Could you exchange currency online

Can you exchange currency online?

Exchanging currency online has never been so easy, especially here at Foreign Xchange! Just head online and pick out your preferred currency, available at great rates. Then, get it delivered right to your doorstep. Hassle-free and cost-efficient! But what does make buying online so easy? There’s no one answer as there are several reasons.

exchange currency online

Buying foreign currency online is much more convenient as there is a delivery option included, and many tools available to help you find any hidden fees. You can access a currency converter online which is great for comparing Australian Dollars against the dollars of the currency you’re exchanging for. They also bring your attention to any fees that may have gone unnoticed earlier. You can find these online, along with currency guides that hold good foreign currency exchange advice and additional information on how to avoid fees.

Online exchange rates are usually cheaper as well, and no matter whether you’re looking for Japanese yen, British Pounds, or other currencies, the best rates are out

Exchange currency

there. As a bonus, you can avoid holding large amounts of cash on hand. Quite a few banks and outlets do not carry large quantities of currency either, so if you go online, you can order ahead and avoid going to an outlet only to be told that they don’t have your currency in stock.

If you can’t exchange foreign currency online for any reason, don’t worry! There are some viable options for exchanging currency in-store. While banks have worked up a bad reputation for currency exchange, you can still go to them to exchange uncommon currencies. On the other hand, outlets such as specialist money exchange stores are good options for common currencies. However, regardless of where you’re going or what currency you’re looking for, be sure to compare foreign exchange rates against different outlets and providers. Overlooking this step can lead to you getting a bad foreign exchange rate, so be sure to remember and grab very good rates as well as to order online when you can!

How to get good foreign exchange rates

Good foreign exchange rates

We’ve already touched on exchanging foreign currency online but there are also a few points you can keep in mind for currency exchanges in store.

Foreign exchange rates

Generally, though, in store options should be avoided unless you find an exceptional deal. Outlets such as specialist money exchange stores can be a great option. Some use American Express Centres that are available at a Australia Post Office, too. However, we don’t recommend you use these unless you need currency urgently. This is due to the high exchange rates that come with these centres, so you should be thinking of these as an emergency option.

When exchanging money, specialist money exchange stores are sometimes good options if you need a large number of common currencies and can help you save a little. They usually carry common currencies in stock; however, this does not apply to uncommon currencies.

Money Exchange Rates

If you’re going to these stores, be sure to find some in convenient locations such as a crowded city centre. Stores in this area are practically forced to set competitive rates as they’re so close to other outlets.

If you’re unsure of whether or not they’d have your selected foreign currency in stock, be sure to call ahead before heading there straight away.

You may also want to exchange currency from a friend who is willing to sell foreign cash leftover from their trip. This isn’t always a bad idea, as it gives you an opportunity to negotiate rates with your friend and allows you to dodge additional rates. However, it does come with some risks. You may not be happy with the exchange rate you come to terms with, or you may accidentally obtain counterfeit or old notes. Be sure to always have a backup option if you do choose to exchange currency with a friend.

Tips and tricks for foreign currency exchange online

Tips and tricks for foreign currency exchange online

Whether it’s your first time travelling or maybe you’ve travelled countless times before, there are a few tips and tricks you can keep in mind to keep your currency exchange experience much better, ensuring that you look in a good exchange rate!

When you’re using tools such as currency converters or currency guides, you’ll want to make sure that you’re keeping the mid-market rate in mind. The mid-market rate can be thought of as the ‘real’ or ‘true’ foreign exchange rate and is the one used by banks and outlets to trade numerous currencies globally. It only takes a quick Google search to find out the midmarket rate for your preferred currency! If you head online, you can also find live rates if you want to track a specific dollar. Exchange rates can be quite unpredictable but it still may be worth checking out live rates, no matter whether you’re looking for USD or Euro.

Travel cards

If you’re planning on travelling to multiple destinations during your trip, then you should consider using a travel money card. Travel cards work much like debit cards do, except you can load multiple currencies on there. As a bonus, the rate on the day you load currency on applies to any future reloads. This means that no matter how much the currency rises or drops you’ll still be getting the same rate. If you play your cards right, you may be able to lock in the best rates.

You may be thinking of sending money overseas as well, but if you’re doing so, we don’t recommend conducting a bank transfer. Non-bank exchange services offer a competitive rate and work much similar to how specialist money exchange stores do in this sense, making them better for dealing with foreign currencies.

Many of these companies provide 24-hour customer service and have lower transfer fees than banks tend to, making them a much better choice for a money transfer. For similar reasons, we recommend you avoid exchanging currency at an airport. While it may be convenient to do so, they cost more than any other exchange services as conveniency does come at a price.

We hope you have safe and enjoyable travels!