Buying Euros - best rate

[ellen10]

Lots of purchasing ideas.

I just searched buying A$1000 worth of euros.

Results: Travelex = 683e cash - no commissions, no fees
Commonwealth Bank = 686e cash - fee $8
Aust Post = 690e - cash - no commission
Aust Post = 680e - cash passport - no commission

Looks like Aust Post may be the best of these supplierss

 

[Walter_Plinge]

Lots of purchasing ideas.

I just searched buying A$1000 worth of euros.

Results: Travelex = 683e cash - no commissions, no fees
Commonwealth Bank = 686e cash - fee $8
Aust Post = 690e - cash - no commission
Aust Post = 680e - cash passport - no commission

Looks like Aust Post may be the best of these suppliers

Bottom line: there's little in it. Might as well go for what's most convenient for collection.

What's put me off Australia Post and in favour of Travelex is the mix of notes. I'm note sure that with Australia Post I wouldn't get all large notes.

With my most recent purchase from Travelex (January, for a trip next June) I got a good mixture of large and small (mixture of UKP and UE). Pick up was Doncaster Shoppingtown.

The previous time (Last June) I picked up at the booth outside the international gate at Tullamarine. The note were too much on the large side so I asked for smaller -- they were happy to oblige.

You need small notes for the US for tips, NY Metro, &c.

 

[slaussie]

It's hard to say where will you get the best exchange rate given that certain exchange places may run special offers from time to time. However, in my experience, Aussie $ is valued the most in Australia. The same logic goes with all currencies, so my advice would be that if buying foreiggn currency with AUD, then buy it in Australia. If this is not possible and you end up buying currency overseas, using Aussie cash, in my experience lower denominations could give you a better exchange rate. E.g. the exchaneg rate could be better using five $20 bills as opposed to a $100 bill. I haven't yet worked out teh excat reason for this but the explanations I was given is that lower bills give the exchange place more flexibility, the other reason was about fraud risk mitigation in that larger bills are more likely to be counterfeited than lower denominations.

 

[medhead]

Lots of purchasing ideas.

I just searched buying A$1000 worth of euros.

Results: Travelex = 683e cash - no commissions, no fees
Commonwealth Bank = 686e cash - fee $8
Aust Post = 690e - cash - no commission
Aust Post = 680e - cash passport - no commission

Looks like Aust Post may be the best of these supplierss

Don't do it man! Even before my adventure tomorrow I will say that UAExchange will get you 700 euro for that money. 20 euro is 2 lunches for me in Europe. Bloomberg currently showing 0.7262, assuming there is no massive drop I stand by 700 euro. I'll happily eat my words tomorrow if wrong but the banks just are not the best in my experience.

 

[prozac]

Don't do it man! Even before my adventure tomorrow I will say that UAExchange will get you 700 euro for that money. 20 euro is 2 lunches for me in Europe. Bloomberg currently showing 0.7262, assuming there is no massive drop I stand by 700 euro. I'll happier eat my words tomorrow if wrong but the banks just are not the best in my experience.

Yes but how do you get your cash from bloomberg?

 

[scwappy]

HSBC margin is less than 1% so is a good option in my opinion. So for AUD 1000 you would currently receive around EUR720.

 

[medhead]

Oh damn QP Internet. What didn't stay in my last post is that I'll do a comparison of all the places in Adelaide tomorrow as I need some euro. note that I have done similar in the past and reported it here.

Yes but how do you get your cash from bloomberg?

You don't. It is a financial information service. Read my previous post. I have not said anything about getting cash from bloomberg. But I do see how ATM meaning at the moment might be confused with a cash machine.

 

[Mike-downunder]

I carry an ING orange account Visa card (free) and with that I can withdraw cash from overseas ATM (linked to Visa - most ATM's are) up to A$2000 per day and the fee is A$2.50 per transaction. All it means that I have to pay more in cash and don't use my credit card which charges 2.5% of the transaction amount. Using this methode I found is the cheapest and esiest way to counter high commissions and unfavourable xchange rates

 

[Timba-Jet]

If considering travelex (online order rate), then consider Suncorp who act as an agent for Travelex. The Suncorp rates are much better, even the online Travelex rate.

You have to order a day before. The only downside is a $10 commission per currency, so only worth it if buying in bulk.

 

[medhead]

Here is the start of my mission for today. I want to end the day with 1000 euro cold hard cash. But if I don't get that much so be it, I have a NAB gold banking card and NAB gold debit card both of which get me NAB fee free cash machine withdrawals in country. The main thing is to get the best overall exchange rate.

