How to Get a Good Deal on Your Currency (2024)

Do your research

Being prepared ahead of time means you have plenty of time to do your research. Rates change from day to day and can be influenced by a number of factors, but you can often see a general trend. If the Australian dollar is getting weaker against your destination currency you may want to purchase early. If it is getting stronger you may get more bang for your buck by holding off. On the Rate Tracker page underneath your selected currency you can view a graph of how the rates have tracked over time. You can select 1, 3, 6 or even 12 months.

Keep in mind that exchange rates you see on the news are the raw market price. It doesn’t factor in elements such as the cost to source, warehouse or distribute. Unless you’re buying and selling millions of dollars at a time, you’ll be purchasing your currency at retail rates, which are what most foreign currency outlets display in store and online.

Another great way to score yourself the best rate possible is to research prices through different channels. In most cases the online rate is normally cheaper than the retail store rate as the retail cost savings are passed onto the customer. Airports are a very convenient option for obtaining your cash or Travel Money card, but due to the high rent charged by airports, it will tend to be a more expensive option!

Sign up to Track Rates

Tracking rates online is a great way to monitor fluctuations in currencies and exchange rates. This can allow you to see when the currency you wish to buy has reached an ideal rate, and pick the optimum time to exchange.

Travelex offers a free Currency Rate Tracker service, that monitors exchange rates for you. The tracker sends you email updates when your selected currency’s exchange rate improves compared to the exchange rate that you have chosen. You can then choose to buy currency at an ideal rate, saving you money in the long-run.

Change Cash in Bulk for Discounts

Another way to save when exchanging cash before you travel is to exchange more in one go before you fly. Exchanging a larger amount of cash may result in discounts compared to exchanging smaller amounts. What’s more, Travelex has options for tiered rates, meaning when you spend more you save more! For more information, contact a Travelex sales consultant.

Plan Your Budget

Working out how much currency you need is a great way to save. We have all been there in the holiday mood without an allocated a budget and spent double what was planned – co*cktails by the pool are just so moreish! Use the Travelex budget calculator to plan your spending. It takes into account the length of stay, how many people are travelling and how you like to travel and calculates the budget based on the cost of living in each country.

Getting the budget right means you don’t run out of money while away and have to change more, or the alternative coming back home with cash that you need to convert back to Australian dollars.

Using a Travel Money Card

Opting to use a travel money card can help you get a great deal on your currency, and save you money when you start travelling. The Travelex Travel Money Card allows you to lock in your exchange rate at the time of purchase unlike a credit card where you’re at the mercy of daily rates. You can also use it at ATMs around the world without withdrawal fees!* Other benefit also included is 24/7 customer support.

If you’re unsure about whether to stick to cash or get a Travel Money Card, read our analysis of the pros and cons of travelling with a travel card vs cash to help you decide!

^{*Please be advised that although Travelex do not charge ATM fees, some operators may charge their own fee or set their own limits. Please check with the ATM before using}