Currency (cash) exchange - best place for it?

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Walter Plinge

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I couldn't find anything about this with a search of the threads.

On a trip to the US is it better to change AUD notes for US currency here before leaving, or do it on arrival (say, in the terminal).

A post on tripadvisor.com said for Thailand (to give an example) on arrival was better.

Going to the US last year I bought US currency at my suburban bank (CBA) - I got charged an $8 fee plus they only had large notes. Never again - that was a rip-off for US$200.

WP
 
I've found that UAExchange is a good place (at least in Brisbane) to get money changed. No commission, pretty good rates.

You may find that you're pretty much boned on currency buys in Australia anyways. Nowadays, I just grab a little bit in local currency (about AUD$200 worth) and then hit up an ATM when I arrive in-country.

Maybe this could be an option?

EDITED TO ADD: A friend of mine used to work for Travelex - 90% of the time you're better off buying your currency in the country you're in as there would be somewhat of a demand for AUD currency. At least in countries like thew US, Japan and UK where there is a lot of people travelling to Australia.
 
KVB KUNLUN is great in Sydney and Melb. No conversion fee, wholesale bank.

Rates change every minute !! They thought i was funny when I watched rate for 5 mins before doing an exchange. It was more than $10k, so I did save a few dollars :)
 
I would recommend Flight Centre, no commission.

They accept small amount of cash, even coins, I think.
 
whereishome said:
EDITED TO ADD: A friend of mine used to work for Travelex - 90% of the time you're better off buying your currency in the country you're in as there would be somewhat of a demand for AUD currency. At least in countries like thew US, Japan and UK where there is a lot of people travelling to Australia.
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I'd actually suggest the opposite. All things being equal, it's better (if you're going to actually exchange notes) to do it where the currency is in relatively high demand. To a US money converter, only a very small part of their business is Australian currency, so there's not going to be much demand for it; thus, if they take your money they'll have to sit on it for a while, so will offer a less favourable rate. OTOH, the US currency is still signficant here (albeit not the most traded), so there's a bit more comfort with it.

If only changing a small amount e.g. a couple of hundred, minimise commission as its effect will likely be greater than the exchange rate impact.
 
All these "no commission" places are all well and good, but check the exchange rate they provide. In most cases, they do actually charge a commission in the buy-sell rate spread. I have found that you will get a better exchange rate with the banks. Last time I checked, NAB charged the lowest fee, of $5. Only purchase from the main CBD branch as they have money on hand (in a range of notes), whereas a suburban branch has to order it in or has limited stock (probably in large notes)

Well, NAB doesn't seem to have their indicative cash rates on the website anymore. But for a A$200 amount you need the rate to be about 2.5 cents better to make up for the $5 fee. Might be marginal to achieve this, I normally swap $1000 amounts, which is definitely better for me even with paying the $5 commission.

Also be carefully that you understand what is a better exchange rate. This changes depending on which way the conversion is going.
 
The last time I purchased foreign currency in Australia was 1994.

There is no need to purchase foreign currency in Australia as more than likely you will be worse off than if you purchased at the destination unless you want to gamble on a specific exchange rate before travel. There is no need to have convenience money when leaving Australia as most airports around the world have ATMs or at least one currency exchange. And if you travel regularly then it is a good idea to bring back some foreign currency to use on the next trip.

Also for Thailand you will get a much better rates at the currency exchange booths outside of the airport. Usually I will purchase some Thai baht at the airport and the rest I will exchange as I need it. Some of the independent (not always on the main streets) currency exchanges can offer excellent exchange rates if you happen to be there at the right time. Also be careful about using credit card to withdraw cash in Thailand as they have recently introduced a 150 THB ATM fee....
 
Walter Plinge said:
I couldn't find anything about this with a search of the threads.

On a trip to the US is it better to change AUD notes for US currency here before leaving, or do it on arrival (say, in the terminal).

A post on tripadvisor.com said for Thailand (to give an example) on arrival was better.

Going to the US last year I bought US currency at my suburban bank (CBA) - I got charged an $8 fee plus they only had large notes. Never again - that was a rip-off for US$200.

WP
Click to expand...

I always buy cash online via Travelex before I go OS. There are no commissions or fees with Travelex online and you can choos when to buy. The lat online purchase I made of US dollars was 2 days before I left in August last year. Ipaid AUD 250 for USD 240. (i.e. a rate in the nineties US cents for AUD 1) Two months later when I returned, the rate was in the sixties US cents for AUD 1. With Travelex you lock in the rate when you purchase. You have to collect your forex in a window of between 2 - 28 days. You can choose how you pay - Bpay, CC Visa debit or cash. You nominate the centre where you wish to complete the transaction.
 
