FOREIGN EXCHANGE

Making the most of the changing rates

The world of foreign exchange rates can often seem murky and confusing, but Mozo is here to light the way through to a clear path. We offer the most recent exchange rates and a database to help you choose the best foreign currency exchange rate provider. We also have tools to help you get the most out of your foreign exchange currency like our currency convertor calculator.

Finding the best rates for foreign exchange

If you're 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 best 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.

Common fees for converting currency

There's 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 conversation percentage fee, but may be added on. Keep an eye out for this snake in the grass - it's an underhanded tactic.

The best foreign exchange rate calculator

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's the best foreign exchange rates converter to change you money. 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.

Hot tips

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.