Purchasing Foreign Currency Options

Whenever travelling overseas, I wait until I arrive at an airport to take money out of the ATM in their local currency. I check the exchange rate before leaving so I have an idea of how much money I should be getting out and how many zeros to add to the amount.  

However, since I am travelling to Iran this week, it means I must take money with me as they do not allow foreigners to use ATMs in their country. This meant I went shopping around.

You have several options when it comes to exchanging your money to foreign currency before travelling. You can visit the

  • Post Office

  • Banks

  • Travelex

  • Travel Money Oz

  • Danesh Exchange

  • Currency Exchange places


I was looking for American dollars. The best rate – and the option I went with – was at Travelex and is just an easy pick up at the Post Office, which is two minutes from my house. The next best option and exchange rate was Travel Money Oz which you order online through their website and pick up at their stores. It’s a good option if you have a store nearby. The banks I found like to charge a fee plus 1% extra if you are using your credit card.

My top tips for exchanging money include

  • Consider how much cash you need. Attempt to budget and calculate how much you will spend. Don’t buy excess, yet; you don’t want to run out either.

  • Avoid buying or exchanging money at the airports – rates are shit, and you will usually get charged fees or commission. Compare the amount you get and the fees before committing.

  • Leave enough time before travel to pick up your money – it can take a week. Don’t leave it to the last minute. Paying via BPay means avoiding credit card fees.

  • If ordering with Danesh Exchange or Travelex, both send their money for pick up from the Post Office

  • Better to exchange any excess foreign money you have before you leave the country. You will get a better rate as most countries prefer their money does not leave the country

  • If exchanging money at Australia Post, it has a minimum of $200 instore or $500 online and maximum of $5000

  • If you are paying for a visa at arrival, ensure you have the correct money available.

  • If exchanging money at the airport, only get a minimal amount such as for transport to the hotel or city. Then exchange the rest for your trip when you arrive in town as you will get a better rate.

  • Consider applying for a card which does not charge foreign transaction fees, conversion rates or withdrawal fees. I use the Citibank Debit Card when I travel and always google the ATMs I can use without being charged a fee before I leave.

Whenever I travel, I pack Australian dollars for in the case of an emergency; I have it on hand, usually around $200. I scatter the money in several places hidden throughout my backpack, check-in bag and within my passport holder.

So there are options when exchanging money. What do you do when you need foreign currency?

TravelLaura Woodburytravel tips, travelling, foreign currency, money, exchange rateComment