It’s no secret that Canberra is one of the most expensive cities in Australia. If you’re visiting from another country or state, you’ll most likely need to exchange your currency for Australian dollars. But where’s the best place to go? Or what are the options available to you? In this article, we have consulted with the experts at Crown Currency Exchange to provide you with all the information you need about exchanging currency in Canberra.
The Different Options Available for Exchanging Currency
There are a few different options available to you for exchanging currency. Here are a few of the most popular options:
The first and most obvious is to go to a bank. Banks generally have the best rates for exchanging currency, but they can also be the most expensive option. Banks are usually the best option if you’re looking to exchange a large amount of currency. But, if you’re only exchanging a small amount, you may be better off going to a currency exchange store.
Currency Exchange Stores
Another option is to use a currency exchange service. These services are becoming increasingly popular. They offer more competitive rates than banks and currency exchange stores. They also tend to be more convenient, as you can often exchange currency online or over the phone. But, comparing rates before you commit to using a currency exchange service is essential, as they can vary greatly.
You can also use an ATM to exchange the currency if you’re in a pinch. ATMs usually have high fees, but they can be convenient if you need cash quickly. Just be sure to check the fees before you withdraw any money. Also, check with your bank to see if they charge extra fees for using an ATM outside your home country.
Another option, although not always the best, is to exchange currency at the airport. Airport currency exchange services typically have high fees and rates, so you’ll want to avoid this option if possible. Yet, if you’re arriving in Canberra late at night or early in the morning, and all the other options are closed, the airport may be your only option.
Things to Consider When Exchanging Currency in Canberra
Now that you know the options available for exchanging currency in Canberra, it’s time to decide which method is right for you. Below are a few things to remember:
- The type of currency do you need: Australian dollars or another currency?
- The amount of currency you need: Will you be exchanging a large sum of money?
- The speed of the transaction: Do you need your currency immediately?
- The fees associated with the transaction: How much will it cost to exchange your currency?
- The exchange rate: What is the current rate, and how does it compare to other rates?
When you’re ready to exchange your currency, compare all your options to get the best deal.
Tips for Getting the Best Exchange Rate
Here are a few tips to help you get the best exchange rate:
- Avoid airport currency exchange services: You will almost always receive a better rate if you exchange your money ahead of time. Either online or at a physical currency exchange.
- Look for non-commission-based services: Some currency exchange services don’t charge a commission. These can be a good option if you’re looking to save money.
- Check the exchange rate in advance: This way, you will know how much money you should bring to get the amount of local currency you need.
- Bring cash: Many smaller businesses and vendors may not accept credit cards. Having some of the local currency on hand is always a good idea. That way, you’re not stuck relying on credit cards or traveller’s cheques, which can be expensive and inconvenient.
FAQs about Currency Exchange in Canberra
Can I use my debit card to get cash at an ATM?
Yes, you can use your debit card to withdraw cash from an ATM. Just be sure to check with your bank in advance to see what fees may be associated with this service.
What is the best way to carry my money?
There is no one-size-fits-all answer to this question, as everyone has different needs and preferences. However, it’s generally a good idea to have a mix of cash and cards to prepare you for any situation.
Do I need to exchange my currency in advance?
No, you don’t need to exchange your currency in advance. However, it may be a good idea to do so, as you will likely get a better exchange rate than at an airport or hotel.
Do I need to tip in Canberra?
No, tipping is not required in Canberra. However, if you receive exceptional service, it is always appreciated.