Revolut was 0.2% worse than Wise
- Crypto’s Hidden Costs: Swyftx’s route involves four steps (AUD → USDT → transfer → EUR), network fees, and platform risks. Unless you’re bullish on crypto, skip the detour.
Results reflect tests conducted in February 2025. Fees and exchange rates fluctuate daily—always verify with your provider
Final Verdict
If you’re after speed, simplicity, and maximum euros, Wise is your go-to to convert AUD to EUR. For smaller, non-urgent transfers, Revolut works—but watch for weekend markups. As for crypto? Unless you’re fluent in blockchain jargon and willing to gamble on volatility, stick to traditional routes.
Converting AUD to EUR involves risks like hidden fees and fluctuating exchange rates. According to the RBA, the AUD/EUR rate was 0.6090 during testing, but platforms like Wise and Revolut apply their own margins. In our tests, Wise’s mid-market rate saved 1.2% compared to traditional banks. Always verify rates directly via Wise’s calculator before transferring.