Currency (cash) exchange - best place for it?

[MelbMan]

I always like to have about $100 in local currency when I land. A recent trip to Singapore, Malaysia, UK, Turkey, France and then back to UK converted about $AUD700 at the ANZ Forex booth at Tullamarine. $8 fee for each currency.

One of their "positives" was that they would buy any forex you bought back commission free. This may be the case but the buy back rates were an absolute disgrace.... highway robbery.... I'll never use ANZ again.

 

[dajop]

Well sorry can't help anyone, but I had quite a shock last night when I went down to my nearby 24 hr department store here in Singapore (known to many as Mustafa's) to change some SGD into USD. For about $150 USD it actually cost 50c less than I calculated using the xe.com /ozforex.com rates. Pleasantly surprised. I also worked out that if I'd cashed AUD-> SGD -> USD it would have cost me only 50c more than the AUD:USD exchange rate. Usually double currency conversions cost a heap.

 

[Evan]

Well sorry can't help anyone, but I had quite a shock last night when I went down to my nearby 24 hr department store here in Singapore (known to many as Mustafa's) to change some SGD into USD. For about $150 USD it actually cost 50c less than I calculated using the xe.com /ozforex.com rates. Pleasantly surprised. I also worked out that if I'd cashed AUD-> SGD -> USD it would have cost me only 50c more than the AUD:USD exchange rate. Usually double currency conversions cost a heap.

For USD and AUD that seems pretty normal in Singapore, nearly always the European guys visiting say its better to change cash in Singapore than at the banks.

 

[auriga]

Well sorry can't help anyone, but I had quite a shock last night when I went down to my nearby 24 hr department store here in Singapore (known to many as Mustafa's) to change some SGD into USD. For about $150 USD it actually cost 50c less than I calculated using the xe.com /ozforex.com rates. Pleasantly surprised. I also worked out that if I'd cashed AUD-> SGD -> USD it would have cost me only 50c more than the AUD:USD exchange rate. Usually double currency conversions cost a heap.

Singapore is a great place to change money. Mustafa's is great, plus you can check out their rates online :: Mustafa Online ::

If you can be bothered, you can try bargaining at the money exchange booths in Chinatown. It is possible to get a very slightly better rate than at Mustafa's.

 

[JohnK]

For anyone in Brisbane (whereishome take note) Crown Currency Exchange in Toowong (I guess the same rates would be available in the city) has the following exchange rates and more importantly no commission.

JPY 74.6688
USD 0.7934

 

[Mal]

JPY 74.6688
USD 0.7934

That's pretty good. I used to use Westpac's FX4You site. No commission on TC's or cash (at the moment), and you have the ability to Bpay via credit card (and earn reward points on that card - assuming your bank awards award points on Bpay payments from Credit cards.

Here's their current rates:
JPY 74.2200
USD 0.7917

Also, by Bpaying via credit card, you can even have the cash interest free until the end of your billing cycle, so if you aren't paying interest that's another small improvement on the rate.

 

[Warks]

My previous bank (which bank?) would let me withdraw cash on my MAstercard from my linked savings account overseas back in 1997. I think there was a $2 fee for each time I used the ATM. With my current bank (Suncorp) some 12 years later I can't do the same even with linked accounts!:evil:
I can get a Visa Debit card: "Visa conversion 2.5% (same charge as with their credit cards) $5 per $1000 or part thereof when withdrawing cash from ATM" which is a bit rich. Or go with a Travelex card where I was told "ATM withdrawals cost $3.75" but there was no mention of the 1% fee on the amount you put on the card (found that on website).

It all looks like a big rip-off all round with those ATM fees. Not sure what to do. Take enough cash for Canada and USA I guess and pay for everything possible on the credit card which is pretty easy over there.

 

[medhead]

Or check out NAB gold banking. Monthly fee, that can be avoided, and no fee for using overseas ATMs. Might be suitable

NAB - NAB Gold Banking

 

[PaulyB]

Singapore is a great place to change money. Mustafa's is great, plus you can check out their rates online :: Mustafa Online ::

If you can be bothered, you can try bargaining at the money exchange booths in Chinatown. It is possible to get a very slightly better rate than at Mustafa's.

