Best place to exchange cash for foreign currency in Australia?

[Austman]

And I am 100% certain UAExchange will get a better rate than any of those 3 you quote. At least 1.015 IME maybe 1.02+.

Don't believe me? Go check for yourself. Seriously I've done the rounds a number of times and my advice stands the test of time. If anyone wants the best rate do not go to travelex.


Sent from the Throne

I believe you!! And good to know. But even if the rate is 1.02 it makes the advance purchase rate of Travelex quite good for small-ish amounts of foreign currency. You can order on-line (no need to go into the city) and pick up at the airport. For me, this time, that's $2.50 worth spending. Apparently the actual rates, on the day, at the Travelex counters are not good.

The preferred rate card just gives you access to a better rate for the cash you're buying, it's not a credit card or anything like it.

Do you need to show an Amex card or something? Is the rate open to everyone? Can you do it on-line?

I'm waiting for someone to call them and get today's rate/fee so we can do an accurate comparison...

I tried 3 branches in Melbourne. They don't answer their phones...

 

[Rebekkap]

Do you need to show an Amex card or something? Is the rate open to everyone? Can you do it on-line?

...

No, don't have to have an actual Amex - it's just a discount card, there's one pictured here: American Express Foreign Exchange | Manly Guide - I think you can grab one at any Amex foreign exchange outlet.

 

[Austman]

Here is an interesting site: Best Exchange Rates Australia | Compare AUD Currency FX Rates

It includes UAE Exchange. They are good. But you have to factor in convenience and location.

For me, to travel to UAE Exchange would cost more than the saving. YMMV.

Travelex on-line rates are not too bad. But only on-line!

 

[medhead]

By comparison, I plan these things. When I going into Adelaide for a meeting or lunch or something else, I can always take another 30 minutes to get some cash.


Sent from the Throne

 

[Austman]

By comparison, I plan these things. When I going into Adelaide for a meeting or lunch or something else, I can always take another 30 minutes to get some cash.


Sent from the Throne

30 mins to save $2.50??? YMMV.

 

[medhead]

30 mins to save $2.50??? YMMV.

That's what you save. I was talking about what I do, not what you do. When you write YMMV do remember what it means. Yes, my mileage varies as I was outlining in my post. I don't expect to be ridiculed for having a different experience. MMDV accept it.


Sent from the Throne

 

[Austman]

That's what you save. I was talking about what I do, not what you do. When you write YMMV do remember what it means. Yes, my mileage varies as I was outlining in my post. I don't expect to be ridiculed for having a different experience. MMDV accept it.


Sent from the Throne

No ridicule intended. But saving $2.50 30 if it costs 30 minutes of your time might be something that many might question (not ridicule). And if you don't live in the city or have meetings there etc then there are the transport costs and transport time to add to the $2.50. It doesn't seem too ridiculous to me to consider these at all. YMMV meant that everyone should take these things into account - sorry, I didn't mean just you medhead.

And ABT seems to agree. 3 things we like about Travelex and 3 ways we'd like it more... - Flights | hotels | frequent flyer | business class - Australian Business Traveller Location and convenience have importance too. And when it's all added up it might be cheaper in the end.

And Travelex is not the biggest rip-off as so many suggest... if done on-line and in advance, they can be cheaper than banks, the post office and many other places.

 

[JessicaTam]

I can't quote rates, however I normally use my local CBA. I have a platinum CC and so no $8 fee. I am usually only getting $2-300 worth of whatever, so a percent difference isn't worth my while chasing. If I am getting more then I head into the city and usually use one of the "hole in the wall" dealers on Elizabeth St (Melb).

 

[medhead]

No ridicule intended. But saving $2.50 30 if it costs 30 minutes of your time might be something that many might question (not ridicule). And if you don't live in the city or have meetings there etc then there are the transport costs and transport time to add to the $2.50. It doesn't seem too ridiculous to me to consider these at all. YMMV meant that everyone should take these things into account - sorry, I didn't mean just you medhead.

first off the $2.50 is what you save not what I save. Second, if you want a true indication of the time cost take away the time it takes to get pre-ordered cash from travelex away from te 30 minutes. Lets see 10 minutes to turn on the computer and put in the order, 10+ minutes waiting to be served, 5 minutes I get the cash - it all adds up. Finally as I said, I plan ahead to get the money when I'm in the area. That's the key point I've stated what works for me (sharing my experience), the $2.50 that you save is irrelevant to my situation.

IIRC this thread asked where is the best exchange rate.


Sent from the Throne

 

[serfty]

...
And Travelex is not the biggest rip-off as so many suggest... if done on-line and in advance, they can be cheaper than banks, the post office and many other places.

I'm sure AusBT don't want to offend travelex.

However, 20degree, Citi Plus and places like the above mentioned hole in the wall near Russel st would generally provide better rates than travelex.

