When booking an exciting international trip away from Australia, foreign currency exchange is often the last thing on excited traveler’s minds. Luckily, the Australian travel money industry offers several solutions for international adventurers who are looking for the best option for them. The travel money industry is different than the forex industry even though they have some similarities. The primary difference is that international wire transfers in the forex industry are primarily geared towards people living and working internationally for long periods of time rather than people looking to exchange a set amount of currency during a one-time transaction for a short trip or vacation. Because travel money serves a different niche market, it needs to be handled differently than other international money transfers.
Those travelling away from Australia need to have flexibility in their currency exchange depending on how they’re choosing to travel. Yet, despite this obvious need for advanced planning, most international travelers don’t put a lot of thought into their currency exchange. Luckily, Australia offers several unique currency exchange options for travelers worldwide.
People who are interested in travelling internationally can use exchange bureaus to purchase foreign currency to use during their visit. Travelers have a lot of exchange bureau options when preparing to leave Australia on their holiday. From stand-alone brick and mortar locations at the airport or local travel agencies to the Australian Post, where travelers can exchange their currency for cash or cash cards for Australian Dollars. However, these offices (with the exception of Australian Post – who makes $0 commission on currency exchange transactions), also make their profit by selling currency at a higher exchange rate to their customers. Travelers should keep in mind that this option, while valid, can be pricier when they’re looking to exchange their currency for local AUD funds.
All major international banks are also capable of performing currency exchanges for people looking to purchase Australian Dollars, but similar to exchange bureaus, their exchange rates tend to be high and there may be extra fees. Some people may feel more comfortable working with these incredibly established institutions, but ultimately they will consistently be a traveler’s most expensive currency exchange option.
Third Party Exchange Companies
If you’re not interested in going through a bank or an exchange bureau for your currency exchange, travelers have another option – third party foreign currency exchange companies who specialize in Australian currency exchange. The two biggest companies servicing Australian travelers with their currency exchange needs are Travelex and Travel Money Oz. These businesses offer easy currency exchange for people looking for low-rate, straight forward exchange process.
With more accessible web and app options, additional services like travel insurance or money grams, and more, these businesses bring a lot more to the currency exchange table to support people travelling from Australia. These companies are truly disrupting the Australian travel money market by offering incredibly competitive rates and a wider variety of services. Travelers are always looking for the best way to make the most of their vacation – and paying huge fees from exchange bureaus and banks to exchange currency isn’t the best way to start off a restful and relaxing trip.
Travelex is incredibly accessible by web or mobile app, and they even give travelers the power to set up alerts for certain currency exchange rates to help make sure you get the most for your money before the big vacation. You can also order a money card, simplifying your travel funds. Travelex also offers a price promise, ensuring you the best exchange rate possible. Additionally, Travelex offers currency exchange for several other international currencies – opening up your travel options.
Travel Money Oz offers a similar set of services for those looking to travel from Australia and exchange their currency. Their no fee, no commission guarantee makes foreign currency purchases completely worry free. They also have a rate guard, ensuring you get the best rate available. Travel Money Oz offers currency buying services for those travelling internationally out of Australia, as well as money card ordering, money transfers, and travel insurance.
Things to Remember
No matter what kind of foreign currency exchange institution you choose to work with during your next adventure, taking the time to monitor currency exchange rates to make sure you get the most for your money is always a good idea. Even if you choose not to work with them, both Travel Money Oz and Travelex offer the ability to set alerts that make it easy for you to track the fluctuating exchange rates and make your currency buy at the right time. This opens you and those you’re travelling with to spend more money where it counts – on memorable activities, fantastic food and drink, and making sure you have the best vacation of your life.