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