Australia is one of the most visited countries of the world. Australians also like to visit the world on different times of the year. All this makes for a currency exchange industry that is booming everywhere in the country. At least before the Covid-19 Pandemic struck, things were looking great for the industry.

This year 2020 may be the worst for currency exchange in Australia in quite a while. Yet, it is a service needed by many. As soon as the world starts spinning again, currency exchange in Melbourne and other parts of Australia will pick up. There is more to the service industry than meets the eye for most of us.

Here are some interesting facts about the currency exchange market in Australia that not many of us know:

1: There Are Many Options in Australia to Choose From

Currency exchange industry in Australia is one of the widespread ones. With so many people always traveling in and out of the country, need has given birth to many service providers. Today, there are many currency exchangers available in all major cities of the country.

Melbourne has many specialist exchangers available in different places. Danesh Exchange is one of the most renowned Melbourne based service providers. You can also find good options in other cities of the country. High streets and town centers have many of these service providers available.

However, easy availability doesn’t always mean good service from every single one of them. There are many factors that are at play here. Be sure to find quality foreign exchange in Melbourne or any other city and stick to it for your requirements.

2: Currency Exchange Rates May Differ with Different Service Providers

Even though a common person would think exchange rates to be constant across all service providers, this isn’t the case. Different currency exchangers will usually provide different rates even if the difference is small. When exchanging large sums of currency, this small difference can become big.

Transaction fees, actual exchange rates and many hidden charges come in to play with currency exchange. Yet, any quality service provider will rely more on international exchange rate difference and not charge anything extra from customers.

Yet, finding such a service provider may not be the easiest thing to do. Many well-established names in the industry apply particular transaction charges for each billing. All these added costs can subtract from the actual exchange rate you get with many service providers.

3: Wasted Trips Are Actually More Than You Think

Although, many of us would think currency exchanging to be a straightforward service, it may yet not be that simple. As Australia is one of the most international travel friendly country, currency exchanging is a hot industry too. It is quite common for any exchanger to run out of a particular currency.

Especially, when you are requiring quite a popular currency, wasted trips become an unwanted reality. It is always best to call first or book your required currency online before traveling to them. This way, you can eliminate changes of wasted trips much more than the traditional way.

Also, sometimes people can need a currency that is not so popular at all. Currency exchangers can have that particular currency totally ignored as well. This also contributes to the overall chances of wasted trips. Be sure to know in advance and save yourself from the hassle.

4: There Are Often Ques at Quality Exchangers

In addition to wasted trips, waiting times can often be huge. With people queuing up at foreign exchanges, it can become quite a task to get your service quickly. Especially when you are on a schedule, things can go in the wrong direction quickly.

Not many people think of currency exchangers being so busy until they visit the outlets. A popular money exchanger in Melbourne is likely to have some ques at most times of the days. Waiting times can make people miss or get late on their flights.

Especially with many currency exchangers also offering many other services, it can be a problem many times. Some exchangers also provide postage service, some add stationary to their inventory and others go different routes. All this can add some waiting time in your case.

5: Online Currency Exchange Serves Best During This Pandemic

The very modern and advanced online currency exchange service is now getting more popular. Especially during this time of the Coronavirus pandemic where everyone is advised to limit contact with other people, this can really help. Staying home and yet getting your currency exchange is good option.

How it works is pretty simple actually. You simply go on the website of an exchanger that offers online exchanging and book the currency you need. They will then deliver your required currency at your doorstep on the scheduled day and time.

The other option is to get your currency delivered at the nearest Australia post office. It may not be the safest option during this pandemic time but is better than a visit to a far away exchanger. Whichever one suits you, be sure to check all available options.

6: Not All Exchangers Are Trustworthy

Another much less known fact is that not all currency exchangers can be trusted. Where some may outright want to provide you compromised exchange rates, others might be involved in illegal activities. Yes, currency exchange is where some black money gets white through the cycle.

Some foul service providers also offer reduced exchange rates. This might not be the case often but is surely some thing to worry about for people. What’s worse is that most people don’t even realist that they are being offered a compromised exchange rate.

You should always check for exchange rates on the displays in store. If displays are missing, there is something definitely not right. Also, make sure to ask about the reputation of your nearest service provider. More you know about them, better service you will be able to get.

7: Airport Exchangers in Australia Will Charger Higher Fees

Another actually quite commonly known fact is that airport exchangers almost always charge higher costs. Yet, many people still don’t know this and tend to exchange on their way out or in the country. These airport exchangers have higher rents to pay thus taking more from customers.

Although, this may not be the case with every single service provider but is yet very common. You should more often try to get your currency exchange in Perth or any other city from places other than the airport. Getting maximum value should always be the goal.

Even if there is a small difference in exchange rates, it can become great when exchanging large sums. Currency investors should definitely not look at airport exchangers anytime. Make the most of your money and exchange from a service provider who will offer most value.