Many travelers and tourists prefer to exchange the currency before travelling abroad because it is easy to deal the immediate expenses like hiring a cab at the airport. Though there are plenty of agents and places are available at the airport, hotels, ferry terminals for making currency exchange but they mostly charge high 1% to 5% and sometimes up to 7%. So, currency exchange is complex and you need to understand the current exchange rate and different available options. Then it is important to find and choose the right method could save you more money. Here are the top 5 options that can help you to get the most of your money.
1- Use ATMs
ATMs are the best way for currency exchange. The biggest advantage of using ATM is that you can easily withdraw cash with a low fee of 1% to 2%. Some banks also have their branches in different countries or partner with some other institutions in several countries. If your home bank is affiliated with such institutions than the fee can be waived. So, it is important to inform or talk to your home bank about your tour or travelling. If the conversion fee won’t be waived, then try to make fewer trips to the ATM and withdraw maximum amount for daily use.
2- Use Credit Cards or Debit Cards
Using credit cards is another best way to get cash with no transaction fee. Some credit card providers also charge some fee such as 2%-3% conversion fee on every transaction. If you hold a travel reward card then you may also get some extra benefits including medical insurance, trip cancellation and more. Credit cards are one of the great options for currency exchange in Melbourne and other cities. Mostly, travelers used credit cards for booking tickets, hotels or other large purchases. So, if you don’t get any credit or debit card then consider applying for these before you leave.
3- Foreign Exchange Offices
There are several foreign exchange offices are located in the popular tourist destinations for currency exchange in Melbourne and in different cities and countries as well. No doubt their exchange rate is better than the banks but it is significant to understand the actual exchange rate and the additional fee they might charge. Foreign exchange offices are the quickest way to get the cash at tourist locations but make sure they don’t charge a high conversion fee.
4- Exchanging Money Or Travellers' Check
It is suggested to exchange the cash or traveller’s check in the foreign country instead of your home country. Travellers checks are considered as the safest way to carry currency when travelling abroad. These checks do not expire and are not computer dependent. It is convenient to carry currency in the form of travellers check but keep in mind they are not acceptable in many countries due to the growing popularity of ATM and credit cards.
5- Use Bank
It is better to exchange your currency before going to a foreign country. There are so many options for currency exchange in Melbourne. You can use banks, post offices, foreign exchange offices, order line or get your travel money from travel agents. But your local bank is a good option for currency exchange. Mostly the banks offer currency exchange to their clients and you can easily get your cash by visiting your local bank or by calling or ordering online.