Traveling can be expensive so any chance you get to save money, you should take it! One aspect of travel where you can definitely save cash is when exchanging your currency. Here are a few ways to get the most for your money when exchanging currency.
Go Local
Before you travel, stop by your local bank to convert your currency. You may not know this secret but your local bank and credit union may carry a significant amount of foreign currency. Even if they do not have the type of money you need, the bank can order the money for you, getting it in your hand before you leave on your trip. In addition, your local bank will likely give you good rates on currency, transferring your AUD to USD without a lot of overhead. If you are a member of the bank or credit union, they may even waive the fees that are usually associated with money exchange, getting and even better deal!
Order Your Currency
There are many online websites you can scope out to exchange your money into the foreign currency. These sites will deliver the cash you need right to your door, before you leave for your trip or to the place you are staying abroad. You can go online and compare various websites rates and fees to ensure you are getting the best deal when it comes to your AUD to USD rates.
ATM Withdraws
Using an ATM while overseas is praised as one of the best ways to quickly get foreign currency without paying a lot of money. ATM’s tend to charge very low exchange fees, giving you the most for your money. ATM’s will likely charge you a service charge so you will have to pay a small amount each time you use the ATM. One way to stretch your cash is to take out a large amount of money, only paying this charge once while on your trip.
Find Your Foreign Bank
Many banks are international or at least have affiliate banks overseas. If you need cash while you are abroad, find a bank that is partnered with your own personal bank. These banks will likely give you a better rate on your currency exchange and may even waive the fines typically associated with currency transactions.
Budget Well
Before you travel, calculate how much cash you will need while on your trip. Convert all your money at once into the foreign currency as some exchange centers will give you a discount when you switch a larger quantity of cash. Be sure to get just enough for your trip and not a lot of excesses. If you have currency left over at the end of your trip, you will have to exchange the money back to your native currency, which will cost you once again in fines. If you budget properly and spend wisely, you should have no excess currency at the end of your trip!