When you are planning a big trip, every penny counts in order to make the most of your trip! In order to get the most out of your money as you travel, that also means getting the most out of your exchange rate. These tips and tricks will help ensure that you do just that, converting your money in a smart and economical way.
Know The Rates
The currency exchange rate can change from day to day. What you thought was a good exchange rate one day, may not be so awesome the next day. In order to know what the exchange rate is each day, you should check online, using bank websites or currency converter calculators which both will show you the up to date rate. These useful tools will quickly show you the conversion rate for AUD to USD or any other currency! Once you know the daily rate, you will be well equipped to get the most out of the exchange rate.
Skip Airport Exchanges
While exchanging your cash at the airport may be easy and convenient, you definitely will not get the most money possible in the exchange. Some airport exchange centers charge up to a 15% premium in order to exchange your money, clearly taking advantage of your need for cash. If you know you will need the local currency upon your arrival, convert some cash at your hometown bank before you leave.
As part of your trip planning, look into banks in the area where you will be staying and check out their exchange fees. You can find a lot of information on a banks website including their fees and if they charge commission for foreign exchanges. Look for a bank that does not have a commission attached to their currency exchange and, of course, opt for the one with the lowest fees! Write down the names and locations of the best banks for currency exchange so you know just where to go when you need cash while traveling.
Only Exchange What You Need
It can be tricky to judge exactly how much money you need when traveling but try to estimate as best as you can. Think about what you will need cash for and about how much each instance will cost. If you have foreign currency left over at the end of your trip, you will have to pay an exchange fee again in order to convert your money back to your hometown currency. This is something you definitely want to avoid- paying double the fees is definitely not a good way to get the most out of your exchange rate! Try using a travel budgeting website online or creating a spreadsheet to help estimate and track your expenses.
Opt for the ATM
Many ATM machines charge very low exchange rates and some even have no transaction fees. This can be the best tool to help you get the most out of your money. If an ATM does charge a transaction fee, consider taking out a larger sum of money in order to only need to use the machine once and avoid future fees. Always look for an ATM owned by a bank that is reliable!
When you plan in advance, you will be able to get the most out of your exchange rate for sure. Consider how much cash you need, where to exchange your money and what the current exchange rate is and you will have a fantastic, financially responsible trip!