PayPal fees spike as shoppers move online, says Transferwise
New research has revealed that payments platform PayPal hiked up its exchange rate margins during the peak coronavirus shutdown period.
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Want more? Compare all 5 foreign exchanges in the Mozo comparison engine.
Compare more foreign exchangeMore Travel Money Guides
New research has revealed that payments platform PayPal hiked up its exchange rate margins during the peak coronavirus shutdown period.
Read More
It’s no secret that the Aussie dollar has continued to take hit after hit over the last 12 months, whether it’s the trade tensions between the US and China, the recent bushfires or RBA cuts.
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It’s a known fact that Australians have travel on the brain, but it turns out that more and more of us are thinking beyond the hotels we’ll be staying at or the food we’ll be eating while abroad.
Read MoreIf youre setting off overseas you want the biggest bang for your buck. If you're about to need some foreign currency, it pays to keep an eye on the currency exchange rates for a few months before your trip. This way you can pounce on a hot rate when it occurs. You can't control the market conditions, but you can take advantage of them when they're at their most favourable.
There are various ways that a foreign currency converter will make money out of helping you exchange you mighty Australian dollars for another currency. First of all, they may charge a flat fee, which isn't great for small amounts, but less harmful for larger amounts of dosh. Second, they may offer foreign currency exchange for a currency conversion percentage fee, normally 3% or more of your total amount. Naturally, this is annoying for small conversions, but soon mounts up in larger transfers. Lastly, there's the sneaky tactic: the foreign exchange margin, which may take the place of the conversion percentage fee, but may be added on. Keep an eye out for this snake in the grass - it's an underhanded tactic.
Mozo's currency exchange rates calculator can give you a clear understanding of how much your Australian dollars are worth right now overseas and who the most competitive foreign exchange rates converters to change you money are. The currency conversation calculator displays the four major currencies that Australians wish to change their money too and cross references them with the top five foreign exchange rate converters in Australia. With the money exchange rate calculator, you can see at a glance how much foreign currency you'll receive for your Australian money from each of the converters, what rate they're currently offering, the fees they'll charge and how to go about exchanging your money with them.
In addition to offering an amazing foreign exchange calculator, Mozo also provides great advice and tips for making the most of foreign exchange currency rates.
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