Exchanging currency

[kissfan]

Just wondering where the majority of you exchange AUD into foreign dollars.

In the past I've always just changed my currency at my local bank (where I have accounts etc) at the currency desk.

Is there somewhere else where I might get a better rate? E.g, airport, bank in country I'm going to etc etc.

Be interested to hear how/where everyone else does their exchanging of currency.

Also, what about any left over foriegn currency upon your arrival back in Oz, where do you exchange that?

Regards
Marty

 

[feihong]

after all the researches and backtestings, I came up with 2 products

1. IMB VISA debit card. Put all ur money in the bank account, and you can withdrawl up to 1000 AUD per day. No foreign exchange fee, no ATM fee, no any other fee, and the rate is spot rate. The only downside is that it costs u $1.40/mth to obtain the debit card, and there may be some other charges if u r a NSW resident

2. Wizard clear advantage - If you top up the card with some cash, you can withdraw up to AUD1000 every single time (depending on ur credit limit). However, it takes 3 working days to clear the amount b4 u can withdraw again, if you decide to max out on ur first go. Again, no ATM fee, no cash advance fee, no xchange fee, spot rate.. and no annual fee either.

If you have excess money that u would like to xchange back, u could be better off keeping it if u're in developed first world, especially if it's less than 1k. If u're in countries like Philippines, Indonesia, Msia, Singapore, etc, all the cash exchange booths give very competitive rate.

at this stage I do not know any other product that's better than these 2. Love to hear from anyone who has a better suggestion.

 

[AlmostBob]

likewise Visa Debit card on my Aus credit union, no fees or %ages

My mum sent my son a gift
400 Au Cheque
Commonwealth bank charged $40 to cash it after already charging her $40 to prepare it for 'foreign use'
TD Bank (canada) charged $40 to cash it
and 89% exchange rate
$290 result
If she had sent $100, he would have got $17.80
If it were a chq for $50.00 we would owe the banks $30.00

 

[wylie]

When we went to the US we bought $1000 US notes from the Post Office. We had to order it, but there was no fee like you get charged from other places.

 

[Witzl]

i dont bother exchanging money anymore when i travel.
Cirrus, Visa and Mastercard are accepted EVERYWHERE... so just keep your money electronically and draw it out as you need it overseas.

If you use Visa/mastercard, they give you a pretty good exchange rate, and only charge you 1.5% transaction fee. Heaps better than any money exchange will do.

 

[dave99]

For developed countries like US, UK, I found the best rate was usually the conversion on the credit card. The conversion fee is also pretty good, unlike travellers cheques or retail exchangers. So just do a cash advance, it's cheaper than Cirrus/Maestro even with the interest. Or get a Visa / MC debit card.

For Asia, best rates are definitely the street changers. They always need foreign currency and will give you a good rate to get it. So cash out your AUD before you head to Indo, Thailand etc.

 

[Perp]

My mum sent my son a gift
400 Au Cheque
Commonwealth bank charged $40 to cash it after already charging her $40 to prepare it for 'foreign use'
TD Bank (canada) charged $40 to cash it
and 89% exchange rate
$290 result

Just confirms for me that cheques SUCK and should go the way of the telegraph! I don't understand why a first-world country like the USA (don't know if it's the same in Canada) uses cheques (sorry, checks, in US English) so much. What an inefficient and time-consuming way of transferring money.

 

[Mooze]

Don't ever exchange money at the airport unless you have absolutely no other option - in a previous job in Sydney we did a study on this - airport is the biggest rip off in terms of exchange rates etc

The debit cards are good - shop around and you'll often be able to get a standard Australian debit card that won't have exhoribitant fees and charges. The "top up" style cards are also good - the ones that aren't attached to your account - for dodgy countries or if you're not going to be able to check in the next week or two your transactions. Also good if you've got a child or relative overseas/ going overseas as you can give a set amount with low fees and charges.