Planning a trip abroad? Looking to send money overseas? Or maybe you have a whole other reason for needing to exchange your currency but no matter what the reason, you want to make sure you get the best deal, the most competitive rates and the lowest fees possible when you make your exchange. Here are the best ways to exchange your currency.
1.Stop by Your Bank Before Your Travel
Banks and credit unions will be able to help you get the currency you need for your trip. They are also considered to be a very safe and reliable option when it comes to currency exchange. Some banks will have the type of currency you need on hand but, depending on where you are traveling and how much cash you need, they may need time to order the money for you. If you plan on using your local bank to get currency before your trip, be sure to plan ahead just in case you need to wait for the money to arrive.
2.Order Currency Online
Placing an order for currency through an online currency exchange is actually quite easy, cheap and convenient. You can sit down at your computer, check the current currency exchange rates and even use tools like the ANZ currency converter to see exactly how much your native cash is worth abroad. Get directed to your preferred banking institution that is offering the best rates and register an appropriate travel card or foreign currency account. The entire process is fast and easy- you never need to leave the house!
3.Use an ATM
If you are already abroad and looking for a good place to get currency, you may want to consider using a bank owned ATM. If you are able to find an ATM that is affiliated with your own local bank, that will be even more ideal. If a bank ATM is in your personal banking network, you may not have to pay any withdrawal fees. ATM’s typically offer the same exchange rate as the bank itself so it shouldn’t be very inflated like some currency exchange counters tend to be. Consider taking all the cash you need out at once in order to avoid paying exchange fines multiple times.
4.Find Your Bank Abroad
If you are unable to find an ATM that is associated with your personal bank, look for an actual bank building where you could go in and exchange cash in person. Many financial institutions are global so the chances that your bank has an affiliate abroad are quite high. Check your banks website and see if it may be under a different name in other countries. Using your own bank is always a safe idea!
5.Get What You Need
When you make your budget for your trip, plan how much cash you will need to have on hand as well. When you exchange your currency, get this exact amount. Exchanging your cash one time will save you money in exchange fees and also ensure that you do not have to convert the money back at the end of the trip, potentially paying double in fines. Doing this will also help you stick to your budget- you can only spend the cash you have!