Best places to exchange currency in Wollongong

While many of Australia’s visitors stick to Sydney and Melbourne, there’s plenty to see outside of the population hubs in the Land Down Under. Wollongong is located close enough to Sydney to be easy for tourists to reach, and its position along Australia’s Grand Pacific Drive will make the trip scenic enough to be an attraction on its own. Once in Wollongong, there are miles of surfing beaches and rock pools to explore — it’s an ocean lover’s dream.

But before taking advantage of all there is to do and see in Wollongong, it’s important to know where to get the best deal for your local currency. After all, you’re going to want to have some cash on hand to grab a bite at the Eat Street Market or to grab a well-deserved beer post-surfing session. Here’s what you need to know.

Things to know before exchanging currency

A little research before your trip will go a long way toward saving you money in Wollongong. Here’s what you should know.

Know the actual exchange rate

Before you go (and frequently throughout your trip) check the mid-market rate for currency exchange between Australian dollars and your home currency. The mid-market rate is the real exchange rate you’ll see when you Google the two currencies. It’s also sometimes called the interbank rate, since it’s the rate banks use to trade large quantities of currency with other banks. Though this is the “real” exchange rate, it’s not the rate you’ll get when you exchange currency at banks or exchange counters. Those will often charge you a commission or fee, and they’ll almost always mark up the exchange rate so they can make even more money off your exchange. To see if the rate you’re being offered is close to the mid-market rate, you can double check it by using an online currency converter before committing to an exchange deal.

Remember that exchange rates always change

Exchange rates are fluctuating almost constantly,depending on a variety of factors like interest rates, economic decisions, confidence in an economy and economic growth. You’ll have to check the mid-market rate frequently during your time in Wollongong, or sign up for a rate tracker, which can send you alerts about changes for the currencies you choose to track.

See if your home bank has partnerships in Wollongong

Before you leave for Australia, call your home bank and see if it partners with any banks in Wollongong. Since your bank wants to keep you as a customer, it is much more likely to offer you favorable exchange rates, and its partner banks may as well. You may also be able to find ATMs associated with your bank or its partner where you might even be able to make fee-free withdrawals.

Always choose to be charged in the local currency

If you choose to withdraw cash from a local ATM, you may be given the option to view the transaction in your home currency. While this will seem helpful, always choose to view every transaction you make in the local currency, Australian dollars when you use an ATM in Australia. Have you ever heard of dynamic currency conversion - or DCC? This is essentially what happens when you choose your home currency. You’re essentially giving the bank that owns the ATM permission to set its own exchange rate, often much poorer than the mid-market rate.

Avoid airport and hotel currency exchanges

Areas with high tourist traffic, particularly airports and hotels, will tend to have the poorest exchange rates around for currency exchange. While it may seem convenient to exchange your cash before heading off to the beach, you’re likely to save money by heading to a location where rates are more competitive.

Spend your money before you leave

Rather than withdrawing or exchanging a ton of cash, budget out your holiday and try to just get as much cash as you need. If you end up with any leftover at the end of your trip, exchanging it back into your home currency will be like a double-whammy when you get hit with fees and marked up rates for the second time.

Where to exchange money in Wollongong

Keep in mind that even if an exchange service claims to be “commission free,” there’s really no such thing when it comes to exchanging cash. There may be no upfront exchange fee, but you’ll still pay for the marked up exchange rate. That said, here are some currency exchange bureaus to look for in Wollongong.

The bottom line

When you exchange cash abroad, there’s a good chance you’re losing money. Withdrawing from a local ATM will usually give you better rates, but you still may have to pay ATM fees or foreign transaction fees.

Do you have a bank account in Australia or know someone who does? Instead of exchanging currency, you can send it there ahead of time with Wise, where there are no exchange rate markups or hidden fees for international transfers. Then, you just need to withdraw your cash and you’re ready to go.

Another option would be to open a borderless multi-currency account, which will let you send, receive and manage money in 28 global currencies, including Australian dollars. You can get a linked Wise debit card so you can use your AUD balance to pay in stores directly, and beat ATM fees entirely. See if you can get a better deal with Wise, today.

Before traveling anywhere, it’s important to know how to access your money at the best possible rates. Safe travels to Wollongong!

Sources:

¹https://thecurrencyexchange.com.au/reports/currency_list

²https://www.travelmoneyoz.com/frequently-asked-questions/foreign-currency-explained

³https://www.travelex.com.au/media/1308/travelex-online-foreign-currency-pds.pdf

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