Converting currencies can be a daunting task because finding the best exchange rate to avoiding hidden fees made the process complex. There are several considerations when it comes to converting currencies in Australia or transferring money to and from Australia. The poor exchange rate and high hidden fees might get you ripped off. That’s why it is important to know about the Australian currency and it’s banking systems so you have a clear idea that which is the best and cheapest way to convert currency in Australia. This article highlights the different methods and their fees that will surely help you in understating the hidden fees and how you can avoid them.
Every Method For Currency Conversion Has Hidden Fees
There are multiple options for converting currency including using credit card for making purchases in Australia, Exchanging cash or buying travel money at the airport, withdrawing money from ATMs in Australia (popular travel and debit cards are widely accepted in Australia), exchanging cash in Australian Bank, ordering foreign currency online and using specialist money changer.
Usually, the banks or companies charge 3% conversion fees on every cash withdrawal using cards. Exchanging money at the airport offers the worst exchange rate and high hidden fees. Australian banks also have high hidden charges that’s why converting currencies using banks is also not a good option in Australia. This is why it is suggested to avoid exchanging money at airport exchange terminals and in Australian Banks.
Cheapest Ways To Convert Currency In Australia
Most of the experts suggest buying currency in the foreign currency because there are more chances of getting the best exchange rate. But exchanging currency at Australian airports or using Australian Banks is not a good option.
- Buying Travel Money Online: one of the best ways is to buy currency online in Australia. It is better and cheaper way than exchanging cash at the airport who rip you off with crazy hidden fees. Search a good company offering online services for the best currency exchange in Melbourne. Remember that it is a good option if you buy some certain amount.
- Exchanging Cash using specialist Money Changer: Another cheapest way to exchange currency in Australia is by using the specialist money changer. The biggest advantage is their exchange rates are not fixed like banks and you can even bargain a rate to get the best possible deal on travel money.
Tips For The Best Exchange Rates In Australia
An exchange rate is a major consideration when it comes to currency conversions or money transfer. Many travelers do not pay attention to the exchange rate movements and lost their hard earned dollars. That’s why it matters a lot that what exchange rate you’re getting and where you’re exchanging money in Australia.
- Avoid currency exchange at the currency exchange bureaus at the airport kiosks and popular tourist destinations in Australia.
- It is always better to compare the exchange rate offered by the different companies and banks and then choose the one offering the best exchange rate.
Most importantly, find out the hidden fees whatever method you’ll use. Because the high hidden charges will ruin your travel budget.