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Don’t Let Your Holiday Spending Be Trumped By US Election

November 3, 2016 Financial No Comments Print Print Email Email

Australian travellers are being urged to plan ahead and consider their currency needs ahead of the forthcoming US Federal Election on November 7. A change in exchange rates, and in particular the AUD-USD exchange rate can have a real impact on overseas spending money, which is often a last minute purchase consideration by travellers.

Dion Jensen, General Manager of Travel Money Oz said, “While we don’t know whether Donald Trump or Hillary Clinton will win the election, we do know that sudden and unexpected political changes can have a huge impact on currency markets and affect travellers’ spending money.

“In June we saw the Brexit vote impact immediately on international currency markets with British Pound notes in short supply as travellers rushed to buy the currency.

“Australians travelling soon, and especially to the US over the next couple of months in particular should review their currency needs and individual situations and decide whether they should lock in their exchange rate now.”

As the Brexit decision unfolded the Pound slumped against the Australian Dollar and travellers hit the Travel Money Oz website en masse and customers queued in store.

Travel Money Oz advises customers that their rates are guaranteed for advance orders in-store or online. A prepaid travel money card can have exchange rates locked in on up to 10 different currencies.

“A solution may be to use our Key to the World Currency Card and lock in your rate and load it with US dollars to use later,” Mr Jensen said.

“We also don’t charge fees or commissions on foreign cash transactions in store and online.

“If you’re planning a three-week trip to the US for two, and have an average spending money budget of $200 AUD a day then your spending money budget is $4,200 in AUD. A 5% decrease in the AUD-USD exchange rate is a $210 loss.

 

“Of course a 5% exchange rate increase would mean a loss by locking in the exchange rate now.

“We don’t have a crystal ball but we know that many travellers prefer to have certainty.”

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