Getting ready to head off on an adventure? If you are traveling to a foreign country, you may need to start looking into exchanging your money. Currency exchange is an essential part of traveling and the more you know before you go, the better! Here are a few tips to help you save money on currency exchange.
Make a Budget
As you plan for your exciting vacation, making a budget should be on the top of your priority list. You should first make a budget based on your own local currency, deciding what you can afford to spend in your own form of money. Then, you should check the current exchange rate and see what that number translates to in the foreign currency you will be using. Since all your expense (hotels, food, excursions etc.) will be priced in the foreign currency, it is a good idea to look at your trip budget using the new form of money. This will help you know what you can afford and save time and money.
Stay Up to Date
Exchange rates can change on a daily basis. Depending on the economic state of your own country, the place you will be visiting and the world as a whole, currency exchange rates can go up and down frequently. You will get the best deals on money conversion if you stay on top of the current rate and know what the rate is on a day to day basis. How can you possibly get a good exchange deal if you do not know what the true rate is?! Download a currency converter app or go one your banks website to check the rates frequently, knowing exactly what the AUD to USD is!
Avoid Tourist Centers
While you may plan your trip around the best tourist locations (the popular ones that you need to see!), you should not convert your money at any location that is too touristy. If you find a currency conversion store near a tourist destination, chances are they will charge higher fees and give you less money in the conversion. These places are based off of convenience and know they will be able to get the rates they ask for. You can do better and save money for sure!
Skip Mass Transportation Areas
Just like tourist locations, conversion centers that are located near public transportation areas will have similarly high rates and fees. Airports are an especially bad place to exchange your money as these places know that travelers will want the local currency upon arrival in the country and charge extra to give it to you. Sure, a train station, airport or bus terminal is an easy place to exchange your money but you will be paying much more for convenience.
Exchange Before You Go
One tip that is sure to save you money, giving you more travel money in your exchange, is to convert your cash before you go. Your local bank, post office or online exchange company can actually give you some of the best rates possible in your currency exchange. Not only can you assess the rates and purchase currency when the rate is good, working on your own time, but you can take the time to compare rates from various centers. Look online and check our banks exchange rate or find a reputable online conversion center and place your order to change your AUD to USD. Your money will be delivered right to you and you will be ready to head out on your adventure with more cash in your pocket!