To start the day bloomberg is current showing a rate of 0.7257 euro/$, this is the advertised exchange rate. XE.com is telling me 0.72571 so there are pretty much the same. As I go through the day I'll quote the mid market rate from bloomberg as an indicator of intraday variations that may be reflected in the rate available from various "shops".

To start with the easy ones (apologies for the formatting)
Qantas money
0.689 €1000 = $1451.38 Fee $14.51 total $1465.89 effective 0.6822
Travelex on line is the same as Qantas money but no commission
€1000=$1451.38 @ 0.689.
American express on line $1451.17 fee $8 total $1459.17 effective 0.685

More to follow in a couple of hours
Well no so much later, bloomberg currently 0.7255
Suncorp website quote $1429.18 fee $10 total $1439.18 effective 0.6948 NB this is just a online calculator not a purchase quote.

 

[scwappy]

Here is the start of my mission for today. I want to end the day with 1000 euro cold hard cash. But if I don't get that much so be it, I have a NAB gold banking card and NAB gold debit card both of which get me NAB fee free cash machine withdrawals in country. The main thing is to get the best overall exchange rate.

To start the day bloomberg is current showing a rate of 0.7257 euro/$, this is the advertised exchange rate. XE.com is telling me 0.72571 so there are pretty much the same. As I go through the day I'll quote the mid market rate from bloomberg as an indicator of intraday variations that may be reflected in the rate available from various "shops".

To start with the easy ones (apologies for the formatting)
Qantas money
0.689 €1000 = $1451.38 Fee $14.51 total $1465.89 effective 0.6822
Travelex on line is the same as Qantas money but no commission
€1000=$1451.38 @ 0.689.
American express on line $1451.17 fee $8 total $1459.17 effective 0.685

More to follow in a couple of hours

Great idea Medhed.

With HSBC your EUR 1000 will cost you 1,392 @ 0.7183 with no fees, via an internet transfer to a EUR account.

 

[medhead]

Great idea Medhed.

With HSBC your EUR 1000 will cost you 1,392 @ 0.7183 with no fees, via an internet transfer to a EUR account.

Ah, I looked at HSBC and couldn't really work out the story. Truth be told a FX account isn't really what I'm trying to achieve, especially with only 2 weeks to before I travel. But i will look into it more now

 

[Major]

Just checked Australia Post rates online....$1451AUD will purchase 1000Euros at $0.6896

 

[medhead]

Just checked Australia Post rates online....$1451AUD will purchase 1000Euros at $0.6896

Link? I checked the website and couldnt see anywhere to order cash.

 

[drewbles]

Link? I checked the website and couldnt see anywhere to order cash.

Not purchase, but check current rates:

Australia Post - Currency Converter

 

[scwappy]

With only two weeks to go, a good method would be to obtain a 28 Degrees card and top it up with your funds and withdraw as and when required whislt there. That way you wont be paying huge margins on obtaining your FX - You just have to bear the FX risk for two weeks which is neglible in my opinion.

 

[medhead]

With only two weeks to go, a good method would be to obtain a 28 Degrees card and top it up with your funds and withdraw as and when required whislt there. That way you wont be paying huge margins on obtaining your FX - You just have to bear the FX risk for two weeks which is neglible in my opinion.

As I mentioned I have NAB gold cards (debit and ATM) which are basically the same as the 28 degrees card. But now that you mention it I'll probably drop my actual euro amount purchased here in favor of in country ATM extraction.

But I will continue my comparison today.

 

[prozac]

With only two weeks to go, a good method would be to obtain a 28 Degrees card and top it up with your funds and withdraw as and when required whislt there. That way you wont be paying huge margins on obtaining your FX - You just have to bear the FX risk for two weeks which is neglible in my opinion.

Any reason not to use any of the following cards in Europe for cash withdrawals from ATM; Westpac Visa, Westpac Plat. Amex, Westpac Mastercard, or American Express Plat Edge?

Are any or all of these cards widely accepted for purchases in northern Europe? e.g. Netherlands

 

[serfty]

I think the OP wants to grab some cash now for a trip later this year; presumably in case the FOREX rate drops in the mean time.

 

[drewbles]

As I mentioned I have NAB gold cards (debit and ATM) which are basically the same as the 28 degrees card. But now that you mention it I'll probably drop my actual euro amount purchased here in favor of in country ATM extraction.

But I will continue my comparison today.

Or the ING Orange Everyday card as previously mentioned. It's not as cheap as the 28º Card, but $2.50 per withdrawal and around 1% margin on mid-market rates makes it an easy option without needing to apply for credit (and based on GE Money's dealings, you'd be lucky to get the card within 2 weeks of the application approval whereas ING took around 3-4 days to get the card out to me).

28º is going to be the best card to pre-load with cash of course, but doesn't work for people wanting to hedge