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Before you set off, make your Aussie dollars go further. Get the latest exchange rates, top currency converters, and all the travel money tools and info you need for a safe and savvy journey.
There's little you can do about currency rate turbulence, other than to buckle up with the best deal at the moment. Foreign currency converters make money in a variety of ways, and the savvy traveller will need to look out for large yet artfully concealed fees and charges.
First up, there's the flat forex fee - which can be unkind on small conversions but increasingly painless on larger amounts.
Secondly, there's the currency conversion percentage fee, which might be 3% or more of the total. This will be more or less palatable for small amounts, but quickly adds up once you're transferring larger sums.
Thirdly, and most sneakily, there's the foreign exchange margin, or 'spread'. Again, this can be 3%-plus. It will hopefully take the place of a foreign currency percentage fee, but you should always be on the lookout: the giveaway is a dodgy forex exchange rate (ie, one that's higher that independent sources). Another giveaway: "No fees, no charges" forex converters. Because there's no such thing as free overseas travel money.
Prepaid Visa and MasterCard debit cards are fast becoming the popular choice of travel money for Australians heading overseas.
Anyone who bought US dollar travel money for their holiday before last Tuesday afternoon will patting themselves on the back. But before you go bragging to your friends about your wise tactical move, consider the 82 year old American, George Soros, accidentally pronounced dead a month earlier, has now allegedly made $18.65 million dollars profit gambling on the Australian dollar to plummet.
The Australian dollar is down ahead of today's interest rate decision by the Reserve Bank of Australia (RBA). And concern is growing that May's announcement will have further effects on the Australian currency.
Get your foreign exchange questions answered by the money mavens on Mozo Answers.
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The world of foreign exchange rates can often seem murky and confusing, but Mozo is here to light the way through to a clear path. We offer the most recent exchange rates and a database to help you choose the best foreign currency exchange rate provider. We also have tools to help you get the most out of your foreign exchange currency like our currency convertor calculator.
If you’re setting off overseas you want the biggest bang for your buck. If you’re about to need some foreign currency, it pays to keep an eye on the currency exchange rates for a few months before your trip. This way you can pounce on best rate when it occurs. You can’t control the market conditions, but you can take advantage of them when they’re at their most favourable.
There’s various ways that a foreign currency converter will make money out of helping you exchange you mighty Australian dollars for another currency. First of all, they may charge a flat fee, which isn’t great for small amounts, but less harmful for larger amounts of dosh. Second, they may offer foreign currency exchange for a currency conversion percentage fee, normally 3% or more of your total amount. Naturally, this is annoying for small conversions, but soon mounts up in larger transfers. Lastly, there’s the sneaky tactic: the foreign exchange margin, which may take the place of the conversation percentage fee, but may be added on. Keep an eye out for this snake in the grass – it’s an underhanded tactic.
Mozo’s currency exchange rates calculator can give you a clear understanding of how much your Australian dollars are worth right now overseas and who’s the best foreign exchange rates converter to change you money. The currency conversation calculator displays the four major currencies that Australians wish to change their money too and cross references them with the top five foreign exchange rate converters in Australia. With the money exchange rate calculator, you can see at a glance how much foreign currency you’ll receive for your Australian money from each of the converters, what rate they’re currently offering, the fees they’ll charge and how to go about exchanging your money with them.
In addition to offering an amazing foreign exchange calculator, Mozo also provides great advice and tips for making the most of foreign exchange currency rates.
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