Foreign Exchange - A$ -> US$, where best to change??

[neil_gardner]

I use my Wizard Clear Advantage MasterCard. Its just come on the market and offers no ATM fees and no foreign exchange fees. So you pay the interbank rate, not a commission-loaded rate. Now thats a bargain!

 

[inpd]

The best way is by using an ATM card in the U.S.
As long as your card has a Cirrus or Majestro
logo it will be well accepted. The exchange rate
is closest to the prevalent rate listed at
bankrate.com

The U.S. ATM will definitely charge you about $1.50 each
time you withdraw and your home institution
may charge you an amount.

 

[NM]

The best way is by using an ATM card in the U.S.
As long as your card has a Cirrus or Majestro
logo it will be well accepted. The exchange rate
is closest to the prevalent rate listed at
bankrate.com

The U.S. ATM will definitely charge you about $1.50 each
time you withdraw and your home institution
may charge you an amount.

Be careful here. Most Australian banks charge a fee for using a foreign ATM. This is on top of the exchange rate and ATM owner's fee. For example, Commonwealth Bank charges A$4.00 for using an overseas ATM via Maestro.

The best option, as noted in several posts in this thread, is to get a card with no foreign exchange or overseas ATM fees. These are not common, but do exist. The one I use is Citibank Readicredit. Others have mentioned others in his thread. Just because you use Maestro or Cirus does not make it exempt from these fees. And being hit with up to $6 per transaction (A$4 overseas ATM fee, plus US$1.50 to the ATM owner) is an expensive option.

 

[inpd]

Gosh $4 per transaction!

I'm a transplated to the U.S. aussie and I
used to laugh at the U.S.'s fascination and
utter commitment to capitalism/competition, but there
are some upsides. I've never been charged
an overseas transaction charge on any of
my US credit cards and I've been to all
continents except Antartica!

However, using an ATM will give you
a better rate and no surprise fees
when compared to changing money at
a hotel/airport. What-ever you do,
don't get suckered in by people at LAX
who will offer to change money for you
because they are going to the country
your from!