Extra tips to keep in mind while looking to buy currency or exchange currency, and for comparing foreign currency exchange rates

To ensure you get the best deals possible, it’s best to first conduct some research into the mid-market rate, also known as the interbank rate, for the currency you’re looking for. If you’re looking to find the mid-market rate, all it takes is a Google search. The mid-market rate is essentially the ‘true’ or ‘real’ exchange rate. It is the currency exchange rates that banks and other stores use to trade currencies on the global financial markets.

The mid-market rate is constantly dropping or rising, fully dependent on the economic status of a country. While it is usually easy to pinpoint what factors are affecting the rate, it is quite difficult to predict future ones.

After finding the mid-market rate, compare this rate to what other banks and outlets are offering since this will help you notice the difference. When you find a good deal, check to see how much money you will spend after extra fees and charges have been added to your costs. Always ensure you check for extra fees, since many banks or other stores may try to add some without properly informing you.

Where to get great deals with your currency exchange and money transfer deals at Garden City Mt Gravatt

As mentioned earlier, going online and picking currency there sets you up for the best deals. But if, for whatever reason, this isn’t the option for you, not to worry! At Garden City Westfield Mount Gravatt, there are many alternatives that can still prove to be cheap and affordable, such as UAE Exchange, Travelex Currency, Travel Money OZ or specialist money exchange stores. These stores usually stock up on huge amounts of popular currencies, such as British Pounds. Specialist money exchangers are always constantly competing against each other, meaning you have quite high chances of finding cheap rates.

Or, as shortly summarised earlier, you may consider using the bank. While banks can be expensive, if you play your cards right, you can also get quite a deal out of them. The opposite to specialist money exchange stores, banks exchange uncommon currencies such as Malaysian Ringgit for very cheap. You could also get a travel money card at the bank. A travel card is very similar to debit cards, except it contains numerous currencies at the same time. The exchange rate is locked in on the same day you load currency onto the card, meaning this rate applies whenever you want to recharge it or conduct a bank transfer. This option is especially great if you’re looking to visit many destinations during your travels.

The Australia Post have American Express Centres, and these can come quite in handy if you’re short on time. Just keep an eye on the market since it is always changing, and the foreign currency exchange rate is constantly going up or down. Using Australia Post should always be considered as one of your last options because of its unpredictability.