The Best Travel Money Deal

Hi Scott,

I read an article saying that Australians are getting ripped off by $2 billion a year on foreign exchange, mostly by the big banks. I am heading overseas at the end of the year, so what would you suggest I do to get the best deal?

Rick

Hi Rick,

You’re right, the big four bank accounts are generally rubbish: on average they charge $5 ATM fees and 3% currency conversion fees. If you buy foreign notes before you go, you’ll be charged around 2.5% commission (at a bank), and triple that at the airport (no, no, and ‒ are you crazy? ‒ no!).

I simply use my zero-fee banking account that doesn't have currency conversion fees, and all international ATM fees are rebated.

Scott

Reminder: I first wrote about this years ago and highlighted the low costs. Today there are better deals on offer. How do I know? Because my readers constantly email me about them! So before you do anything, do a quick google.