CURRENCY EXCHANGE PERTH!

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JohnK

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Re: CURRENCY EXCHANGE PERTH!

BlacKnox said:
You're in good company. I believe Billionaires, Mega-stars and Heads of State follow similar practises :p .

BlacKnox, I wish I was one of the type of people you mentioned. :?

Just the way I was brought up. Only carry on you the amount of cash you think you need for the occassion. If I need to buy something expensive I go home and think about it instead of making rash decisions and buying things that will never be used. The credit card is for regular bills (mobile phone, cable TV, power bills, electricity bills etc), planned purchases and emergencies when out of cash.

Laugh and razz all you like, such is life for some. I have managed to come this far in life following these practises so I can't be doing too much wrong.

Take care.
 

BlacKnox

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Re: CURRENCY EXCHANGE PERTH!

JohnK said:
Laugh and razz all you like, such is life for some.

What, we can't razz here anymore? No light hearted verbular jocularity allowed? Leave our humor at the door please?

JohnK said:
I have managed to come this far in life following these practises so I can't be doing too much wrong.

Lighten up, and I suspect you could go further...
 

NM

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BlacKnox said:
NM, looks like we've got the same card.

I too usually just walk off the plane and search for an ATM. However in some places/ sometimes, it's necessary to have a little foreign cash. For example, arriving in TPE about 10pm in March, both airport ATMs (that I could find) were down. A minor inconvenience as the Landis Taipei (formerly Ritz) had a car waiting and the room tariff etc was charged, but it was nice to have a little cash to enjoy the street stall food that night :D .
I have never been to TPE. The only place I have not been able to find an ATM for local current withdrawal was Paris Gare de Norde train station after arriving on Eurostar. This, I believe, was a scam supported by the station authorities since all the ATM's were powered off and the only Euro exchange available was over-the-counter at very bad rates. A short walk across the road revealed several alternate ATM facilities where cash could be withdrawn without the extortion fees being charged by the train station exchange booths.
 

evangelionpunk

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Hmm this is all interesting and leads me to the question.


If i use my CITBANK, ANZ, COMMONWEALTH credit cards overseas to withdraw cash from my CREDIT ACCOUNT will i be charged fees? WHat will those fees be?


If i use my SAVINGS accounts linked to those credit cards with the respective banks to withdraw money will i be charged fees? What will those fees be?


Can i simply transfer my CITIBANK, ANZ, CBA cards to JAPAN since they all have branches etc there? What do i need to do?


Finally theres a place in Sydney called http://www.kingscurrency.com.au/currencyrates.htm
and they appear to offer excellent rates and charges no fees. Is there a similar place in PERTH?.


Personally ive also found the rates to be cheaper at the FOREX booths in SE Asian countries than here or even in the airport + no fees. But id like to carry some CASH yen with me before hand for shopping etc.
 

BlacKnox

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evangelionpunk said:
If i use my CITBANK, ANZ, COMMONWEALTH credit cards overseas to withdraw cash from my CREDIT ACCOUNT will i be charged fees? WHat will those fees be?

Don't, because yes you will be charged fees, offered a poor exchange rate and waive the interest free period benefit. All round, the poorest option.

evangelionpunk said:
If i use my SAVINGS accounts linked to those credit cards with the respective banks to withdraw money will i be charged fees? What will those fees be?

Citibank - No. For ANZ and Commonwealth, check whether no fee applies (Serfty), a $5 fee applies (dajop) or a 1% commission applies (d00t).

evangelionpunk said:
Can i simply transfer my CITIBANK, ANZ, CBA cards to JAPAN since they all have branches etc there? What do i need to do?

No you can't.
 

JohnK

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CURRENCY EXCHANGE PERTH!

evangelionpunk,

What BlacKnox has mentioned about the various options is spot on the mark.

evangelionpunk said:
Hmm this is all interesting and leads me to the question.


If i use my CITBANK, ANZ, COMMONWEALTH credit cards overseas to withdraw cash from my CREDIT ACCOUNT will i be charged fees? WHat will those fees be?

In respect to Commonwealth Bank credit cards you will be charged an overseas ATM withdrawal fee of $4 everytime you use ATM and you also be charged 1.5% of the $AUD amount as a currency coversion fee, although the exchange rate is quite favourable. So if you withdraw the equivalent of $AUD150 then you will be charged a total of $5.50 ($4 + $1.50). The larger the amount you withdraw at the one time enables these fees to be absorbed in the currency exchange, whereas a whole lot of smaller withdrawls will hit you harder.

evangelionpunk said:
But id like to carry some CASH yen with me before hand for shopping etc.

