Don't get stung by currency fluctuations

By Mozo ·

It has never been cheaper for Aussies to head abroad, but those planning a trip this winter should take advantage of the best exchange rates immediately.

The Australian dollar is currently very strong, but many economists believe it could weaken over the next few months.

Therefore, Aussies should buy some of their overseas travel money while rates of exchange are in their favour.

South Perth-based financial planner Rob Pyne told the West Australian that thinking ahead is essential if people want to make savings.

"You can buy some [foreign money] now and lock it away and take a punt on the rest," he was quoted as saying, before adding that currency markets can change very quickly.

Better still, holidaymakers who have already booked their trip can secure all of their spending money now by searching for a pre-paid travel credit card.

In doing so, tourists can guarantee they receive today's best rates, even if the dollar's value dips by the time they head abroad.

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