Note - travelling to the US, it is always handy to have some USD in hand when you arrive for tips.
 
Today you can purchase USD online at a rate of 0.7850 using www.travelex.com.au.

This rate is based on last night's close rate.

www.xe.com/ccc tells me that has an inbuilt commission of ~2.5%.

To pay with Credit/Debit cards incurs a further 1½% penalty, bPay does not. There is no longer any cash payment option.
 
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When I traveled to VN in May I used travellex before I departed. I was able to get 15-20% better rate on the ground in VN.

When I traveled to China it was again 20% better on the ground in Cnina. In that case even the airport vending machine had a better rate.

For a trip later this year to Europe I'll use the exchange booth at SIN for AUD exchange to EURO.

I do however always start with some of my destination country currency when I leave home. I store my leftovers from previous trips as starter currency for the next trip.
 
serfty said:
Today you can purchase USD online at a rate of 0.7850 using www.travelex.com.au.

This rate is based on last night's close rate.

xe.com/ccc tells me that has an inbuilt commission of ~2.5%.

To pay with Credit/Debit cards incurs a further 1½% penalty, bPay does not. There is no longer any cash payment option.
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It would be nice to have a comparison of overseas currency exchange rates in the destination country compared to the currency exchange rates on offer in Australia. Here is my own little comparison of Travelex vs Overseas Currency Exchange rates

  • If purchasing THB from Travelex the rate is 24.91, xe.com is showing 27.46. The cash rate of Siam Commercial Bank is currently 27.02 and I am almost certain you can get very close that at the currency exchanges booths.
  • If purchasing EUR from Travelex the rate is 0.5480, xe.com is showing 0.5729. The cash rate of the National Bank of Greece is currently 0.5676. I am not sure if they charge any commission.
  • If purchasing SGD from Travelex the rate is 1.1110, xe.com is showing 1.1671. The cash rate of DBS Bank is currently 1.1520. Can anyone in Singapore report on what is on offer at currency exchange booths tonight?
  • If purchasing HKD from Travelex the rate is 5.9610, xe.com is showing 6.2487. The cash rate of HSBC Bank is currently 6.2740. Can anyone in Hong Kong report on what is on offer at currency exchange booths tonight?
  • If purchasing NZD from Travelex the rate is 1.2030, xe.com is showing 1.2545. The cash rate of National Bank of New Zealand is 1.2044.
  • If purchasing USD from Travelex the rate is 0.7850, xe.com is showing 0.8062. The cash rate of Bank of America is currently 0.7598.
Of the 6 currencies I picked only the USD is favourable via Travelex and the NZD is almost on par.
 
odysseus said:
That's a bit nasty of them - so much for bank websites being there to help.
NAB - Indicative exchange rates - Cash
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They have probably got a bit gun shy. Last time I was in there discussing the various exchange rates, they were very reluctant to agree that the TT rate was a good indicator for the rate I'd get on withdrawing from an ATM while overseas. I had to promise not to hold any agreement against them if I got a different rate.

JohnK has had a good idea. It'd be good to be able to compare various bank cash rates as well - (tio see if my theories are correct)

And to find out the answer of course
 
YHA card = no commission at Westpak but westpac not really good anyway.

When I stay at a backpackers like YHA or 790 on George, sticking a note on the kitchen door at dinner time like 'Exchange USD 100 for $121 :pAustralian Dollars 4th Floor 0411 ..... gets me the best rate.
Often people offer other currencies - which I may buy at bank 'buy' rates = I'm a winner.
I use a digital Camera to snap the Banks rates on George or Pitt St or the ripoff hole in wall places, so I can show no monkey business.
Just remove sign swiftly, lest some Japanese dude want to exchange $1000 of yen at 12pm.
I am happy some thieving exchange places have 12% spreads - I don't need to be dishonest.

There are some 2nd hand places on George st Sydney like ACEBEN that sometimes are acceptable.
 
For iPhone users there is a free app from the nice people at xe.com available through the Appstore. Allows you to set the currencies you want to monitor and it will update them for you at a glance. Search the appstore for "xe".
 
Thanks, will check out the xe.com app.
I have been using the free bloomberg app, as it also has my share prices and the rates are a good indicator.
 
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