 

[Cynicor]

first off the $2.50 is what you save not what I save. Second, if you want a true indication of the time cost take away the time it takes to get pre-ordered cash from travelex away from te 30 minutes. Lets see 10 minutes to turn on the computer and put in the order, 10+ minutes waiting to be served, 5 minutes I get the cash - it all adds up. Finally as I said, I plan ahead to get the money when I'm in the area. That's the key point I've stated what works for me (sharing my experience), the $2.50 that you save is irrelevant to my situation.

IIRC this thread asked where is the best exchange rate.


Sent from the Throne

I agree with medhead completely here. Unless you can get to singapore your best bet is generally UAE exchange or kvb kumlun, an the saving, for most people, is more than $2.50. If I got cash in Aus I would be saving a more significant amount. And if you are going to count time spent obtaining the money, this works both ways. For some reason there's always queues at the airport travelexes, whilst UAE exchange is often quiet.
But if you don't care about saving the money, why post in 'best exchange rate' thread, instead of the 'more convenient exchange at any rate' thread?

 

[RB]

Here is an interesting site: Best Exchange Rates Australia | Compare AUD Currency FX Rates

It includes UAE Exchange. They are good. But you have to factor in convenience and location.

For me, to travel to UAE Exchange would cost more than the saving. YMMV.



Travelex on-line rates are not too bad. But only on-line!

Thanks for the link it is appreciated

 

[Austman]

But if you don't care about saving the money, why post in 'best exchange rate' thread, instead of the 'more convenient exchange at any rate' thread?

Because for many people, to have to go into the city could end up costing them more, overall. Many will not be getting large amounts of cash. The cost for me if I went into the city, where UAE exchange and kvb kumlun are located would be at least $4.00 even if I took public transport. It means that Travelex in my case worked out cheaper than UAE exchange and kvb kumlun.

So, if getting smaller amounts of cash, consider Travelex on-line. They might work out cheaper, overall. They did for me and that's my experience.

 

[oz_mark]

I'm sure AusBT don't want to offend travelex.

However, 20degree, Citi Plus and places like the above mentioned hole in the wall near Russel st would generally provide better rates than travelex.

The issue with Travelex is that most people are aware of their diabolical exchange rates that you get if you just front up at one of their stores wanting to exchange some case. Placing an order online and doing a pickup is a much better proposition, especially if you are just after a bit to tide you over on arrival at your destination, especially if your daily routine never takes you past the hole in the wall on Russel St.

Go with what works for you!

 

[Austman]

Because for many people, to have to go into the city could end up costing them more, overall. Many will not be getting large amounts of cash. The cost for me if I went into the city, where UAE exchange and kvb kumlun are located would be at least $4.00 even if I took public transport. It means that Travelex in my case worked out cheaper than UAE exchange and kvb kumlun.

So, if getting smaller amounts of cash, consider Travelex on-line. They might work out cheaper, overall. They did for me and that's my experience.

Just collected my cash from Melborne international Travelex. Zero waiting - not a single person. Worked very well this time for me!

 

[azatrum]

So where is the best place before a trip?
Link please
Bank?
Any tips\tricks
Yes after 9am I understand.
Each State please

i was traveling to the states recently and needed to carry abit of cash on hand in case if i needed in an emergency. well before i travel i always do abit of research, so i google the foreign exchange in dandenong, i noticed that there we few companies that came up, so i decided to give them a call to find how it works and get the latest exchange rate. well i noticed that banks would charge for converting and there where exchange rate difference. then i called Danesh Exchange, firstly i was supprised by their customer services, absolutely wonderful.what i found that they dont change $0 commission and the exchange rate was slightly higher. i would 100% recommand them.

 

[ckelly10]

When ever I need to exchange currencies I always find that I end up doing it online as I find I get the best rates.

 

[mikejr]

Just looking at some USD and wished I had bought a lot more last year at 1.05!
Online Travelex offering 0.885 (zero comm)
Online Qantas through Travelex offering 0.885 but 1.0% commission - so you pay $10.00 per 1,000 AUD for 1,000 FF points
ANZ offering 0.8735 (zero comm for acct holders) so you would pay an extra $11.50 per 1,000 AUD but convenience of collecting locally when I go to the bank.

All pretty average when you can do an international transfer through a forex house at about 0.918-0.921

Travelex online is offering much better than airport rates (as some other guys have said), but just wondering whether $20-30 is worth it for the 2-3,000 points???

 

[Rebekkap]

i was traveling to the states recently and needed to carry abit of cash on hand in case if i needed in an emergency. well before i travel i always do abit of research, so i google the foreign exchange in dandenong, i noticed that there we few companies that came up, so i decided to give them a call to find how it works and get the latest exchange rate. well i noticed that banks would charge for converting and there where exchange rate difference. then i called Danesh Exchange, firstly i was supprised by their customer services, absolutely wonderful.what i found that they dont change $0 commission and the exchange rate was slightly higher. i would 100% recommand them.

Anyone else finding it a bit suss that this guy only has one post and it's raving about this company?? :shock:

 

[BoyZeus]

Anyone else finding it a bit suss that this guy only has one post and it's raving about this company?? :shock:

Aha - Danesh Exchange - Lol.