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.
Earlier this year, Aussies were benefiting from some of the best exchange rates ever seen when buying foreign currency, but as the saying goes, all good things must come to an end.
Despite these austere times, there are still plenty of Aussies on the lookout for expensive and luxurious holiday destinations.
Times are hard for a lot of people, but few Aussies are prepared to sacrifice their annual holiday in order to make financial savings.
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