Even with $AUD in hand you could exchange at the airport on arrival (favourable exchange rate, no fees in Japan I think) before you will come across any shops.

Good luck. :) Hope all works out for you.
 

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Re: CURRENCY EXCHANGE PERTH!

Appreciate your comments JohnK. However (insert nervous smiley here)

JohnK said:
In respect to Commonwealth Bank credit cards you will be charged an overseas ATM withdrawal fee of $4 everytime you use ATM and you also be charged 1.5% of the $AUD amount as a currency coversion fee, although the exchange rate is quite favourable. So if you withdraw the equivalent of $AUD150 then you will be charged a total of $5.50 ($4 + $1.50).

Don't you mean $6.25 ($4 + $2.25)?

JohnK said:
The larger the amount you withdraw at the one time enables these fees to be absorbed in the currency exchange, whereas a whole lot of smaller withdrawls will hit you harder.

Yes true, but only if being charged a flat fee (e.g. dajop's Visa debit card). In the Commonwealth example above, the 1.5% currency conversion fee offsets any withdrawal advantage. That is, large withdrawals = large conversion fees.

JohnK said:
Even with $AUD in hand you could exchange at the airport on arrival (favourable exchange rate, no fees in Japan I think) before you will come across any shops.

Can confirm no fees in Japan.

Evangelionpunk, also note that many regional Japanese banks are not Maestro/ Cirrus etc affiliated. However you'll have no problem withdrawing funds at major banks in airports, major train stations, financial & shopping districts etc.

Another beautiful blue-sky summer day in Sapporo. Off to enjoy my Starbucks coffee :D .
 

JohnK

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CURRENCY EXCHANGE PERTH!

BlacKnox said:
Appreciate your comments JohnK. However (insert nervous smiley here)

JohnK said:
In respect to Commonwealth Bank credit cards you will be charged an overseas ATM withdrawal fee of $4 everytime you use ATM and you also be charged 1.5% of the $AUD amount as a currency coversion fee, although the exchange rate is quite favourable. So if you withdraw the equivalent of $AUD150 then you will be charged a total of $5.50 ($4 + $1.50).

Don't you mean $6.25 ($4 + $2.25)?

Maths 101 :? Calculator on my laptop requires an upgrade as it no longer seems to be functioning properly :oops:

BlacKnox said:
JohnK said:
The larger the amount you withdraw at the one time enables these fees to be absorbed in the currency exchange, whereas a whole lot of smaller withdrawls will hit you harder.

Yes true, but only if being charged a flat fee (e.g. dajop's Visa debit card). In the Commonwealth example above, the 1.5% currency conversion fee offsets any withdrawal advantage. That is, large withdrawals = large conversion fees.

Using the thai baht example at 30baht/$AUD1 if I withdraw with Mastercard/Visa 30,000 baht this will cost me $AUD1000 + $4(ATM) + $15(cur conv fee) making the effective exhange rate 30000/1019 = 29.44baht/$AUD1. If I withdraw 3000 baht this will cost me $AUD100 + $4 + $1.5 making the effective exchange rate 3000/105.5 = 28.44baht/$AUD1. To withdraw $100x10 times would cost $55 in fees compared to $19 when withdrawing the $1000 at once. Again even bigger amounts would give a rate closer to the 30baht/$AUD1. Not bad but obviously not as good as using dajop's debit visa card or the citibank debit card when withdrawing larger amounts.

Disclaimer: EXAMPLE ONLY. No responsibility accepted for incorrect published information.

BlacKnox said:
JohnK said:
Even with $AUD in hand you could exchange at the airport on arrival (favourable exchange rate, no fees in Japan I think) before you will come across any shops.

Can confirm no fees in Japan.

Can never be sure. I remember touring Europe 11 years ago and getting slung $8-$10 every time exchanged money with unfavourable exchange rates to boot. The channel ferry was the only place that did not charge commission.

BlacKnox said:
Another beautiful blue-sky summer day in Sapporo. Off to enjoy my Starbucks coffee :D .

