How you can snare the best currency exchange rates
JETSETTERS looking to snag overseas currency may be wary after the Australian dollar this month dipped to its lowest level in a decade against the US dollar.
But The Currency Shop’s director, Justin Rampono, said this should not deter travellers from hunting for good rates, because these falls did not impact all currencies.
“The biggest expense or savings on currency before you head overseas is the products you use – some are good and some are really expensive,” Mr Rampono said.
“They can add anywhere between 2 and 20 per cent to the cost of your holiday money.”
He said travellers should avoid exchanging cash at airports because they had the worst rates.
Instead, if possible, visit CBD currency exchanges before jetting off.
“There’s more competition in the CBDS,” Mr Rampono said. “Cash is always handy. You may not use it for all your expenses, but it’s good to have it on hand.”
He said people exchanging more than $1000 should ask at the currency exchange bureau for a better rate, because they had room to move.
Travelex commercial director Mark Mulligan said “taking a mixed wallet” of foreign cash, a foreign exchange travel card and a debit/credit card was best.
“The main reason for this is to provide a contingency in the event that one of your travel options fails,” he said.
“A card may be needed for online purchases such as attraction tickets, while cash may be the best option for making purchases at local markets, tipping or paying for local transport.”
Mr Mulligan said typically, cash made up 30 per cent of a traveller’s wallet and prepaid travel cards and credit/debit Compare rates online.
Organise your currency weeks before heading off.
Sign up to foreign exchange rate trackers.
Take different types of currency. Watch out for fees and charges when using cards.
Be careful using your own debit/credit accounts. Large fees may apply.
cards made up the rest. He said people should be aware that exchange rates “can bounce”
from day to week to month to year, and to consider this when organising foreign currency.