Tips To Change Currency Abroad If Traveling From Australia

Australians may find themselves looking to go on holiday from time to time, and when that time comes again, the issue of currency exchange will no doubt come into play. Not so much the booking, but rather the exchange rates and issues that can come up with paying for things when across the world. Whether you’re planning on a long stay, or just a quick trip to the United States or even Europe, there are several tips that you should consider when dealing with finances in today’s modern world.

Focus On Connected Bank ATM Machines

If you’re going to go the route of having a debit card with you, make sure that before you leave you look for banks that are in association with international banks. Your local bank in Australia may not have representation in other countries. However, there are some networks that are connected and will not charge you a large fee for pulling money out abroad. There is a profit to be made by banks if you make purchases outright with your card, so be careful where and when you decide to pay with this method.

Prepaid Cards (Debit/Credit)

Perhaps one option that you may want to continue is to preload currency cards that you can take with you abroad. These can be loaded with as much currency as you’d like, with the currency of the location you’ll travel to, or with your home currency which you can withdraw at a bank ATM or exchange services desk at the airport. Pre-booked options can come in a variety of options, but traditionally they do not have a high cost to use or load.

Cash Is King

Here’s the thing, despite the ease of use of prepaid and ATM debit cards in general, you’ll find that cash will always rule the world. If you’re going to visit far off destinations, then exchange your Australian currency at the airport, before you get to the new location you’re going to be at. You can also look around your city to figure out what exchange outlets there may be. Larger cities like Sydney, for example, will have low cost options for currency exchange, so a little digging can go a long way.

Use Small Notes

At the end of the day, exchanging currency is a good thing when traveling abroad from Australia. However, in regards to safety, make sure that you stick to smaller bills and notes for any country you’re visiting. If you’re going to the United States, make sure that you don’t carry too much with you, and stick to currency less no greater than $20. If you’re going to Europe, keep in mind that the Euro is used in a great deal of the countries, and coins are prevalent.

It’s easy to get lost in the issue of currency, but if you take a little time ahead of your journey, you’ll no doubt be able to venture forward with relative ease. Just remember to look into currency exchanges well ahead of the date of your trip.

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Dealing With Currency Exchange When Traveling To Europe

Whether you’re new to travel or you have traveled in the past there’s always a few caveats to going abroad. For those that are living in the United States (or any other country) and want to explore the greatness that comes with the many European nations, you’ll need to consider a few tips on money. Currency exchange is one of the main issues that travelers have to deal with, but it is not impossible task. It can get bad if you don’t adhere to a few common sense elements, but overall, it’s just a matter of pre-planning. With that in mind, consider a few tips for American travelers going abroad to Europe.

The Euro

First and foremost, you’ll need to know that the main currency for a great deal of countries in the European Union is the Euro. This is a strong currency that connects several nations together. If you are visiting 19 out of the entire European Union countries, then you will be able to use this coin and banknote. Currently, this is a strong option that could range in a ratio of 1:1 in most cases when transferring over your currency. This depends on where you get the currency exchange done, but chances are it will be relatively close.

When To Exchange

It’s best to exchange before you leave your home country. The best thing to do is to go through the airport for an international exchange location and start doing that before your flight. This will come with a few fees attached, but it will be worthwhile because you’ll land at your destination and you won’t have to deal with this. You will also not have to deal with trying to get around town without money. Whether you are going to get a shuttle, public transport, ore you’re going to get taxi, having the currency of the country you’re in is going to pay off.

Don’t Pay In Pounds If You Don’t Have To

One of the major tips that you will find when traveling to European countries is this one, the case for Euros over Pounds. The British pound is a strong currency, but you may have the option to use Euros. You’ll want to go with Euros as they will give you a slight edge in regards to your financial moves. Now this includes your use of credit or debit cards, as it will usually come with lower fees and easier exchange rates. Financial experts discuss this on a regular basis, but it can get tricky when you’re abroad. Consider the strength of the currency exchange and decide on the fly, avoiding paying in Pounds if possible.

Lastly, if you’re going to use any plastic in European nations, make sure that you contact your bank and tell them that you’re traveling abroad. The last thing you want to do is get to a location and be declined, and then have to try and call your bank, dealing with time zone issues, and much more. It’s just not a fun thing to deal with.

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http://www.changecurrency.org/change-currency/dealing-with-currency-exchange-when-traveling-to-europe/

How Safe Are International Money Transfers?

When sending anything electronically there are “things” that can go wrong, like the email you send that never arrives. It’s a bit different with an international money transfer however, because most of the top firms are regulated, and have safeguards for such circumstances.

The best money transfer services are the “best” in the industry because of things such as security, reliability, customer service and regulation, in addition to having the best rates or zero commissions.

But having said that, there will be that 1 in a million chance when some money sent doesn’t arrive, or gets delayed and causes the customer a period of stress.

What Regulation Is There For International Money Transfer Services?

If something does happen to your money when you send it overseas, then these are some things you can do. You can’t use the same process as you would with a bank to retrieve the money.

In the UK all the top firms are regulated with FCA (Financial Conduct Authority). If you are not sure if the firm you’re using is regulated, you can call the Financial Conduct Authority’s consumer helpline on 0845 606 1234.

Are Money Transfers Safe?

