Survey: How do you exchange currencies?

👋🏼 Hey gang. Would love your answers to these if you've ever done any foreign exchange for personal or business use:

  1. How often do you exchange money?
  2. For what reasons do you exchange money?
  3. Which sites/apps do you use to convert money?
  4. How do you know you're getting the best deal/rates?
  5. What's your biggest concern or frustration when exchanging money?
  1. 2
    1. Not very often as I live in Europe and within the Eurozone. Maybe once every few months.
    2. For making purchases in USD/GBP.
    3. Revolut/Transferwise
    4. Using the services above pretty much guarantees that I'm getting a good enough deal as the sums are not that large.
    5. With Revolut and Wise being a thing, my everyday life is not affected by it at all. :)
    1. 1

      Thanks emils! What would you say you care about the most when using these apps? Low fees, speed, UX, etc.?

      1. 2

        As a regular (and not a business user) user, simply fair market rates are fine for me. Ease of use and speed matter a great deal, of course.

        These are the reasons the companies I mentioned have succeeded. They were easier to use than others. :)

  2. 1

    When we looked into all your options for currency exchange,

    we found that buying currency at the airport is nearly 10% more expensive than any other option.

    In this, I am going to show you all the ways that you can buy currency so that you can choose which way is right for you.

    There are five main ways you can buy the currency; at the airport, from your bank, from a money exchanger here, a money exchanger overseas or you can order it online.

    So let's have a look at each of those options.

    The airport really is the worst place to buy currency. While it's convenient if you haven't organized currency before your trip.

    Their rates are generally substantially worse than anywhere else and they charge fees for every currency you exchange.

    Because of this there really isn't a time we suggest exchanging currency there.

    If you haven't organized your currency before your trip you could always use your ATM card or buy currency at your destination, but we'll get to that bit later.

    Banks are a little better than the airport but they should often be avoided too.

    They generally don't offer good rates for the most popular currencies like US, Euros or Pounds but can be a good option,

    When buying other currencies like the Chinese Yuan, South African Rand and Hong Kong dollars.

    Just remember there are usually fees of $10 to $20 on top of the rates they offer.

    You need to allow them time to order the currency in because they may not have what you need in stock.

    If you need currency quickly it's really hard to look past a money exchanger in Australia.

    They usually have stock of the most popular currencies and you'll find them in most towns cities and major shopping centres.

    Their rates are generally better than the bank and the airport for popular currencies and it's rare that they charge high fees.

    As an extra tip, the exchange rates are usually better in your CBD, which is great if you live there but if you live outside the CBD.

    It can be worth making the trip in if you're exchanging more than a couple of thousand dollars.

    In some cases buying it overseas can be a good idea.

    As we said, it's generally better to do this than buying currency at the airport in Australia but it's also good.

    When you're traveling to places that are popular with Australians.

    So you'll often find good rates in places like Bali, Thailand or New Zealand and money exchanges will be readily available if you're heading to any major city.

    Just keep in mind this does mean you'll have to carry Australian cash while you travel.

    And you might want to exchange just a small amount in Australia before you leave so that way you have some cash on you when you arrive at your destination.

    When it comes to making your decisions the most important things to think about are the currency, amount and when you need it.

    Because there are so many factors there isn't one way that is going to be right for everyone.

    But at The Currency Shop, we think that the airport is never a good place to exchange currency, so if you avoid doing
    that, you're already a step ahead.

    I hope this might help you.

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