Mild Rover: Go your own way

Curated tours, cruises, resorts and reviews

50 tips for safe and happy travel

MONEY

THE EXPERT

Tom Godfrey, spokesperson for leading consumer advocacy group CHOICE, which reviews and test products and services

THE QUOTE

“Make sure you have enough of the local currency to cover a couple of days’ expenses when you arrive,” he says. “Cash is still king in some less developed countries, particularly in regional areas, and not everywhere will take credit or debit cards.”

THE ADVICE

1. Monitor the exchange rate of the currency you’ll be using over a couple of weeks using an independent service such as XE.com or the RBA and then exchange your currency in advance and at the right time to get the best deal.

2. Banks and some other providers will usually give you competitive rates and fees but if you don’t order in advance you may miss out and be left paying a higher rate at the airport. Banks and other moneychangers will still take a cut above the official exchange rates shown on independent sites, but you’ll do a lot better than you would at the airport or other tourist-oriented services.

3. Pay in the currency of the country you are in. When travelling you may be offered the option of paying in Australian dollars by an overseas hotel or shop but you run the risk of being stung by high conversion fees.

4. Prepaid cash passports let you load money onto a card in a foreign currency before you leave but make sure you read the terms and conditions. These cards can attract fees that aren’t immediately apparent, and if you’re travelling on a shoestring they may not be worth it.

5. Try to avoid using credit cards for cash withdrawals at ATMs, cash advance fees will really put a dent in your travel budget. A debit card will be generally a better option unless it’s an emergency.

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