When you are planning a trip, one of the most important things to plan is how, when and where you will convert your money into the foreign currency. Changing that AUD to USD is extremely important! Here are a few ways in which you can be sure to get the best deals on currency exchange rates.
Learn the Rates
While you may be busy packing your bags and deciding which adventures to take while abroad, you should also be researching exchange rates. Just knowing what the current exchange rate is for your currency is the first step toward getting a good deal. It is also helpful to look at the rate history and see what the trends are. If rates are going down steadily, you may want to wait to exchange your money. Additionally, consider strategies to hedge foreign currency to mitigate potential exchange rate risks. Stay on top of the exchange rat- they do change daily!
Exchange Before You Go
Many people may be surprised to find that they can exchange their money before going on a trip. If you envision yourself exchange money upon arrival in a foreign country, you may want to rethink that plan. You can actually find some of the best rates at your local bank, credit union or post office. All of these places can order the currency you need, changing your AUD to USD, and get you the cash you need before you travel. This is also beneficial as your plane will land and you will already have the local cash in hand, ready to use!
Look Online
Find Your Bank
When you are already abroad, you may need to find a place to exchange your money as well. Look for a bank that is associated with your hometown bank. Many financial institutions have global branches or are affiliates with other international banks. A bank that is partners with your own bank may be able to give you a good deal on currency exchange, waiving fees or service charges that are sometimes associated with money exchanges.
Use the ATM
Finding a bank-owned ATM is a great place to get a good deal on currency exchange while abroad. ATM machines will give you the same rates as a bank but are much more convenient (you never even have to go inside a building and you can change your AUD to USD quickly!). In addition, they will only charge you a one time, flat rate fee which can be a much better deal over places which charge a varying percentage fee. ATM’s will be your best friend when it comes to converting your money abroad!
