Get the best deals and bonuses when exchanging currency for your next holiday.
From flights and transfers to new luggage and reliable shoes, travel never comes cheap. When sorting out your currency for a trip, it’s easy to be flippant and simply choose the most familiar local currency exchange. However, you should shop around before changing your hard-earned dollars as rates can vary more than you might imagine.
When checking exchange rates, there is more to consider than the figures given on morning television. You need to take into account additional fees and commissions at the counter, and the fact that rates are constantly fluctuating. A basic understanding of what to look out for before you start shopping could save you precious dollars.
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Where can I change money in Sydney?
In addition to the banks and Australia Post, there are numerous specialist international money transfer services located within the Sydney CBD. Although most of these also provide online services, actually visiting the shopfront allows you to directly ask questions and get specific information, especially if you’re not quite up to speed on how it all works.
- Travelmate Money Exchange
- Currency Exchange International
- Anying Foreign Exchange
- UAE Exchange
Hyde Park/City Central
- KVB Kunlun
- Change Group
- Lotus Foreign Exchange
- Travel Money Oz
What do they offer?
Buy back/sell foreign currency
If you over-budgeted for your trip and return home with some leftover cash, Currency Exchange International will buy your currency at a competitive rate.
Most banks now offer prepaid or debit travel cards that you can link to an existing account or service. Many currency exchange specialists and international money transfer institutions are also jumping on board, such as UAE Exchange which offers ‘Cash Passport’, a multi-currency travel card.
TipConvenience does not always deliver the best deal. It can pay to visit a storefront currency exchange and ask if they will cut fees or commission, especially for larger sums. You’d be surprised how often you can get a better rate.
If you’re a frequent traveller, returning to the same exchange specialist can often reap rewards. Travel Money Oz offers customers a MoneyGram rewards card which customers can use to enjoy 50% off fees if they return a third time, and zero fees for their sixth visit.
KVB Kunlun enables customers to request a currency exchange within a particular timeframe or specified exchange rate range. If you are someone who keeps one finger on the financial pulse, and predict a shift in exchange rates that will favour your transfer, you can submit a pre-order. Once the exchange rate falls within your desired range, a transfer will automatically be made on your behalf.
If you forget to grab some cash for when you first arrive at your destination, Anying Foreign Exchange offers free door-to-door delivery for currency exchange. Order it online and it’ll be with you before you leave.
Additional travel products
Being in the business of leisure, currency exchange specialists such as Change Group have capitalised on the needs of their customer base, and offer pay-as-you-go sim cards and prepaid phone cards.
Why shop around?
On any given day, the exchange rate between different financial institutions might differ up to 3-4 cents per dollar. Whilst this might not seem remarkable for smaller sums, when longer trips call for significant expenses, you will start to see the benefits of currency shopping. The list of considerations for a currency exchange outlet should include:
- Do they charge fees?
- Do they take a commission?
- What is the processing time?
- What is the currency availability (both in cash and card)?
- Cash Vs. plastic – what best suits your needs?
- Do they buy back unused currency?