US cash in Australia using wizard

[brett-au]

Hi all.

Quick question. Does anyone know of a bank or a foreign exchange in Australia that will allow me to do a foreign cash advance on my credit card and charge me in the foreign currency?

I was hoping to get some US money now before my trip to the US, but want to use my wizard credit card to do the currency conversion in order to get the best exchange rate possible.

Thanks

 

[Nutcase]

Hi all.

Quick question. Does anyone know of a bank or a foreign exchange in Australia that will allow me to do a foreign cash advance on my credit card and charge me in the foreign currency?

I was hoping to get some US money now before my trip to the US, but want to use my wizard credit card to do the currency conversion in order to get the best exchange rate possible.

Thanks

Sorry - this one isnt going to fly. They cant charge you in your foreign currency as you have an AUD card so it will done in AUD. There is no way that you can avoid the bank or Bureau de Change making a spread on the transaction. Why don't you just use an ATM stateside when you get there?

If you do this transaction in Australia, it will be processed in AUD to your card. Last time I attempted it at ANZ Bureau de Change in Sydney, it was to be classified as a cash advance.

How much do you think that you will save if the Maximum cash that you can exit the country with is $10,000?

 

[Dave Noble]

How much do you think that you will save if the Maximum cash that you can exit the country with is $10,000?

There is no limit on taking cash in or out of Australia

Dave

 

[garee]

There is no limit on taking cash in or out of Australia

Dave

What you did not include was

Under the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 you must declare amounts of AUD$10,000 or more in Australian currency or foreign equivalent.

 

[Nutcase]

There is no limit on taking cash in or out of Australia

Dave

I stand corrected on that one. Im still curious about how much foreign currency he was attempting to buy, and therefore how much was hoped to be saved.

 

[NM]

What you did not include was

Under the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 you must declare amounts of AUD$10,000 or more in Australian currency or foreign equivalent.

Must be declared, but not prohibited to take it.

 

[Dave Noble]

Must be declared, but not prohibited to take it.

prezactly. I have taken > $10k across into Australia several times , ticked yes to the question on the arrival form ; been asked a cpl of questions at customs but no problems at all

Dave

 

[russianrob]

Given this would be a cash advance at Credit Card rates, how on earth would this be worth any saving at all :?:

 

[Alanslegal]

Given this would be a cash advance at Credit Card rates, how on earth would this be worth any saving at all :?:

Wizard does not charge a fee for cash advance, so if the card is in the positive then he/she could withdraw cash without any fees or interest.

 

[Nutcase]

Wizard does not charge a fee for cash advance, so if the card is in the positive then he/she could withdraw cash without any fees or interest.

Not quite correct. Whilst there may be no fee for cash advance, interest starts from the date of the transaction.

However, as stated earlier, the transaction will be in AUD so there will be a swap done by the bureau or bank and a spread will apply.

This is a nil sum game - don't bother

 

[Alanslegal]

Not quite correct. Whilst there may be no fee for cash advance, interest starts from the date of the transaction.

Errrr if you are cash advancing a positive balance (ie. one where you have deposited more funds) - how can interest be charged if your account remains in the positve?

 

[Nutcase]

Errrr if you are cash advancing a positive balance (ie. one where you have deposited more funds) - how can interest be charged if your account remains in the positve?

That is correct, but why would you bother? This is about buying foreign currency - Why not just EFTPOS or cash if thats the case?

 

[Alanslegal]

That is correct, but why would you bother? This is about buying foreign currency - Why not just EFTPOS or cash if thats the case?

Ah I understand the thread now now, thanks

I think the OP wanted to get Wizards rates due to their no forex conversion on transactions and thus avoid those fees if using EFTPOS, and also likely better rates through Wizard than a straight cash exchange.

 

[Nutcase]

Ah I understand the thread now now, thanks

I think the OP wanted to get Wizards rates due to their no forex conversion on transactions and thus avoid those fees if using EFTPOS, and also likely better rates through Wizard than a straight cash exchange.

Thats my take on this too. I think that he was trying to billed in USD and avoiding any swaps along the way. Sorry - Bankers are too smart for that one.

 

[odysseus]

Thats my take on this too. I think that he was trying to billed in USD and avoiding any swaps along the way. Sorry - Bankers are too smart for that one.

Not just that but whoever's holding the money has had the expense of carrying and converting that themselves, so aren't in the business of doing freebies. If people didn't pay the conversion rate for the cash they carried, they'd be running conversion businesses without any income.

 

[greenfrog86]

Have you considered purchasing Traveller's Cheques for this trip?

I know that they seem 'old fashioned', however when travelling in the US my understanding is that most larger places (ie Department Stores) treat them much like cash - you give them the cheque, and they give you the change from your purchase in USD cash.

Agree the Wizsard thing will not work (other than loading with AUD and using an ATM in the US).

With TC's some points are
1. You can purchase them in a number of ways without paying a commission (try Westpac online as they had fee-free for TC or if you have a credit card with a bank they may allow you to get them fee-free)
2. You should get a better rate than case for buying TCs
3. You shouldn't have to pay any fees when using them in the US if you use them for purchases

Just some extra thoughts that might be useful....

 

[auriga]

I agree TC's are a valid way of locking in the exchange rate if going to the US.

Doesn't work so well when going to some non USA place where they commonly use USD though. Only cash will work in these situation.

 

[brett-au]

Thanks to all for their replies.

I will look into travellers 'checks'.