Have you ever come home with excess cash from your dream holiday and not known what to do with it? If you go to your local bank or hole in the wall they can change it for you but will charge a margin. Regardless of whether you are a buyer or a seller someone will take a cut. In Australia the gap can be as much as 15%!
So for every $100 you could be $15 worse off than the price you paid to get the cash from an ATM overseas or your local bank/hole in the wall.
My experience is you often have friends or acquaintances who are travelling who are more than happy to split the difference. Thats why we have created this neat calculator that allows you to calculate your foreign cash value into AUD. Then you just pay or Beemit or OSKO your friend and they give you the cash (or vice versa).
The rates of the 20 most popular currencies are sourced at the end of each working day from the Reserve Bank of Australia. A good reliable source.
Tip: Share this page with your friends on social media to see who would like to buy/sell some cash
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Drew
I simply stand outside an FX exchange booth and ask each person entering if they’d like to avoid a massive haircut. It takes some time, and you do get some angry looks from behind the counter, but both parties get a better deal 👌
me too… but only once… I think this tool will make it easier for us to be less “creepy”… my tip just share it on social media before or after you next trip to get rid of excess cash or buy some more…