Australia’s dollar rise may have caused a few headaches in the business community, but it’s good news for online shoppers and those those planning a trip overseas.
Most experts, however, are warning that you should take advantage of the high rates now, before they fall back.
Today. the dollar was around 78 cents cents against the US currency – but earlier in the week, it went to almost 80 cents, meaning you are getting almost 10% more bang for your buck than you got in December, when it was just 71 cents.
“I feel that there may be a little more movement to come but I wouldn’t expect a lot,” Daniel Wright, sales director at Foreign Currency Direct told us.
“Both the U.S Dollar and pound have taken a bashing lately. Trump and political problems are holding the U.S Dollar back where as economic, political and Brexit problems are kicking the Pound whilst it is down.”
“Both of these currencies however I expect to fight back, they are both always in demand and it would only take a little bit of positive news to push them back on the up again.”
Most commentators say there will be no party parties, and the Aussie is likely to fall back – though some feel it may yet go to around 83 cents next week.
The increase in the Australian dollar only benefits if you pay for something priced in a foreign currency.
Here are four ways to cash in right now:
- Buy your cash – even if you are not travelling for a while, make the most of the favourable exchange rate by buying your foreign currency in advance.
- Currency cards – if your are going to use USD or GBP on your trip, fill up a pre-pay currency card now to pay your bills.
- Book flights – if you are flying abroad anytime in the next year and you need to arrange your own travel, now is a great time to book your flights with foreign airlines. Make sure to select payment options in foreign currency.
- Book international accommodation – if your hotels are not included in your travel package book them now