Money Hack: How to get a better foreign exchange rate this Black Friday

Posted: 18 November 2017 10:00 am


Westpac is rewarding its customers with more competitive exchange rates when they shop with foreign merchants this Black Friday.

With Christmas fast approaching, Black Friday is one of the best times to snag yourself a bargain before the holidays. Black Friday falls on 24 November this year, and although it started off as the biggest shopping day in America, many Australian and other international brands have jumped on board since.

But if you are shopping with an overseas merchant, one downfall can be the exchange rates. If the exchange rate isn’t favourable, then you could lose out on potential savings this sale season.

To help customers get the most out of their Black Friday savings, Westpac and St.George are offering cardholders more competitive exchange rates on their travel cards over the sale period.

The hack

If you have a St.George Global Currency Card - DISCONTINUED or Westpac Global Currency Card - Discontinued, you could receive special exchange rates when you spend in US Dollars during the Black Friday sales. These promotional exchange rates will be locked in from Tuesday 21 November to Thursday 23 November 2017 – just before Black Friday kicks off on Friday 24 November.

Unfortunately, both Westpacc and St.George are super vague about what the special exchange rate will be. However, they do confirm that the foreign exchange rate will be “preferential compared to the standard published rate offered outside of the promotional period” in their terms and conditions. You can visit the St.George or Westpac website to compare the promotional exchange rate with the standard rate each day during the promotion.

As usual, you’ll also avoid the standard 3% currency conversion fee when shopping online in US Dollars and other supported currencies. 3% might not seem like a massive fee, but it can really add to your total costs the more you spend. If you spent $1,000 over the Black Friday shopping season, a 3% foreign transaction fee could add $30 to your total splurge.

Qantas also ran a similar offer across its Qantas Cash travel card, but the promotional period ended this week. If you prefer to pay on credit, you can also compare 0% foreign transaction credit cards to avoid extra fees when shopping with overseas merchants.

Want to know more ways to save this Black Friday? Check our guide to the Black Friday deals for the promo codes you can add to your shopping arsenal.

finder money hacks is a bi-weekly roundup of the latest tips and tricks to improve your finances. Check back every Wednesday and Saturday for new hacks.

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