3 Practical Ways to Avoid Currency Conversion Fees and Commissions

If you are heading overseas, currency commissions can cut into your spending money. Here are 3 easy ways to avoid them.

1. Buy in Bulk

If you are travelling with other friends or family, why not buy your curreny at the same time?

Currency exchangers will usually give a better exchange rate for larger amounts and most will consider waiving the commission if you are buying more than $5000 worth of currency. Don't try it at the bank though. They rarely will waive the commission.

Comissions and Fees at the big 4 banks for buying or selling foreign currency are:

  • ANZ 1% of the Australian dollars amount with a minimum charge of $8
  • Commonwealth Bank 1% of the Australian dollars amount with a minimum charge of $8 (called a fee not a commission)
  • NAB has a flat fee of $10 per transaction
  • Westpac also charge a flat fee of $4 if you order it online. If you sell Westpac your currency, there is a $8 per currency

 

2. Go Online

Ordering your currency online is a great way to avoid commissions and fees. For example, American Express charge a flat fee of $8 in-store but do not charge a fee if you buy it online.

Commissions in Travelex stores vary from branch to branch but they have a no commission or fee policy when it comes to ordering online. There is a card fee if you choose to pay for your currency using a debit or credit card but you can easily avoid this by using Bpay instead.

 

3. Shop Around

Comparing the fees and commissions of each option is the most effective way of getting the most out of your money. 

If you have a larger amount over $5000 make sure you compare the online exchange rates and fees with what you can get in a bricks and mortar store. 

At the end of the day, if you still aren't sure, you can contact The Currency Shop for some practical advice on how to compare your options.

 

Have a question? Ask our experts. Request a call 1800 004 930