When we looked into all your options for
currency exchange we found that buying currency at the
airport is nearly 10% more expensive than any other option. In this
video we’re going to show you all the ways that you can buy currency so that
you can choose which way is right for you. There are five main ways you can buy
currency; at the airport, from your bank, from a money exchanger here, a money
exchanger overseas or you can order it online. So let’s have a look at each of
those options. The airport really is the worst place to buy currency. While it’s
convenient if you haven’t organised currency before your trip their rates
are generally substantially worse than anywhere else and they charge fees for
every currency you exchange. Because of this there really isn’t a time we
suggest exchanging currency there. If you haven’t organized your currency before
your trip you could always use your ATM card or buy currency at your destination,
but we’ll get to that bit later. Banks are a little better than the airport but they should often be avoided too. They generally don’t offer good rates for the most popular currencies like US, Euros or Pounds but can be a good option when
buying other currencies like Chinese Yuan, South African Rand and Hong Kong
dollars. Just remember there are usually fees of $10 to $20 on top of the
rates they offer and you need to allow them time to order the currency in
because they may not have what you need in stock. If you need currency quickly it’s
really hard to look past a money exchanger in Australia. They usually have
stock of the most popular currencies and you’ll find them in most towns cities
and major shopping centres. Their rates are generally better than the bank and
the airport for popular currencies and it’s rare that they
charge high fees. As an extra tip, the exchange rates are usually better in
your CBD, which is great if you live there but if you live outside the CBD it
can be worth making the trip in if you’re exchanging more than a couple of
thousand dollars. In some cases buying it overseas can be a good idea. Like we said,
it’s generally better to do this than buying currency at the airport in
Australia but it’s also good when you’re travelling to places that are popular
with Australians. So you’ll often find good rates in places like Bali,
Thailand or New Zealand and money exchanges will be readily available if
you’re heading to any major city. Just keep in mind this does mean you’ll have
to carry Australian cash while you travel. And you might want to exchange
just a small amount in Australia before you leave so that way you have some cash
on you when you arrive in your destination. Our last option is buying
currency online which is great if you’re organising it ahead of your trip. It
means you can lock in exchange rates and avoid paying any commissions and fees.
The process is really simple – you can use a comparison table like ours to
compare which company is offering the best rate for the currency and amount
you need and go to their site. Then it’s like ordering anything online. You choose
which currency you need, how much you want and choose where you’ll pick it up
from. You will need to provide some personal details so they can identify
you when you pick up the order. Then you can pay either by BPay or debit card
and it will usually be ready within a week. We would order currency online if
you’re ordering any major currencies, live outside the CBD and have enough
time to wait for your order. When it comes to making your decisions
the most important things to think about are the currency, amount and when you
need it. Because there are so many factors there isn’t one way that is
going to be right for everyone. But at The Currency Shop we think that the
airport is never a good place to exchange currency, so if you avoid doing
that, you’re already a step ahead.