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Justin Rampono
Articles written by Justin Rampono
The Australian Dollar motors to a 21 month high over the weekend
The Australian dollar moved higher over Friday and Saturday, pushing to a 21-month high against the US dollar. Once again, the move higher was driven largely by a weaker US dollar. So how does it work? Well, if the US dollar weakens and the Australian dollar remains the same, then the AUD/USD exchange rate goes higher. The opposite is true too. If the US dollar gets stronger and the Australian dollar doesn’t change, then the AUD/USD rate will fall. In this case, the US dollar has been falling for 4 straight months. This is a big change from earlier in 2020 […]
Tax on Currency Exchange for Travel Money and Travellers’ Cheques
If you want to exchange large amounts of money for your trip abroad, it’s natural to wonder whether you’ll be taxed and whether it’s better to exchange your foreign currency overseas. The good news is that in Australia, you don’t have to pay tax on currency exchange if you’re simply buying foreign cash for a holiday. That’s because the transaction is a one-off and the money you’re buying is for personal use. But it depends on the circumstances around your foreign exchange. There may be a small tax just on the service fee or commission. And if you’re buying traveller’s […]
Why You Can’t Find an American Express (AMEX) Currency Exchange Store
If you have used American Express in the past to buy some travel money, you might be wondering – why can’t I find them anywhere? Well, unfortunately, American Express has stopped buying or selling currency in cash. AMEX currency exchange closed their Australian stores. They also closed their wholesale division and no longer offer customers in Australia the ability to exchange currency in cash. It happened a few years ago and it appears that they won’t return. Alternatives to American Express currency exchange in each city There are dozens of currency exchange locations to buy travel money in Australia. […]
The 5 Best Options to Take Money Overseas
In all likelihood, you’ll need access to the local currency while overseas. But whether you choose to pay with a credit, debit, or travel card, or whether it’s better to use cash, depends entirely on where you’re going and what you plan to do while you’re there. Some countries like Sweden operate nearly exclusively in plastic payments while others, like Vietnam, have an almost entirely cash-based economy. So what’s the best money option while travelling overseas? It could be using travel money, a prepaid travel card, or a debit or credit card, depending on your destination and itinerary. We recommend […]
How Much Spending Money to Take to New Caledonia
While Australians love visiting New Caledonia, either on a cruise or on an island getaway, there’s no avoiding it… New Caledonia is expensive. Is it still worth visiting? You bet it is. With a collection of stunning tropical islands and an intoxicating French-Melanesian culture, this South Pacific island has plenty to offer. So to make the most of your visit, you just need to budget it right from the start. New Caledonia’s official currency is the Comptoirs Français du Pacifique, commonly called the Pacific franc (CFP). A suitable daily budget for spending money in New Caledonia is between 15000 CFP […]
Why the Australian Dollar is getting stronger when the economy is on it’s knees
The AUD/USD exchange rate has risen 30% in 4 months. That is remarkable. 2020 has been a rocky ride for most currencies and markets and the Australian dollar is no different. Here are a few reasons why the Australian dollar has gotten so strong, so quickly. Overdone Part of the reason the Australian dollar bounced back so hard is that in March, it may have fallen too far. That is, during the first stages of the COVID-19 pandemic, markets sold off the AUD too hard, believing things were worse that they ended up being. On the other side of this, […]
