When you start to look into exchanging your currency, you may find that the vendor fees vary, from one to another. Some will make you pay high, flat rates while others may charge a big percentage rate, making you pay more when you convert more money. Knowing where to exchange currency without paying huge fees is essential to any traveler and can save you lots of money! Here are the best places to make your exchange and avoid paying too much.
Your Own Bank
If you already have an account at a local bank or if you are a member of a credit union, you may want to check the Westpac exchange rate and fees there first. Banks tend to offer favorable, standard exchange rates and do not charge exorbitant fees. If you are a member or have an account with the bank, they may offer you even better deals. Some banks might even waive fees completely if you exchange a significant amount of money. Before you take your trip, give your own bank a call or stop by your local branch to see what they can offer you.
In addition to converting your cash with your personal bank before you travel, you may want to look for your personal brank while abroad. Many larger banks are international organizations and will have branches or affiliates in other countries. These partners may give you the same, low fees since you are a current client.
Find an ATM
Foreign ATM’s typically charge a flat rate fee on any foreign currency transaction. The exchange rate that the ATM will offer will be the same as the rate offered by the affiliated bank which means it will not be too inflated either. When you use an ATM to complete a currency exchange, take out as much cash as possible since the fee will not change based on the quantity you withdraw. Be smart about the ATM you choose to use and be sure to only go for ATM’s that are bank owned and operated.
There are actually many international currency exchange companies and websites where you can make a currency exchange right from your home. You can have the cash delivered to your door before your trip, so you are completely prepared to travel. You can also opt to have the money loaded onto a travel card which you can then use like a credit card while you travel, monitoring the balance and adding more money anytime you need to. Since there are so many online vendors, the rates and fees are quite competitive meaning you should be able to find a great, low rate. Shop around and find a vendor with low fees and then order your currency right on your computer.
Paying the lowest fees is not only about where to make your currency exchange but also when to convert your cash. Be sure to use tools like the Westpac currency converter to calculate the value of your money and make your exchange when rates are favorable. Be sure to use one of these locations which offer the best rates and you will surely save money!