It is a while since I have been to Mustafa but I know the locals all swore by it and we were always very happy even though we were using foreign currency as our base. I am going to Singapore next week and am looking to convert AUD/GBP. Today's ANZ rate is .5892 + 1% fee whereas Mustafa's is .6029.

I cannot recall if they have any fee however - can anyone tell me?

Thanks!

 

[auriga]

No fees at Mustafa. I don't think any money changers in Singapore charge a fee for cash.

However, armed with Mustafa's rates, you can bargain with the money changers at Chinatown or Lucky Plaza. You can do slightly better . Make sure you have the absolute up to the minute rates though, especially when you are dealing with volatile currencies like the AUD.

 

[PaulyB]

No fees at Mustafa. I don't think any money changers in Singapore charge a fee for cash.

However, armed with Mustafa's rates, you can bargain with the money changers at Chinatown or Lucky Plaza. You can do slightly better . Make sure you have the absolute up to the minute rates though, especially when you are dealing with volatile currencies like the AUD.

The AUD - volatile? Try trading GBP/JPY!! Anyway - thanks - thats terrific. No problem having the latest rates I will have my trusty iPhone with me ))

Cheers

 

[k_sheep]

Holy thread revival batman! But other threads are from 2007 or are closed so this is the closest I found

I'm off to VN soon and need some USD for my visa on arrival. I went to the post office today (that was my first mistake - 2 canadians shouting at each other in front of me in the line, and an old guy sneezing on me behind!) but their rate was ~97c, far worse than the 101c it was showing me on xe. Westpac is about the same. Any other bright ideas? Am planning on getting ~$200 worth since they're pretty usable in VN and Laos.

 

[medhead]

Holy thread revival batman! But other threads are from 2007 or are closed so this is the closest I found

I'm off to VN soon and need some USD for my visa on arrival. I went to the post office today (that was my first mistake - 2 canadians shouting at each other in front of me in the line, and an old guy sneezing on me behind!) but their rate was ~97c, far worse than the 101c it was showing me on xe. Westpac is about the same. Any other bright ideas? Am planning on getting ~$200 worth since they're pretty usable in VN and Laos.

I'm on iPhone right now so can't check but where are you located? If adelaide try UAExchange on King William St opposite Haighs.

 

[k_sheep]

Currently in BNE. Will be flying out from OOL.

 

[ethernet]

Hey, UAExchange rings a bell - One in George St Sydney is very close
to some of the better rates in Chinatown - is there a Chinatown in BNE?
Another option is BankWest if you have an account with them
or the Post Office - but you have to preorder - and has no 1% commission.
For large amounts OzForex, related to MacBank can save you a motza.

And when you exchange USD in Vietnam, do it in a gold or jewelery shop - you will get a better rate.
Based on patterns the .Vn Dong normally strengthens in the month of December only, followed by a devaluation/decline after 3 February.

As of Today, their 30 day single entry Visa is AUD or USD $75.
The Canberra embassy claims Visa pre-approval is 'risky' and was unable to authoritatively quote the cost of 'Visa with code' stamping fee.

 

[medhead]

Currently in BNE. Will be flying out from OOL.

Oh well earlier in the thread someone mentioned mustafas at Toowong.

 

[serfty]

xe.com shows the cross rates; most financial institutions add their 1½%-3½% into the margins. (NAB Gold banking and Wizard do not)

For a quick calc, I use this ANZ tool as it gives me an better idea of what a forex purchase might cost:

• Foreign Exchange Calculator

(I use "International Money Transfers" annd "Calculation only".

e.g. Today ANZ's rate is AUD 1 = USD 0.9895, while XE.com is currently: AUD 1 = USD 1.0146

 

[medhead]

The couple of times I've used UAExchange for Euro it has been within 1% of the headline rate. Also no fees.

BTW I quickly looked at Travelex at ADL on the way out the listed USD rates looked something like 1.06, 0.918, 0.918. So 6% on selling USD and 8% on buying. :shock:

 

[k_sheep]

Thanks for all the advice ... I'll go searching soon

 

[albatross710]

If you are going via SIN then I usually find that the exchange counters have good rates.

Apart from your arrival visa in VN, I found that the street exchange rate on USD & AUD was quite reasonable. Many stores and vendors were willing to pay extra for the harder currency instead of VND.

I'm looking to buy ZAR over the weekend. I'm going to leave that until SIN on my way through.

Alby.