What WeXchange does

WeXchange Pty Ltd (ABN 52 155 326 846) is an Australian retail foreign currency exchange operator headquartered at Shop 6, 80 Collins Street in Melbourne CBD. The company holds an Australian Financial Services Licence (AFSL 411932) and is registered as an Authorised Representative (AR 472473). It serves individual retail customers, primarily Australian travellers and residents needing foreign currency, offering 30-plus currencies from its physical storefront and through an online ordering platform with home and workplace delivery. The business model is direct-to-consumer, with revenue generated from the spread embedded in exchange rates rather than explicit commissions, supplemented by a 1% surcharge on Visa/Mastercard online transactions and a 1% surcharge on EFTPOS credit payments, plus delivery fees.

The company operates at a small scale, with reported headcount of 11-50 employees, and its active footprint is currently centred on a single Melbourne CBD store. Operator history indicates a Sydney CBD store at 31 Market Street (St Martins Tower) opened in June 2018 and a Box Hill location, both of which were closed during a three-year pandemic shutdown. The Melbourne store reopened in October 2022 and returned to five-day trading operations in December 2022. Adjacent product extensions include a Cash Buy Back Plan for repurchasing unused foreign currency. The business model is spread-based and transaction-volume-driven, with no disclosed enterprise or B2B clients and no fintech or AI-enabled service differentiation relative to larger online FX competitors.

Name

WeXchange

Legal name

WeXchange Pty Ltd

Website

https://wexchange.com.au

Company type

Private

Operating status

Operating

Headcount range

11–50 employees

Short description

WeXchange is an Australian retail foreign currency exchange operator based in Melbourne CBD, offering 30-plus currencies through a physical storefront and online ordering with delivery. It serves individual travellers and retail customers via a spread-based, no-commission pricing model.

Ownership category

akta.pro rank

Product category

Foreign Currency Exchange Services

akta.pro primary industry

Remittances & Retail FX (Consumer Cross-Border) (FSABAAAK)

Keywords

• Foreign currency exchange
• Travel money services
• Cash currency exchange
• Online currency ordering
• Retail currency exchange

Headquarters

HQ city

Melbourne

HQ country

Australia

HQ region

Oceania

Offices4 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Infrastructure

Revenue model

1. Foreign Currency Exchange: Revenue generated from the margin between wholesale exchange rates and retail rates offered to customers. Exchange rates are calculated based on commercially available rates plus a margin. No fees or commission charged to customers.
2. Credit/Debit Card Surcharges: 1% surcharge applied to online orders paid with Visa or MasterCard, and 1% surcharge for in-store EFTPOS credit ('CR') button transactions
3. Delivery Fees: Delivery fee charged for personal delivery of currency to nominated addresses

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels5 records

Core offering

WeXchange buys and sells over 30 foreign currencies for Australian travellers through an online 24/7 ordering platform with in-store pickup at its Melbourne CBD location and home delivery across Australia. The service charges no fees or commission, with revenue generated from the margin between wholesale and retail exchange rates plus a 1% surcharge on credit/debit card payments and delivery fees.

Product overview

WeXchange operates as a foreign currency exchange service based in Melbourne, Australia, offering a unified platform for buying and selling over 30+ currencies. The core product is the Foreign Currency Exchange service, supported by an online ordering system (buy.wexchange.com.au) for 24/7 advance orders with in-store pickup or delivery. Additional services include a Cash Buy Back Plan for returning travellers and order tracking functionality. The company maintains a physical presence at Shop 6, 80 Collins St in Melbourne CBD and provides educational travel money guides for popular destinations.

Differentiator

Problem solved

Functional benefit

Products and services

• Foreign Currency Exchange Buy and sell service for over 30 foreign currencies (USD, JPY, CNY, EUR, IDR, THB, SGD, GBP, HKD, KRW, NZD and more) targeting Australian travellers, with no fees or commission; revenue earned through the margin between wholesale and retail exchange rates.
• Online Currency Ordering

Quantifiable outcome

• No fees or commission on all currency transactions
• +1 more outcomes

Named customers1 record

Segments2 records

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature2 records

Scale indicators4 records

Recent moves7 records

Expansion highlights4 records

Emerging players

• OFX: Australian-founded FX and international payments platform serving consumers and businesses. Overlaps with WeXchange on consumer cross-border currency needs via digital channels.
• Wise (formerly TransferWise): Digital-first multi-currency platform offering mid-market FX rates via app-based card and transfers. Targets the same traveller FX need but through digital/mobile channels rather than physical cash.
• 28 Degrees (Latitude Financial travel card): Australian prepaid multi-currency travel card issuer. Competes for pre-trip currency needs via card product rather than physical cash; targets the same Australian traveller segment.
• Revolut: Digital banking and multi-currency card platform with strong Australian expansion. Competes for travel money through app-based spending and interbank FX rather than physical cash.
• WorldRemit: Digital remittance and FX platform with Australian operations. Adjacent competitor for cross-border currency movement, though more skewed to remittance than travel cash.

Direct peers

• No1 Currency: Australian foreign exchange bureau with retail stores in major cities. Competes on rate, fees, and breadth of currencies for outbound Australian travellers — same product, same customer, same delivery channels.
• Travelex: Global retail foreign currency exchange leader with significant Australian presence (airport and high-street locations). Most direct competitor in cash foreign currency for travellers with comparable no-commission / margin-based pricing.
• S Money (Currency Exchange Melbourne): Melbourne-based retail currency exchange operating physical locations in the same catchment. Direct competitor for the Melbourne CBD traveller market with comparable cash FX services.
• Travel Money Oz: Australian retail FX specialist offering cash currency and prepaid travel cards across multiple locations. Direct head-to-head competitor targeting the same Australian traveller segment with similar online-order + pickup model.

Broad incumbents

• Commonwealth Bank of Australia: Major Australian bank offering foreign currency cash via branches and online ordering, plus multi-currency accounts and travel cards. Represents the institutional incumbent option that captures a significant share of consumer FX.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks7 records

Key highlights7 records

Customer concentration

• Facebookm.me/wexchangecurrency

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about WeXchange