Foreign currency question

[scheps]

Hi all,

Not sure if its alright to ask this here but what is the consensus for best way to get euros in cash? as in best exchange rates taking commission into consideration.

Is it better to do it here and bring over? or use e.g. HSBC ATM over there in say Italy? 3% commission/fee i assume doesn't matter where you do it? and the $4.5 withdrawal fee cant be avoided if done overseas...?

And if withdrawing from overseas ... what are their ATM limits? same as ours?

Thanks for any input

 

[Fantic125]

I think you might find your answer here;


http://www.australianfrequentflyer..../28-wizard-mastercard-cash-advances-6960.html

 

[scheps]

Thanks m8,

I have read that that card has really bad exchange rates therefore offsetting the benefit of fee free transactions.

Looks like most atms will end up costing you 4% (transaction fee, assuming max withdrawal is 300 euro roughly, and 3% exchange commission/fee).

Is there any way of bettering that? Would be inconvenient and costly to withdrawal multiple sessions to pay off the accomodation for example....

 

[JohnK]

I have read that that card has really bad exchange rates therefore offsetting the benefit of fee free transactions.

Do you get a different exchange rate for cash advances than you do for purchases?

I used it for purchases on 9 Oct and got 28.88 baht and on 11 Oct got 31.07 baht. On 15 October the cash exchanges in Hua Hin were offering 30.9 baht so I believe a very good rate overall on the card.

 

[TonyHancock]

I have read that that card has really bad exchange rates therefore offsetting the benefit of fee free transactions.

Looks like most atms will end up costing you 4% (transaction fee, assuming max withdrawal is 300 euro roughly, and 3% exchange commission/fee).

Is there any way of bettering that? Would be inconvenient and costly to withdrawal multiple sessions to pay off the accomodation for example....

I use the 28 deg Mastercard for cash withdrawals and don't pay any transaction fee or exchange commission fee. (You need to check the best banks to withdraw from prior to travel.) I have used it in Brazil, US and UK. I have also found I pretty much get close to the "spot" rate on transactions, although haven't put a lot of time and effort into precise analysis.

 

[medhead]

General consensus is the 28 degrees card mentioned or NAB gold debit card/ gold banking. From reports on the 28o card and experience with the NAB gold banking both give you basically the same exchange rate as the headline rate and with no ATM fees. Otherwise it is possible to change cash in Oz within about 2 cents of the headline rate.

 

[serfty]

...

I have read that that card has really bad exchange rates therefore offsetting the benefit of fee free transactions. ...

Seriously?

Where did you read that???

IME, the 28° gives an exchange rate close to the cross rate; sometimes better!

 

[oz_mark]

IME, the 28° gives an exchange rate close to the cross rate; sometimes better!

Agreed. Like pretty much every Mastercard and Visa card on the market, the currency conversion is undertaken by either Mastercard or Visa (as the case may be). Exchange rate variations between different issuers therefore does not really exist. All that varies is the size of the fees applied, and in the case of 28° that is none.

 

[scheps]

Thanks guys, I will go ahead with that. I actually have one already but havent activated it after i was misled on another forum.

I just gotta make sure i dont do cash advances i hope putting money in after taking it out would be quick to minimise the interest and avoiding cash being stuck in the card for prolonged periods of time.

The withdrawal max will be limited by the atm (~250 euro) and the card (1k/day) isnt it? But given ther are not transaction fees, its best just to repeatedly withdrawal

BTW anyone have actually taken up their plan where they charge you 0.5% but have that 6/12 price guarentee? Sounded enticing but i didnt have time to consider it for now.

 

[serfty]

Thanks guys, I will go ahead with that. I actually have one already but havent activated it after i was misled on another forum.

I just gotta make sure i dont do cash advances i hope putting money in after taking it out would be quick to minimise the interest and avoiding cash being stuck in the card for prolonged periods of time.

The withdrawal max will be limited by the atm (~250 euro) and the card (1k/day) isnt it? But given ther are not transaction fees, its best just to repeatedly withdrawal ...

There's some great advice on how to avoid interest and other matters on the thread linked to earlier:

http://www.australianfrequentflyer..../28-wizard-mastercard-cash-advances-6960.html

 

[scheps]

Just been reading it. thanks m8

 

[Cynicor]

Would be interesting to know the name of the other forum where you recieved the incorrect advice.

The FX rate on the 28 degrees is occasionally so good that it betters the headline rate for the day (as they use the "intra-day" rate or some such thing).

 

[letsgo]

Hi

I usually take a mixture of Euros & GBP cash when I go over there, probably about $1000 worth of each. If you are taking just this amount (I reckon acceptable risk to travel with $2K split between you & partner but not e.g. $10K - also possible customs declarations for larger amounts...) it's easiest to get it from a major bank here - just look up FX rates & compare. They are usually pretty good and for the want of a few $ it's very convenient to have a wad of cash.
Also my other rule of thumb: Strong currencies such as the above & $USD etc , get the notes here; weaker currencies such as Malaysian Ringgits, take $AUD abroad and exchange there.

Hope this helps...

 

[Danger]

Does anyone know how I can lock in the high South African rand at the moment? Cash won't do it - I'm looking to lock in the rate for a future transaction that will either be telegraphic transfer or credit. The banks offer a range of travel cards but obviously not in rand.

 

[Justchecking]

I always do my currency exchange by withdrawing cash in one transaction once I get there. It saves time, you get hit with commission and fees no matter which way you go anyway and I've generally received a better conversion rate that way than by using a bank in an over the counter transaction. Unless you are transferring massive amounts of money the exchange rate and fees are all just part of the cost of the trip. :-|

 

[michaely]

Like many people on this forum, I have long been frustrated by the gouging of punters by the financial institutions.
Two suggestions:-
1) CBA Travel Card- locking in exchange rates ( GBP, Euros, US$,),if going to more than one country, and use ATM's of partner institutions, minimise fees. This is just another debit card for forex, but locking in amounts of agreed funds helps reduce the pain.
2) If only going to one country, eg on a regular basis, establish a bank a/c in the local currency with a debit card attached, and transfer one larger amount with one fee, exchange rate of the day, and draw down on that local account.