![]() In the main city centres, there are more businesses selling currency that compete against each other and they can provide the best rates if you shop around. Getting the best exchange rate comes down to how competitive the place you are buying it from is. This is very helpful if you need to buy or sell currency in a hurry.īuying local currency in your destination country is the cheapest way to buy currency, particularly if you are buying larger amounts of US dollars (USD), Euros (EUR) or Japanese Yen (JPY). Firstly, there are a number of Australia Post offices that have an American Express Currency Exchange centre in them. There are two ways you can exchange money at the post office. Can you exchange foreign currency cash at a post office? But you need time for it to arrive and it can take up to 5 business days. If the currency you need isn’t available, banks can order it in. Usually banks offer foreign exchange services in specific branches located in your city-centre or they offer an online service to order cash and collect from a nominated branch at a time you can choose. However banks deliver this service in a variety of ways and can differ in terms of: Can you exchange foreign currency cash at a bank? To work out if a bank is the cheapest way to buy your currency, make sure you compare exchange rates. However they can be the best option for other currencies such as the Chinese Yuan (CNY) (also known as the renminbi) the South African Rand (ZAR) or the Malaysian Ringgit (MYR). In fact it can sometimes be the cheapest way to buy it.įoreign exchange rates from banks for common currencies, such as the US dollar (USD), Euro and British Pound (GBP) aren’t particularly competitive when compared to other currency exchanges. This is usually convenient for transactions under $500.Ĭontrary to popular belief using an Australian bank to buy your overseas holiday cash isn’t always the most expensive option. Companies like Travelex have multiple ATMs in convenient locations to withdraw foreign currency. You can only use your card to withdraw foreign cash from specific ATMs usually located in major city-centres. Can you exchange foreign currency at an ATM? They also ‘run out’ of the most common currencies on busy days, so make sure you call ahead to ensure that you aren’t wasting your time. The downside of using these specialist money-changers is that they don’t have a great amount of available cash available in less common currencies, such as Thai Baht (THB) or Singapore Dollars (SGD). Getting the best foreign exchange rate comes down to how to the competitiveness of the outlet. This is cheapest way to buy currency, particularly if you are buying larger amounts of US dollars (USD), Euros (EUR) or British Pounds (GBP). Head into the city and use a specialist money exchanger Related: How to Buy Currency: Online Versus In-StoreĪlso: Is It Cheaper To Exchange Cash or Transfer Money Overseas?Ģ. ![]() ![]() The Currency Shop is safe and secure and is partnered with the 2 largest foreign exchange companies in Australia – Travelex and Travel Money Oz. Is it safe?Īs with all online purchases, it really comes down to the company you are buying the foreign currency from. When you buy foreign currency online, it can take a few days before you are able to pick the cash up. It’s also important to buy it ahead of time. We recommend paying via Bpay or a bank transfer to avoid these charges. Buying foreign currency online using a credit card can incur more bank fees. You can get it delivered to your home or office.This makes it easier to buy than travelling into the city There are now thousands of pick-up locations.A currency converter is available online for transparency.The exchange rates offered online are often better than in-store.Buying foreign currency online is quickly growing in popularity for three reasons:
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