November 21, 2017

Travelling to the USA? 5 Tips when Exchanging Your Money

Travelling to the USA anytime soon? One of the main things to think about before going overseas is the currency exchange. Obviously, it is important to determine the amount of money you will bring, and it pays to get the best currency exchange rates to get the most out of your AUD.

If your card is from Citibank or the Westpac Group, you can avoid paying ATM fees since Citibank, being a global financial institution, has roots in the USA.

Travel money doesn’t only come in the form of cash. You’ll find that there are several options to choose from, depending on your needs and preferred modes of payment in your destination. But whatever form of travel money you wish to use, finding the best foreign exchange rates will always come into play.

What’s the best way to exchange currency in Australia? Here are five tips when exchanging your money for your USA trip:

  • Know the preferred modes of payment in the USA. Cash, travel card, debit card, and credit card are some of the travel money options to consider. American Express, Visa, and MasterCard are widely accepted. In the USA, you’ll find that most people prefer to use their debit and/or credit cards to make purchases, but having cash will always come in handy especially in certain establishments and stores.
  • Arrange for a cash exchange in advance. You can never go wrong with using cash as it is widely accepted in the USA or any other country for that matter. To get the best currency exchange rates, you can pre-arrange exchanging cash online through a foreign exchange company. You can wait for the best currency exchange rate, and there are no extra fees at the time of purchase.
  • Consider prepaid travel cards. The good thing about a prepaid travel card is it locks in a foreign exchange rate, so when you convert your AUS to USD, you don’t have to pay any currency conversion fee when you use the card and you will not be affected by currency fluctuations.
  • Be aware of international fees. There can be ATM operator fees or withdrawal fees whenever you use your card to access money overseas. Compare cards from several banks and look at the fees involved. But if your card is from Citibank or the Westpac Group, you can avoid paying ATM fees since Citibank, being a global financial institution, has roots in the USA. On the other hand, Westpac Group is allied with the bank of America.
  • Use several travel money products. Each travel money option has its pros and cons, so it is better to use a combination of different products that don’t have currency conversion fees and/or low or zero international ATM withdrawal fees.

Do you know other tips on how to get the best currency exchange rates in Australia? You can share your ideas in the comments section.

About the author  ⁄ Marxa Dillan

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