Foreign exchange travel is the perfect way to meet up with family, friends and even visit exotic destinations.
Here’s how you can make your international holiday the best it can be.1.
Know where to lookThis is where you will want to find your first foreign exchange bank, as foreign exchange is not available in most cities.
There are also some countries where foreign exchange rates are not as high as in the US, so you will need to find the closest one.
Find the closest foreign exchange exchange bank that is within 30 kilometres of your home and call ahead to book.2.
Book a foreign exchange hotel, airport or trainPassengers are welcome to book hotel rooms with their airline.
If your hotel room is outside of the 30-kilometre radius, you can book with a train company.
Find a train service near you and book through the company.3.
Check if there is a foreign currency exchange rate in your destinationIf you are travelling to Australia, Canada, New Zealand, the United Kingdom, Ireland, Germany, France, the Netherlands, Sweden or Switzerland, check to see if there’s a foreign money exchange rate.
The international rate will depend on the value of your currency at the time of the trip.
You can find this information on the website of the Australian Bureau of Statistics.4.
Choose the right flightYou will want a flight that will take you to the destination, but you will also want to select a flight with a reasonable fare, preferably under $150.
The cost of a ticket on a direct flight can range from $150 to $1,200, depending on the route.5.
Check the airline’s websiteIf you need to book a domestic flight, you should also check the airline website to make sure you are in the right group.
A direct flight to the US or Canada will cost between $150 and $1:600, while a direct international flight to another country will cost about $2,500.6.
Get your money togetherYou will also need to set up a payment plan for your trip.
This is important because many foreign exchange companies offer refunds for non-payment.
Find out more about foreign currency refund schemes.7.
Check for foreign exchange transactionsIn some countries, you may need to buy foreign currency with your credit card to pay for a flight.
This will cost you more than the cost of your ticket, but it is important to note that foreign currency transactions can be taxable, so they should not be overlooked.
You may also need a passport, which can cost you up to $300 in some countries.
If you are planning a trip to the Middle East or Africa, you will be required to have a passport.
If travelling to Europe or Asia, you could expect to pay between $600 and $2:600 for a ticket.8.
Buy your ticketsOnline booking tools can help you with this.
Check out the website or app of your preferred foreign exchange company to see how much you can save and whether the transaction will be taxable.
If the foreign exchange transaction is within the 30 kilometre radius of your hotel, you’ll be able to pay with your hotel card.
If it’s outside that radius, call ahead and book.9.
Check your credit limitAfter you have paid for your flight, the airline will send you a cheque for the cost, with the credit limit printed on the back.
It can take up to 48 hours to get the cheque, but if it arrives by the next day, you won’t need to pay any more.
If there is an error in your credit, you must contact the airline and make the necessary payment.10.
Book your flightsNow that you have your foreign currency, it’s time to book your flight.
There is usually a price you can find on the websites of your airlines, but check to ensure that you can get the flight you want.
If all else fails, you might be able buy a ticket at a hotel or online.
If you can’t get a ticket online, you are probably able to book an airline seat for the flight from the airport, but that is a costly option, especially if you are visiting your partner or a child.
Booking the seat online can save you money, as it will be free of charge.
Find out more on how to book domestic and international flights.