Best place to exchange AUD to EUR (Singapore? Bangkok? Abu Dhabi? Paris?)

[Johnny Tsouk]

Thanks but is their anyone out there free to answer my question. ?

 

[Mattg]

Very good article.. I am travelling overseas and need to some tips. When using your Visa debit card to withdraw money from an ATM in Europe, does that specific machine convert the money using ' VISA international's exchange rate, the bank your card is attached to ( i.E ANZ, NAB etc), or the exchange rate the local bank( whose ATM you're using) is offering ?.. I am not a citibank customer, so any advise of other cards I can use which offer the same perks?..

The exchange rate and any international transaction fees etc. will be based on the Australian card/bank you're using... the overseas ATM does not set the exchange rate.

An exception is if the ATM happens to offer you the option to pay in AUD. If this happens, you'll be asked to choose between paying in AUD or the local currency. This is known as dynamic currency conversion and is a rip-off... so always choose the local currency option. There is also a chance that the local ATM will charge a withdrawal fee - this is separate (additional) to any fees charged by your bank and the amount will be displayed at the time of withdrawal if applicable.

As others have said, the Citibank card is by far the best option. The vast majority of banks charge international transaction fees and overseas ATM withdrawal fees - Citibank does not. If you also use a Citibank ATM to take out the money, you won't be charged an ATM operator fee either.

 

[medhead]

Thanks but is their anyone out there free to answer my question. ?

I'm not aware of any other debit card that offers the perks of the citibank plus card.
NAB Gold banking used to be as good but they killed that a number of years ago. If you use any other bank issued card expect to be gouged with fees and poor exchange rates. 28 Degrees card used to be, and might still be, good - but it is a credit card.

I urge you in the strongest possible terms to get a citibank plus account if you don't want to be ripped off.

 

[PineappleSkip]

I always change money in the destination, i.e. where the desired currency is the local currency. This means it's not a commodity that the money changer needs to keep a stock of, and will factor that into the exchange rate. I'm sure there will be exceptions but as a general rule buying currency where I'm buying the local currency has worked well for me.

Cheers skip

 

[JohnK]

Don't exchange AUD at airports in Thailand.

Last trip independent exchange in Chiang Mai offering 26.05 baht (only 0.2 baht below mid market rate), Siam Commercial CNX airport ~25.05 baht and every exchange in BKK airport ~24.30 baht. Absolute rip off.

In Bangkok the ind3pendent exchange at National Stadium near MBK is very good and also another on Sukhumvit Rd near soi 5. Sorry forget the name. Must check again next month.

If going to Pattaya the best exchange is TT Exchange with mainly yellow booths. There are also some independent exchanges just as good. Do not use the bank exchanges especially Kasikorn with the green booths.

The best exchange in Hua Hin is UOB.

I generally exchange a few hundred dollars a day unless I see a downward trend and panic.

 

[Cruiser Elite]

SQ crew regularly spotted exchanging at booths in SIN airport - I as=ked them about rates and response was in town a pt or 2 better but for less than large amounts SIN airport fine - I never thought to ask them do they cop a point or so over public which they may do - will clarify that on Monday when I am through there.

 

[seanpodge]

SQ crew regularly spotted exchanging at booths in SIN airport - I as=ked them about rates and response was in town a pt or 2 better but for less than large amounts SIN airport fine - I never thought to ask them do they cop a point or so over public which they may do - will clarify that on Monday when I am through there.

I tend to agree. For RMB to SGD conversions, the rate at the airport is still pretty good even compared to places like Mustafas and are light years ahead of typical rates at exchange booths in PEK or any Australian airport.

A note on Mustafa. I exchanged EUR to SGD a month ago and thankfully had it all in 50 Euro notes as I got a slightly higher rate than if I had lower denominations. I suspect that they do similar deals for other currencies so if you want to exchange a large amount of cash, try to have it in larger denominations.