Do Banks Do Foreign Exchange?

When you're planning a trip to a foreign country, one of the first things you'll need to do is exchange your currency. You can do this at a bank, but banks often charge high fees for foreign exchange. In fact, some banks can charge up to 10% more than the interbank rate for foreign exchange.

So, what are your other options? There are a number of online platforms that offer foreign exchange services. These platforms typically offer better exchange rates than banks, and they often have no fees. You could consider using popular apps for foreign exchange like Yondr.

Yondr is a mobile app that allows you to convert and spend foreign currency at bank-beating exchange rates from the convenience of your phone. The app is easy to use and it offers competitive exchange rates.

Here are some of the reasons why banks are not a good option for foreign exchange:

• High fees: Banks often charge high fees for foreign exchange. These fees can add up, especially if you're exchanging a large amount of money.
• Poor exchange rates: Banks typically offer poor exchange rates. This means that you'll get less for your money when you exchange it at a bank.
• Inconvenient: Banks can be inconvenient to use. You may have to wait in line to exchange currency, and the hours may be limited.

Here are some of the benefits of using a platform like Yondr:

• Better exchange rates: Yondr offers better exchange rates than banks. This means that you'll get more for your money when you exchange it with Yondr.
• Convenient: Yondr is a mobile app that allows you to exchange currency from anywhere. You can exchange currency at your own convenience, and you don't have to wait in line.
• No conversion fees: Yondr doesn't charge any conversion fees for foreign exchange. This means that you can save money on your foreign exchange needs.

Here are some additional tips for getting the best exchange rates when you travel:

• Shop around: Compare exchange rates from different providers before you make a purchase.
• Don't exchange currency at the airport: Exchange rates at airports are often much worse than you can get elsewhere.
• Use a mobile app: Mobile apps like Yondr can make it easy to compare exchange rates and exchange currency on the go.

By following these tips, you can ensure that you get the best exchange rates possible when you travel.

‍

Join thousands of Australians who have already downloaded Yondr

‍

Things you should know

YONDR MONEY Pty Ltd ABN 11625732569 holds AFSL number 545391 and is authorised to provide general financial product advice to retail and wholesale clients. Any advice you receive from Yondr is general and does not take into account your objectives, financial situation or needs. You should consider whether the advice is suitable for you and your circumstances. Before you make any decision about whether to acquire a certain product, you should obtain and read the relevant product disclosure statement.