Tips To Save Money When Making Payments on Holiday

Planning a holiday is often one of the most exciting things you’ll experience. However, it can also be incredibly stressful, especially when working with a set budget. As you’d expect, holidays are rarely cheap, but as you book your next holiday away from Australia, it’s worth doing everything possible to save money wherever you can. In this article, we’ll look at the many options available to Australians getting ready for their next overseas holiday, each of which can help you save money on your booking. From traditional bank transfers to paying using forex, there are so many options, which we’re sure you’ll find interesting as you prepare for another adventure. 

Forex Trading

While the world of forex trading and contract for difference (CFD) trading might be unknown to many, it can be a unique way to manage different currency exchange rates. CFD trading allows you to speculate on the movement of currency pairs without owning the asset itself. 

CFD trading can come with an added degree of risk, but you can exploit changes in the market to make a significant return on your investment. For Australians planning a holiday abroad, this can help you discover which currencies are the best to choose when paying, as they may have favorable exchange rates when converting back to Australian dollars. 

Bank Wire Transfers

Bank wire transfers are a tried and tested way of paying for money things, especially when making overseas payments. However, one significant downside is the potential for hefty fees that can impact your budget. While no trick can get this down to zero, you should shop around and compare the conversion rates offered by Australian banks. 

Some banks specialize in international payments, therefore offering lower rates when paying for things abroad, which you’ll likely need to do if you want to book a vehicle or pay for an in-country excursion. You should watch for the fees associated with making payments in other countries and any additional costs related to you having an account.

Australia Post

Australia Post allows Australians to send money abroad using its International Money Transfer (IMT) service, and while this might not be your first choice, it’s certainly worth considering. The online payment portal is incredibly user-friendly, and you can also visit any Australia Post kiosk to make a payment. 

The exchange rates fluctuate depending on the economic climate, so be prepared to receive a slightly different amount on the other end. Australia Post charges fees to anybody using its IMT service, but these are often competitive with banks, so it is worth considering.

PayPal

PayPal is a classic for making payments abroad, which can be done online as long as you have an account. You should be fine setting up an account as it’s quick, easy, and free to do, and you’ll be sure to get plenty of use from it. 

To avoid any added costs, you can use a multi-currency or travel card as your preferred payment method, which will help you avoid any PayPal-imposed currency exchange fees. PayPal is generally very secure and has an excellent user interface, so you can do everything with just a couple of clicks, from sending money to paying for holiday accommodation. 

Money Tips for Australian Travelers

We’ve shared some payment methods to help you reduce the costs of booking a holiday abroad. Now it’s time for some final tips to help you get the most bang for your buck.

Monitor Exchange Rates

Regardless of how you pay for your holiday and any relevant activities, you should watch for the exchange rates. Currencies are prone to changing at short notice, so being aware of currencies is crucial. There are many great currency-converter tools to help you stay on top of things, ensuring that you purchase at the right time and avoid any further costs.

Multi-Currency Cards

Multi-currency travel cards are an excellent choice for anybody who enjoys traveling abroad and wants to avoid additional costs. These cards allow you to manage multiple currencies from one place, giving the user greater flexibility when abroad or making payments using foreign currencies. Each card and issuing company will have different fees and slightly different exchange rates, so make sure to see what’s available and go for the most practical option to suit your needs. 

Getting Smart With Your Money

As an Australian, we know how much you enjoy traveling abroad, so finding ways to make your budget go further is crucial. These options listed above can have a significant impact on your traveling experience, so make sure to give it enough time and do your research first. There are countless ways to manage your spending, from exploring the world of forex trading to choosing the right bank for wire transfers. You can make the most of your overseas holiday without breaking the bank by staying informed about exchange rates and using the different services online and in person.