Is it time to pack your travel money?

Monday 27 May 2013

Article by Mozo

With the Australian dollar recently taking a sharp dive and expected to reach a 1 year low this week, travellers expecting to head overseas in the next few months might want to consider purchasing their travel money now, reports the News Limited Network.

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The Australian dollar dropped below parity against the U.S. dollar earlier this month and is now trading at a new low around US95.94 cents. The dollar has also reached its weakest level in over 4.5 years against the Kiwi dollar.

Economists believe that the Reserve Bank of Australia is currently determined to bring down an overvalued Australian dollar to assist local business and the economy but this could have a considerable effect on Aussies planning to head overseas.

While it's anybodys guess as to where the Australian dollar will end up in the coming months, research by the NAB shows that Australians will currently still find some of the best exchange rates they have seen in over decade.

Australian travellers have witnessed a 38 percent increase against the U.K. pound and 35 percent increase against the U.S. dollar over the last decade.

Those looking for certainty on their exchange rates for any upcoming trips should consider putting spending money on a prepaid travel card, according to National Australia Bank general manager Michael Shurlin.

"You can do it months in advance or you can do it on the day you travel - it depends on your view of what will happen with the dollar," he said.

Travellers can compare to find the best travel money cards with the least fees and charges on Mozo.

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