Cash. Credit. Debit. Cheques. There have been lots of discussions on different expat forums about foreign currency exchange and the right way to go about exchanging your hard earned money.
Here’s what some people are saying:
Jeff, a business traveler says: “I use the bank to order my foreign currency.”
Dave, a frequent leisure traveler says: “I mostly use my debit card at an ATM to take out foreign cash.”
Micheline, my mother says: “Use travelers cheques Kate, in case your wallet gets stolen.”
Everyone has his or her own exchange style, and in the end it’s best to go with the method you feel most comfortable with. When it comes to getting the most bang for your buck, we’ve put together the best options to help you decide where to exchange your money.
#1. Foreign Exchange Services (Forex)
Advantage: Better rates than a bank transfer; often with no fees
Disadvantage: Not available on weekends
Similar to transferring money from your home bank to a foreign one, Forex makes it easy to wire money abroad for use in a different currency. Typically available 24 hours a day Monday-Friday, forex providers offer the most competitive exchange rate with little to no barriers for entry and no minimum transaction size. For example, in a quick sampling of transferring $1,000 USD to AUD, with a major bank you would probably get $1,315 AUD but with a forex provider you get $1,358. There are plenty of companies offering this service so a little research needs to be done to get the best rates. TorFx is one such forex company to be considered. Read more…