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What to Consider When Buying Foreign Currency

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If you are travelling abroad and you need to exchange local currency for foreign money, there are right and wrong ways to go about it. Getting the most from your money is a big deal, it goes a long way once you reach your destination. Here are some tips to consider when buying foreign currency in Australia.

Check Numerous Sources

You’d be amazed at just how many people think they can trust their local travel agent or supermarket when exchanging money. They believe they’ll give them a good deal, simply because they have known them for an extended period. If you think about it for a minute, these organisations are in business to make money, you are a customer like everyone else, even if you’ve known them for half your life, they still won’t offer you reduced rates when buying foreign currency. There is no harm in checking their rates, but if they offer poor prices, then have a look at other bureaus and search online. A quick Google search using keywords such as ‘currency exchange Melbourne best rates should reveal some great results.

Avoid Last Minute Buys

When buying foreign currency, one of the worst things you can do is leave it until the very last minute. You drastically limit your options, usually leaving yourself with the currency exchange at the airport or train station. Places such as the airport are notorious for giving customers poor exchange rates and high fees. If you are planning on buying online, do it well in advance of your departure date. It will take time to process your request, the company will also have to check your identity before the transaction can go ahead.

Look Out for Hidden Charges

Many foreign exchange businesses in Australia offer a free delivery service, but once the money arrives at your doorstep you are hit with delivery charges. These charges add a lot extra onto your transaction, making it more expensive than collecting the cash yourself.  It is important to look out for hidden charges and try to find out about the total cost before doing business with any foreign exchange company. Ask them how much you’ll have to pay in total and how much currency you’ll receive when the transaction is finished.

Compare the Market

When buying foreign currency, you must remember to compare the deal offered to the market rate. There are numerous online sites which provide you with information about foreign currency trends and rates, so you should have no issues finding a good deal. If you think your supplier is adding on 5% or more, you can easily take your business elsewhere.

If you want to get the best possible rates when exchanging your money, use the tips mentioned above. Look out for hidden charges when buying, don’t forget to compare rates and services with other foreign exchange businesses, check online to gather information and try to avoid any last-minute buys.

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