How to exchange Money
How to Exchange Currency | Why You Should NEVER do it at The Airport
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When we looked into all your options for currency exchange
we found that buying currency at the airport is nearly 10% more
expensive than any other option. In this video we're going to show you all the
ways that you can buy currency so that you can choose which way is right for you.
There are five main ways you can buy currency; at the airport, from your bank,
from a money exchanger here, a money exchanger overseas or you can order it
online. So let's have a look at each of those options.
The airport really is the
worst place to buy currency. While it's convenient if you haven't organised
currency before your trip their rates are generally substantially worse than
anywhere else and they charge fees for every currency you exchange. Because of
this there really isn't a time we suggest exchanging currency there. If you
haven't organized your currency before your trip you could always use your ATM
card or buy currency at your destination, but we'll get to that bit later.
Banks are a little better than the airport but they should often be avoided too.
They generally don't offer good rates for the most popular currencies like US, Euros
or Pounds but can be a good option when buying other currencies like Chinese
Yuan, South African Rand and Hong Kong dollars. Just remember there are usually
fees of $10 to $20 on top of the rates they offer and you need to allow
them time to order the currency in because they may not have what you need in stock.
If you need currency quickly it's really hard to look past a money
exchanger in Australia. They usually have stock of the most popular currencies and
you'll find them in most towns cities and major shopping centres. Their rates
are generally better than the bank and the airport for
popular currencies and it's rare that they charge high fees. As an extra tip, the
exchange rates are usually better in your CBD, which is great if you live
there but if you live outside the CBD it can be worth making the trip in if
you're exchanging more than a couple of thousand dollars.
In some cases buying it
overseas can be a good idea. Like we said, it's generally better to do this than
buying currency at the airport in Australia but it's also good when you're
travelling to places that are popular with Australians. So you'll often find
good rates in places like Bali, Thailand or New Zealand and money
exchanges will be readily available if you're heading to any major city. Just
keep in mind this does mean you'll have to carry Australian cash while you
travel. And you might want to exchange just a small amount in Australia before
you leave so that way you have some cash on you when you arrive in your
destination.
Our last option is buying currency online which is great if you're
organising it ahead of your trip. It means you can lock in exchange rates and
avoid paying any commissions and fees. The process is really simple - you can
use a comparison table like ours to compare which company is offering the
best rate for the currency and amount you need and go to their site. Then it's
like ordering anything online. You choose which currency you need, how much you
want and choose where you'll pick it up from. You will need to provide some
personal details so they can identify you when you pick up the order. Then you
can pay either by BPay or debit card and it will usually be ready within a
week. We would order currency online if you're ordering any major currencies,
live outside the CBD and have enough time to wait for your order.
When it comes to making your decisions the most important things to think about
are the currency, amount and when you need it. Because there are so many
factors there isn't one way that is going to be right for everyone. But at
The Currency Shop we think that the airport is never a good place to
exchange currency, so if you avoid doing that, you're already a step ahead.
