There may be instances when you need to buy foreign currency. It can be because you’re going on a holiday or a business trip overseas. Whatever the reason is, it’s important to always get the best currency exchange rates to get the most out of your Australian dollars.
But how does buying foreign currency work? You can do this through a local bank. However, this may not be the best way to exchange currency since the rates are not that competitive. There are also specialist currency exchange providers where you can physically buy cash just like making any other purchase. Just take note that these providers don’t usually have a limitless supply of currency.
So if you need to buy a large amount of a certain currency, make sure to inform the provider days in advance so they’ll be able to prepare enough currency for you. This holds especially true for currencies that are less commonly purchased.
Another way to buy currency is through online. If there’s no physical store of a specialist currency exchange provider near your area, you may want to purchase cash online and it will be delivered to your place of residence. You can get better exchange rates this way.
Bear in mind, however, that buying foreign currency online comes with a delivery or courier fee. There may also be an option to buy currency online and just pick up the cash in a physical store or at an airport.
Here are other things that you need to consider when buying foreign currency:
Do your research
Get the best currency exchange rates by shopping around and comparing the offerings of several providers.
It’s not just about the rate
While it’s great to get competitive rates, it is equally important to look at the total cost. Think about other expenses such as commission, credit card charges as well as delivery fees. These can all add up and you may end up paying more than you should.
Plan. Plan. Plan.
If you want the best currency exchange rates, don’t buy cash at the last minute. Do your research in advance so you can assess all your options. With enough time to check the rates of different providers, you’ll be able to make a well-informed decision and get more out of your money.
Do you have other tips in how to get the best currency exchange rates? Share your ideas in the comments section.