Currency Exchange & Money Safety Tips for Travellers

In most popular tourist areas across the world you’ll encounter pickpockets and petty crime. One minute you’re enjoying a beautiful view of the Eiffel tower, the next you’re frantically searching through your pockets to see where your wallet has gone. If you are going abroad and you’re considering changing money for foreign currency, you must use a little common sense and preparation.

Currency Exchange

If you are on your way to exchange money for foreign currency, remember to take care when carrying large sums of money. If you are planning on visiting a currency exchange in South Melbourne or any other part of the city, make sure to keep your money in a safe, secure place. Prior to visiting an exchange bureau, you should do a few things to ensure you get the best possible price for your Australian dollars. Here are some things to consider when exchanging money.

  • Research rates online to better understand the money market.
  • Compare prices with multiple providers to see what they can offer.
  • Look for foreign exchange bureaus which offer no commission and no fees, if you’re a student or senior citizens you can also find discounts.
  • Don’t do things at the last minute.
  • Try to avoid using exchange bureaus which are in busy tourist areas such as airports.

When you’ve chosen a good exchange bureau, you should think about safely transporting your money from a currency exchange booth to your home. Pickpockets and other criminals don’t just operate in and around tourist hotspots, you can be a victim of crime in any part of the world. If you are carrying a large sum of foreign currency for your trip abroad, the last thing you need is for someone to steal your hard-earned cash.

Keep Your Valuables Safe

When travelling abroad, it is advisable to wear a secure money belt under your clothing when carrying large sums of foreign currency. While you are in transit, the safest place to store your money is in a good money belt, you can also place credit and debit cards and your passport in this money holder.

Anything visible such as a backpack or purse is too easy to snatch, if thieves see you carrying nothing, you are far less likely to become a target. A bag can be easily opened without you ever knowing and a wallet can be easily removed by an experienced pickpocket without you noticing a thing.

It is vitally important to store your foreign currency in a safe once you reach your hotel, don’t go around strange places with substantial amounts of money in your possession. All your money should go in your money belt and your daypack must only contain guidebooks, water, maps and other nonvaluable items.

There is no point in doing all that work to find the best possible foreign exchange rate and changing your money, only to have it stolen by a pickpocket or any other type of criminal. A throwaway wallet filled with a small amount of cash is also a good way of diverting attention away from other items on your body.