What is the cheapest way to buy foreign currency?
The cheapest way to buy foreign currency is online. Shopping around online allows you to compare banks, currency providers and travel agents. You can compare currency exchange rates, commission fees, postage costs and whether or not you can collect your foreign travel money at the airport or at a local branch.
5 Cheap ways to buy foreign currencies
1. Order Foreign Cash Online
There are a whole host of reasons as to why you should order foreign cash online. Not only will you be able to shop around and find the best rate. You can also track currency exchange rates on a day to day basis. When you think the rate is peaking or better than what it was previously, you can lock your rate in with your chosen provider making you exchange cheaper.
Buying foreign currency online also allows you to save time and avoid the hassle of visiting a physical store. Foreignxchange.com.au offers a safe and secure home delivery service that takes the headache out of having to take the time out of your day to head into the CBD to get your travel money sorted.
Ordering your foreign cash online will usually give you a much better rate than getting your travel money sorted at a local bank or even at the airport before you head overseas. Many online currency providers offer very low or no commission fees. Meaning that you can get more for your money when it comes to exchanging your Aussie Dollars.
2. Exchange Currency At Your Local Bank
Local banks can be a good port of call when you’re looking to get your foreign cash. It is worthwhile comparing local banks online rates vs. in-store to see if it is cheaper to order your travel money online. Although many local banks are notorious for charging commission fees when you exchange your Australian Dollars to other currencies. Many offer handy by back schemes which allow you to easily convert your money back to AUD if you have any spending money left over when you return home.
Do your research before converting your cash with your local bank. There are a handful of comparison sites that favour their rates over standalone currency shops. This is usually because they receive a higher percentage of commission themselves. Make sure you fully understand the exact amount in the foreign currency you will get before you go ahead with the transaction.
It is also worthwhile checking to see whether you can use your credit or debit card when you are abroad. Some banks and types of cards will give you better rates than others. There are also a number of credit and debit cards that can charge hefty fees which will soon start to rack up if you start to use frequently when you are overseas.
3. Buying Travellers Cheques
Although slightly dated, it is worthwhile doing some research on traveller’s cheques vs. ordering foreign currency online. The biggest benefit of traveller’s cheques is that you can easily order more if you run out. If you lose them or someone decides to steal them off you, you are the only person who can cash them in for your chosen foreign currency. Traveller’s cheques are a tried and trusted method of easily carrying a form of foreign currency around with you anywhere you go.
The biggest downside is that many foreign businesses may not recognise them as a form of payment when it comes to making purchases. It is definitely recommended that you do thorough research to see how well-known traveller’s cheques are in your overseas travel destination. Worst-case scenario, many overseas banks will allow you to cash them in for foreign currency – however, it most cases you would still be better off ordering at least a small amount of foreign cash online as a back-up.
4. Using ATM’s Abroad
Using ATMs overseas can take the worry out of having to carry around serious amounts of cash whenever you head out on day-trips or at night. You can budget from day to day without having to always have one eye on your wallet or where your bag is. ATMs abroad can also save you from getting stung by high commission fees from currency exchange providers making your currency exchange cheaper on the whole.
It is definitely worthwhile checking to see if your debit or credit card will charge you for every withdrawal. You should also do some research on how accessible ATMs are at your chosen travel destination. Rural or remote locations are less likely to have ATMs which could see you left short. Ordering a small amount of foreign cash online as a second source of spending money could save you from the embarrassment if you can’t find an ATM when you really need one.
5. Cash Passport vs. Ordering Foreign Cash Online
Ordering a passport can be a safe and secure way of travelling overseas with a large amount of currency. The biggest benefit is that it is easy to reload if you end up running low. You can load up on 11 different currencies in one time and also have the ability to lock in rates at the time of your purchase. So if the rate goes down, you don’t end up paying at a weaker rate.
A cash passport can be a much cheaper way of carrying currency around electronically instead of your Australian credit or debit card. Cash passports can be used for transactions at any business or location that accepts EFTPOS. However, it’s worthwhile ordering foreign cash online at the same time, as souvenir shops, street stands or small coffee shops might not have these types of payment facilities.
Order Foreign Cash Online Today
Foreignxchange.com.au is one of Australia’s best currency exchange platforms when it comes to purchasing foreign cash online. With safe, secure and timely home delivery Australia wide, if you order your currency today, you could have it in your hands in as little as five business days. Take the hassle out of exchanging your Australian Dollars before you head off overseas. We are foreignxchange.com.au – great exchange rates at your convenience.