Currency Exchange Options

[JohnK]

I have a bunch of odd currencies (mostly coins) if you want some. Just arrange a meet when you're in NZ.

Yes thanks. I will be in AKL Jan 31st and Feb 1st next year.

 

[Kiwi Flyer]

I'll probably be around then. Remind me closer to the time.

 

[BeeGee]

Hi,

I'm aware that the main theme of this thread has been about converting foreign currency into AUS$ but I thought I'd take this opportunity to share how I convert from AUS$ into foreign currency.

travelex.com.au has a Travel Money Online section. Ten different currencies are available. Just place your request a few days in advance of travel and then collect it. Various airports in the list of collection points. There is no foreign currency fee and the exchange rate seems to be good - they advertise a "we'll provide the best rate claim/guarantee" on their web site.

I've used them a couple of times, with pickup at Sydney International, and it's all worked well.

Regards,
BG.

 

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[sphinx]

Hi,

travelex.com.au has a Travel Money Online section. Ten different currencies are available. Just place your request a few days in advance of travel and then collect it. Various airports in the list of collection points. There is no foreign currency fee and the exchange rate seems to be good - they advertise a "we'll provide the best rate claim/guarantee" on their web site.

I am considering using travelex. A few questions:
1. Is the low rate guarantee only for Money Online? So over the counter will definitely has a worse rate?
2. Since it only accepts visa/master/dinners online, the card issuer will change you cash in advance + oversea currency transaction fee which is not a small amount..... anybody calculated whether it is worth it?

As far as I know, withdrawing cash through ATM using a debit card at your travel destination is usually the best option because the rate beats all exchange counters and the fee is usually small.

So my current cash solution is:
1. use debit card to withdraw cash at oversea ATM
2. put credit card into credits so minimizing cash withdraw cost in case debit card is not working

but I am not very sure... any good suggestions?

 

[straitman]

I am considering using travelex. A few questions:
1. Is the low rate guarantee only for Money Online? So over the counter will definitely has a worse rate?
2. Since it only accepts visa/master/dinners online, the card issuer will change you cash in advance + oversea currency transaction fee which is not a small amount..... anybody calculated whether it is worth it?

As far as I know, withdrawing cash through ATM using a debit card at your travel destination is usually the best option because the rate beats all exchange counters and the fee is usually small.

So my current cash solution is:
1. use debit card to withdraw cash at oversea ATM
2. put credit card into credits so minimizing cash withdraw cost in case debit card is not working

but I am not very sure... any good suggestions?

To answer your questions:
1. Yes, yes.
2. Yes cash advance however in Oz currency so no os transaction fees. You can use cash at this point instead of the cash advance from the CC.

Agreed. From my experience drawing money from my own Oz savings a/c (linked via my CC) gives the best rate with the CC purchase exchange rate a close second. (even allowing for the OS transaction fees if applicable)
The Travelex online rate appears to come in next.

Others my have had different experiences and I suspect the CC rate will vary with cards and banks.

 

[Kiwi Flyer]

I mainly use ATMs but also like to have some currency before arriving. I've been caught out before where no options available at the airport and needing to get taxi to detour to pick up some money.

 

[coco50]

[quote=sphinx]I am considering using travelex. A few questions:
1. Is the low rate guarantee only for Money Online? So over the counter will definitely has a worse rate?
2. Since it only accepts visa/master/dinners online, the card issuer will change you cash in advance + oversea currency transaction fee which is not a small amount..... anybody calculated whether it is worth it?

As far as I know, withdrawing cash through ATM using a debit card at your travel destination is usually the best option because the rate beats all exchange counters and the fee is usually small.

So my current cash solution is:
1. use debit card to withdraw cash at oversea ATM
2. put credit card into credits so minimizing cash withdraw cost in case debit card is not working

I always use Travelex. In fact when today's trade begins I will check out the $LOTFAP because I need to buy some. The online rates with Travelex are substantially better than over-the-counter with them. They deal in a 28 day time horizon, so that if you order today you must collect by(and the rate that you contracted on is good for) 28 days. This might be OK for you city guys but for us country bumpkins there is a lack of Travelex offices outside of the big smokes.

One good feature of the Travelex website is a rate tracker function which will graph Travelex exchange rates over the last 7 or even 30 positions which gives you some idea of trend in the particular currency

Sphinx - I do the same as you - take some cash, always use credit when and where available and use debit card to replace cah from ATM. On a recent trip to Hawaii, I took $LOTFAP 500, spent 250 and with a stronger $LOTFAP on return to SYD did an exchange at the Travelex booth at INT on the way out for quite a nice return.

 

[coco50]

I always pay for my forex at Travelex with Diners. A small (<AUD 10) fee is charged. Only drawback with online purchase is no QFF points, but if buying OTC then 1 QF point for each AUD 1 spent.

 

[Kiwi Flyer]

Only drawback with online purchase is no QFF points, but if buying OTC then 1 QF point for each AUD 1 spent.

Only when it actually credits - my experiences are very spotty.

 

[coco50]

[quote=Kiwi Flyer]Only when it actually credits - my experiences are very spotty.[/quote]

The only other experience I have had with OTC and points credit was in the salad days of Global Rewards. Travelex credited to that without any prompting. All of my other experiences have been ordering currency online, so no points but then the online rate is vastly superior to OTC. Since earlier post on this thread I bought some $LOTFAP @ 0.7596

 

[BeeGee]

Hi Sphinx,

What I do is supply my Visa card number when ordering the currency on the Travelex web site.

When I collect the foreign cash, I pay for it via EFTPOS. The Travelex person has never insisted that the payment be with Visa - it's only their web site that insists on Visa/Mastercard/Diners.

I go this way because I then have the peace of mind in knowing that I'm travelling to the foreign place with the appropriate currency in my pocket.

Doing an ATM withdrawal overseas may provide the best exchange rate, but I'm concerned about the risk of needing foreign cash before I've found a foreign ATM or the foreign ATM swallowing my card.

Regards,
BG.

I am considering using travelex. A few questions:
[..snip..]
2. Since it only accepts visa/master/dinners online, the card issuer will change you cash in advance + oversea currency transaction fee which is not a small amount..... anybody calculated whether it is worth it?

[..snip..]
but I am not very sure... any good suggestions?

 

[coco50]

Hi Sphinx,

What I do is supply my Visa card number when ordering the currency on the Travelex web site.

When I collect the foreign cash, I pay for it via EFTPOS. The Travelex person has never insisted that the payment be with Visa - it's only their web site that insists on Visa/Mastercard/Diners.

I go this way because I then have the peace of mind in knowing that I'm travelling to the foreign place with the appropriate currency in my pocket.

Doing an ATM withdrawal overseas may provide the best exchange rate, but I'm concerned about the risk of needing foreign cash before I've found a foreign ATM or the foreign ATM swallowing my card.

Regards,
BG.

Why use your own money to pay for it? Use Diners and settle out when you get your statement. This way you still have cash in your debit account while overseas.