Again, using a trusted and regulated service is about as safe as you’re going to get, but it’s normal to be hesitant. After all, you could be sending tens or hundreds of thousands for a property transaction.

For this reason many people opt to use their bank, and while people see this as safe, they are also going to be at the mercy of the notorious bank exchange rates.

Regulated services have to keep their client money in what are known as segregated accounts. This means the money you deposit is not available as “business” revenue, and is kept in sort of a holding account, only for the purpose of deposit, transfer and withdrawing by the customer.

This means that if the company goes unexpectedly bankrupt, the customer funds are separate.

The best international money transfer services will also use a secure connection for their customer portal, if they have one, it means that you login online and no data is public and is securely transferred to their servers. You can tell if this is the case when you login, the web address should begin with https instead of http. Often, in your web browser, you will see a green secure shield or lock icon appear to the left of the web address. This means their connection is secure.

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http://www.changecurrency.org/international-money-transfers/how-safe-are-international-money-transfers/

Mistakes To Avoid When Sending International Money Transfers

Making an international money transfer is quick and easy to do online. But there are things that can make the process an expensive one, and after all, you want to save as much money as possible right?

As with anything in this world, mistakes can happen. Whether it’s a mistake of your own making or one by the company you’re dealing with, here’s a short list of things to try and avoid when making an international money transfer.

1. Have the correct bank details! You would be surprised how many people make this mistake and send money somewhere into cyberspace, and have no idea where it went. Make sure you have as many details about the receiving account as you possibly can.

Get the account name and address of the owner. Get the bank account number and sort code, or routing number. Get the banks BIC (or Swift) code. Get the IBAN number, this stands for international bank account number, and usually contains the actual bank account number as part of the code.

Having all these details before you begin will help avoid any mistakes.

2. Input the bank details carefully! Double check and triple check you’ve typed the bank codes correctly. One typo may be costly. Imagine sending money to a complete stranger and the headaches it will cause trying to get the transfer returned?

All this can be avoided by simply checking the codes properly after typing them in.

3. Make sure you select the correct currency for the end transaction! If you are sending an international money transfer to the United States, you need to send US Dollars. Conversely, you don’t want to send US Dollars to a bank in Australia.

Make yourself aware of the currency used in the country you are sending to. For instance, there are certain countries in Europe that do not use Euros. The United Kingdom and Switzerland are ones that come to mind.

4.Make sure you are happy with the exchange rate and the associated fees of the transaction. Check the real market exchange rate and make sure your bank or service is not ripping you off. They may also be a very high fee for sending the money overseas.

Whilst this may not be important for some transfers, if the money being sent is a substantial sum then you could be better served by a currency transfer service, that gives you a better rate.

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http://www.changecurrency.org/international-money-transfers/mistakes-to-avoid-when-sending-international-money-transfers/

How Can I Make An International Money Transfer?

When you send money overseas it’s usually referred to as an international money transfer. In its basic form it’s an electronic transfer of funds between two organisations, maybe a bank, broker or another financial entity.

Whilst most people use their bank to send money overseas, it’s often the most expensive option. These days there are a huge selection of specialist currency services which will send your money, securely, with no commission. In addition, many can offer you a better exchange rate due to them being directly active in the foreign exchange market.

Starting With International Money Transfers

As an example maybe you need to send some money to Spain as part of a property deposit. Sending the money with your bank seems to be expensive, especially as the amount is over 20,000 euros.

You decide to try a specialist currency transfer service, because you’ve found one that offers zero commission to send anywhere around the world. Luckily these types of services will give you a completely free quote within minutes (they really want your business) and you find that not only do they not charge a fee, but they also beat your banks exchange rate!

Because these companies are not huge like your bank, you’re almost always going to get an excellent personal service. Often when you submit your quote online, a dealer, who actually makes the transaction in the currency market for you, calls to discuss the transfer.

If you’re sending money abroad regular they can advise you on the best times to transfer, so that you take advantage of the movements of currency markets. These services deal in the currency market every day, and know what they are talking about.

Getting set up is relatively easy. Once they have your details, an account is opened, you make a deposit. This money can then be sent to whichever destination you specify.

How Do They Give Me The Best Exchange Rate?

Currency services have direct access to the Forex interbank, which has huge liquidity. It’s widely said that the Foreign Exchange market is 10 times the size of the stock market, and trillions are transacted each day in hundreds of countries.

They can offer you a real time rate, and some services buy currency in bulk when rates are heavily in their favour.

So How Do They Make Money?

Because they do not charge a commission, you may wonder how they make money? After all, they are a business.

They add what is referred to as a “spread” to the rate they quote. As a quick example, let’s say the current interbank rate for GBPEUR is 1.245. They can simply add 0.05 to the quote, and they would make 100 on your transfer of 20,000.

Compare that with your bank, and you can bet it looks super cheap!

Are International Money Transfers Secure?

Yes, they are very secure. But you do need to check that the service you choose is regulated by the Financial Conduct Authority, or another registered Government body (if you are not based in the UK). For the most part, the big companies will be fully regulated, have good feedback with services such as TrustPilot.

You should check whether the service is a member of the Financial Services Compensation Scheme. If they are, you have some cover if something goes wrong.

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http://www.changecurrency.org/international-money-transfers/how-can-i-make-an-international-money-transfer/