Cost Effectiveness
When travelling abroad, any counter that will help you get the most from your cash by offering you a high Australian dollar exchange rate would be termed as cost-effective. For most Australians traveling for business or holidays in foreign countries, credit and debit cards have been the most preferred withdrawal method in either in-network or out-of-network ATMs. Whereas this may seem a convenient method, its high cost makes it an OK deal as compared to other currency exchange options.
Travel Money Cards
However new, prepaid travel money cards are quickly gaining popularity in Australia. They are designed to be loaded money in the currency of the foreign country you intend to visit while still here in Australia. There is a currency converter fee for these cards that cannot be escaped. The card, however, comes with other benefits such as they act just like cash since they cannot be affected with inflations once loaded. They also allow for flexibility in purchasing just as long as you purchase in the right currency.
Foreign Currency Exchange
The obvious advantage of carrying cash more so Australian dollars is that they are readily acceptable worldwide for exchange. Despite the risks of losing the cash, most people prefer to carry their cash with them and exchange it at banks or bureau de change. The downside of this, however, is that the exchange rate is normally below average, and you end up getting less cash than you would have had you used other means. The trick, however, would be to make prior arrangements with a foreign exchange company, mostly online. Though most of these companies charge commission fees, they have better exchange rates, and you would end up getting more for your cash.
Conclusion
Unless it is an urgent situation, try to stay away from foreign exchange traders at airports, hotels or banks. They will rip you off your cash badly, and you may end up losing 10% - 15% of your cash through poor USD exchange rate. If you have to order your money, remember to do it in advance so as not to halt your travel plans.
- 1. USD exchange rate
- 2. Exchange rate
- 3. Currency converter
- 4. Currency exchange