Currency Exchange Currency News
Currency exchange in airports after customs
I’m in an airport at the moment waiting for a flight to open for check-in. It’s interesting that from here I can see into the after customs area of the airport and there is a currency exchange booth in there.
After customs currency exhange would probably be the most expensive option that I can think of for exchanging money into a different currency.
Foreign ATM charges
ATM charges from foreign countries can be a lot larger than you might expect and there’s not usually any advanced warning on how much the ATM charge is going to be.
I just withdrew $100 AUD from an ATM in Brisbane as I needed cash and only had my cards on me. I knew it would cost me a fee for using the ATM to withdraw foreign cash but after checking my account online today I was shocked to see that I had been charged $11 just to make the withdraw!
That’s daylight robbery.
If the ATM had a sign on it saying that any foreign currency ATM charges would amount to 11% of the currency withdrawn I don’t think a single tourist would use it.
Currency exchange rates on flights
I’m writing this on a plane flight ( it’s ok, flight mode is on ) after hearing the flight crew offer currency exchange rates on the plane during the flight for purchase of items directly from their in-flight shop.
The currency exchange rates are horrendous!
The best advice I can offer here is to make sure you have local currency in cash before you board any flight from any country as the airline will always charge you a lot more than the standard currency exchange rate on a plane.
Currency Exchange Options
Currency exchange options were originally limited to going down to your physical bank (or to the bank branch at an airport) however over time, the options consumers have been given have drastically increased.
Following banks, more and more dedicated exchange companies like Travelex were formed as there was an acknowledged growing market and a reasonable commission could be charged for the exchange.
Eventually even travel agencies would allow currency exchange options to their clients to help them get the currency they were planning on travelling with.
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