At Crown Currency Exchange, we always recommend using cash for your foreign currency needs.
Cash is better value for money, and has some genuine practical advantages over cards which mean Cash will be King for some time!
Using cash just makes sense.
Here are our Top Ten reasons to use cash:
1. Value for money
We have analysed actual rates between cash, a prepaid card, and a big-4 credit card. The results confirm that Cash is indeed King! When we carried out our analysis:
– A $2,000 prepaid travel card was 3.4% worse than buying US$ cash from Crown Currency Exchange
– US$ purchases totalling US$1,761.29 on a credit card cost up to 3.4% more than would have been the case if cash had been used instead
– Dynamic Currency Conversion (see below) is more costly still
2. Ultimate convenience and ease of use
Cash is accepted everywhere and does not need an ATM or EFTPOS network to be used (particularly if you are travelling to a destination off the beaten track)
Using cash is quick and does not rely on a communications network
Also, many vendors will negotiate prices when you are paying with cash
3. No fees
Cash delivers you better value for money, and it is free to use (it has no usage or exchange fees charged by your financial institution)
At Crown Currency Exchange, we charge no currency fees or commissions, ever
4. Certainty of a fixed exchange rate
When you purchase cash, the exchange rate for your currency is fixed, meaning you don’t experience any ups and downs in the market while you are away
5. No hidden or confusing exchange rates
When paying by card, some foreign retailers will ask you if you would like to pay in Australian dollars or the local currency when using the electronic payment terminal (this is known as Dynamic Currency Conversion or DCC)
If you choose to pay in Australian dollars, you will pay a higher margin on the exchange rate than you would otherwise pay
Also, some ATMs are unable to determine the correct currency to use when making a withdrawal from a prepaid multi-currency card, meaning that you suffer a double-whammy as the local currency is converted into A$ and then converted back into the local currency
6. Total ease of budgeting
Due to its visibility and denominations, cash usage is easy to budget: budget to spend [x] per day…simple!
7. Limitation of losses
Should you suffer a loss, it is capped at the amount of cash lost. And, unlike cards, cash carries with it no risk of further loss (NB: carry your cards and ID documents separately from your cash)
Click here for our tips on using cash safely
8. Maximum privacy
Using cash requires no PIN, signature or ID
Cash carries no risk of identity theft/fraud (NB: as above, carry your cards and ID documents separately from your cash)
Cash is re-usable for the life of the note and cash has no expiry date (subject to a country reissuing its currency: we can help you with this)
10. Gets you closer to the local culture
Using cash gives you the opportunity to learn more about the local culture, as you become familiar with the currency and how it is used
We’re proud to recommend cash at Crown Currency Exchange.