Freezing in Sydney today. The wind is so strong the house feels like it will crumble. :D
 

CWM

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I also tend to take some AU$ and exchange in the destination country, then use ATM's for the rest or CC for larger purchases (you are at the CC suppliers mercy regarding exchange rates and fees though). As has been already observed, either way you get fleeced somewhat.

Regarding Credit cards, it is a strange thing that in India (and some other Asian countries) they have included an ID photograpgh on their cards for years now, yet it is almost unheard of here. Still the CC companies whine about illegal transactions, this is one simple measure that would probably help quite a lot (except for on-line fraud). In the US I have noticed traders either couldn't be bothered even looking at your credit card (far less actually checking the signature) or else they are the opposite extreme & are extra cautious, asking for further ID etc.
 

JohnK

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CURRENCY EXCHANGE PERTH!

I use Amex quite a lot for purchases overseas (not ATM withdrawals) and I was just looking at my last statement online and I have never gone past the outstanding balance line until today.

Here is the quote from Amex Online Services website

All foreign currency Charges have been converted into Australian Dollars on the date we processed the Charge. Non-U.S. Dollar Charges have been converted through U.S. Dollars, by converting the Charge amount into U.S. Dollars and then by converting that U.S. Dollar amount into Australian Dollars. U.S. Dollar Charges have been converted directly into Australian Dollars.

As agreed, unless a specific rate was required by law, the American Express treasury system has used conversion rates based on interbank rates (selected from customary industry sources) from the business day prior to the processing date, increased by a single conversion commission of 2%. Any Charges converted by third parties prior to being submitted to us have been at rates selected by them.

:eek: I thought that Amex was one of the better credit cards. May have to review my choice of credit cards to use overseas.
 

BlacKnox

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Re: CURRENCY EXCHANGE PERTH!

JohnK said:
Disclaimer: EXAMPLE ONLY. No responsibility accepted for incorrect published information.

Love this 8). Should use it as my signature line :D.

CWM said:
Regarding Credit cards, it is a strange thing that in India (and some other Asian countries) they have included an ID photograpgh on their cards for years now, yet it is almost unheard of here.

Option exists in Japan to have CCs imprinted with photo. I'm not too photogenic so have always politely declined :wink: .
 

markis10

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NM said:
I have never been to TPE.

THe ATM's in CKS (TPE) are always down or dont take foreign cards for some reason, similar to KLIA in many respects, I wonder if it is to do with foreign currency trade restrictions both coutnries have?

As for currency exchange, I have found Australia the worst at airports, Singapore the best at airports as far as rate goes. I usually get soma cash at the destination using the credit card however recent fee changes suggest that it may be time to take AUD and change in banks when I get there.
 
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Kiwi Flyer

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CWM said:
Regarding Credit cards, it is a strange thing that in India (and some other Asian countries) they have included an ID photograpgh on their cards for years now, yet it is almost unheard of here.

Quite common in NZ too.
 

evangelionpunk

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Been shopping and looking for some good deals.

And Apart from having the convenience of a CITIBANK account that you could withdraw from Foreign ATMS without fees and competitive rates here are the options below as of today.

XE.com showing exchange at 1.00 AUD = 83.9273 JPY

**Interforex 1AUD=81.1739Yen
No fees etc.

**Nationwide currency services 1AUD=80.8Yen
No fees etc.

**AmericanExpress 1AUD=80.98
$8AUD fee.

**Travelex 1AUD=78.8Yen


So it appears that INTERFOREX is a clear winner.
 

BlacKnox

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evangelionpunk said:
Been shopping and looking for some good deals.

And Apart from having the convenience of a CITIBANK account that you could withdraw from Foreign ATMS without fees and competitive rates ...

The significant disparity between quotes proves your shopping around was a worthwhile investment evangelionpunk :D . And those Interforex rates look good too.

FYI, If I were withdrawing Japanese yen in Japan today, from my Citibank multi-currency account in Australian dollars, the rate applied (TTB, AFAIK) would be Aud$1 = 82.9yen.

http://www.citibank.co.jp/en/rates/index.html

This rate "feels" about right - better than the cash rates but less than the XE.com one. Enjoy Nippon.
 

sandiefran

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Foreign exchange rates for currency

I live in Sydney and after checking out all the banks, have found that the best rates are to be found in the Chinatown area. After all - aren't the Chinese very money-smart? Usually there is no commission so the rate you see is the rate you get and a few cents above the banks or Travelex.
 
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