If you need to exchange money for a family holiday or a business trip abroad, you’ll almost always get hit with ATM charges, credit card fees and commissions. But there are ways to minimise the cost and get the best possible ‘bang for your buck’. This article will discuss some good quality tips to help you get the best exchange rate when travelling overseas.
Do Your Homework
The most obvious thing to check before exchanging Australian dollars for foreign currency is the current rate. Although it is understandably important, it is often overlooked. If you don’t do some research before exchanging money, you’ll have no idea who is offering the best possible deal.
The simplest way to check is to go online and have a look at the exchange rate for the currency you wish to buy. This will give you an idea of the best possible rate to expect when you go to exchange your money. The exchange rates you find online are always better than banks or money exchange businesses, online rates don’t include any fees or commission, so you must make allowances for this.
If you are searching for the best exchange rates in Melbourne, try to find a company who offers no commissions or fees on their charges. If you are a student or senior citizen, you should be able to find currency exchange bureaus that offer discounts on their services.
Location matters when it comes to exchange booths, you’ll get a variety of exchange rates depending on the location of the company. If you choose to exchange money in popular tourist destinations such as bus stations and airports, be prepared to get a poor exchange rate in comparison other settings.
There are always exceptions, so you should know your exchange rates when you decide to purchase foreign currency. Just because a booth is located in a tourist area, doesn’t necessarily mean you’ll always get a bad rate.
Consider Your Options
A lot of customers initially rule out exchange bureaus that charge commissions or fees for their services thinking that they are losing out on money if they use them. This isn’t always the case, just because a sign reads ‘commission free’, doesn’t mean you’ll get the best rates.
There are some companies who charge commission and fees but still offer reasonable exchange rates. If you can find a business who don’t charge commissions or fees and also provide good exchange rates, you are on to a winner.
If you are planning on withdrawing money from your bank account while abroad, it is important to check with your bank before doing so. There will be international transactions fees and additional currency conversion rates.
It is important to give yourself some time when exchanging your money, the worst thing you can do is leave it until the last minute. If you change your money at the airport just before you board your plane, you are sure to get high commissions and poor rates. Take the tips mentioned above into consideration when changing your money in Melbourne.