Purchasing Foreign Cash...my observation / experiences...specifically Asia focused

[banger2]

Hello All,
I post this as many of my non frequent flying / travelling friends seem to be getting poor value for their money when changing AUD to foreign currencies, specifically in my experience Asian Currencies, but I suspect all over the world! I hope some out there find this general info useful....

Buy minimal or no foreign cash locally (as in in Australia)...buy minimal foreign cash in the destination International Airports, the bulk for best value is found outside those 2 places in the destination country. Recent point in case. My just completed 3 day trip to Thailand. Sydney Airport Travelex (buy on spot) was 24 Baht to 1 AUD (I do grant online is usually much better than that pitiful rate). Landing in Bangkok Airport 11 hours later, airside (and I am sure same same landside) 29 Baht to 1 AUD. 3 days later, coughet International Airport 29.5 Baht to 1 AUD. Over the 3 days between BKK airport rate and departure at HKT airport rate, in-town rates at quality banks / exchange booths was between 29.8 and 30.1 Baht to 1 AUD. I never chase the absolute best rate, but by buying generally in your destination town / city, you will get better value for your money. If you've never been to your destination before, a quick bit of research on Google will confirm the availability of exchange locations near to where you are going, trip advisor forums seems to have many people asking this question.

Last bit of info, may seem obvious, but unless its an emergency, or you are very relaxed (lazy!), don't change in your hotel either. Usually the exchange rate is poor for the convenience.

This pattern has repeated in the last 7 years I have been regularly travelling to specifically Hong Kong, The Philippines and Thailand.

I'd love to hear other opinions or experiences on this subject...

 

[mella2007]

Re: Purchasing Foreign Cash...my observation / experiences...specifically Asia focuse

I have been to Hong Kong and Thailand and only got currency there. The ATM's rates fluctuated roughly about .9 or so over the week I was there for both, but considering the rates I saw prior to leaving via Aus Post, Banks and Exchange places in Australia, I rarely bother to exchange money here before I travel.
Sometimes I'll even see if it's worth my while getting US dollars instead if the US rate to whatever country I'm travelling to offers better value upon exchange.

 

[banger2]

Re: Purchasing Foreign Cash...my observation / experiences...specifically Asia focuse

I don't recall the last time I changed money in AUS either!

Interesting you brought up about ATM's. Most banks charge fees associated with the currency exchange plus a withdrawn fee, so that can be another trap. However, there have been discussions on AFF regarding some cards with reasonable fees and charges and good exchange rates for O/S withdraws. I would only use this method in an "emergency".

I agree with you, USD cash does seem to have very high regard in many countries, getting better value rates. Interestingly in Thailand, many currency exchange have slightly different rates for the different notes. I recall seeing 3 different rates...my memory says it was for 100's, 50's and below 50's, with the 100's I think being the slightly higher rates. I didn't see the same for other currencies however.

 

[mella2007]

Re: Purchasing Foreign Cash...my observation / experiences...specifically Asia focuse

One of the cards I use is flat rate $2.50 withdrawal and no currency fees from memory, so there are cards out there that offer decent value too.
Of course many people these days use the pre loaded currency cards for convenience and knowing how much money they have when they travel

 

[Cynicor]

Re: Purchasing Foreign Cash...my observation / experiences...specifically Asia focuse

I agree with the above, especially if you feel the need to travel with AUD.

Some other tips, repeated many, many, times in the rest of the forum:

Use a 28 degrees or Citibank debit plus card for fee free atm withdrawals. Best rate you can get, way better than cash at a booth.

In Japan, cash may actually be harder to change, and a poorer rate, than in AU. I suggest the ATM or bringing cash in with you.

Somewhere such a Singapore is a great place to change cash into a 3rd currency if you want a bit on entry but don't want to pay Aussie mark ups. You can compare the rates on the street at any time and place via the mustafa website. This is also useful to know what rate you should be getting at other places in Sing. Also useful for those smaller countries where you expect AUD to not be in great demand (and hence worse rates).

 

[Jamesraff]

Re: Purchasing Foreign Cash...my observation / experiences...specifically Asia focuse

Yes indeed, I too don't change my money in AUD, I always wait till I arrive, but I do use the
28 degrees card, which is great and fee free on ATM's overseas. http://www.28degreescard.com.au/

I just transfer funds to my 28 degrees card with what I need before I leave home and withdraw when needed overseas.

 

[JohnK]

Re: Purchasing Foreign Cash...my observation / experiences...specifically Asia focuse

Here are some of my observations regarding exchange rates in Thailand using AUD, USD and EUR

- BKK airport exchange kiosks are generally poor and departures is worse than arrivals
-- I believe the exchange rates are the same both airside and landside and all exchange kiosks offer the same exchange rate
- CNX airport rates are better than BKK airport
- I generally bring back ~5,000THB-8,000THB with me after each trip so that I do not have to exchange at the airport
- In Pattaya the exchange rate is ~1THB better than BKK airport
-- best place to exchange is 2nd level Tops Supermarket on Pattaya Klang or 2-3 private exchange kiosks/offices in Soi Buakhow area
-- worst place to exchange is Kasikorn exchange kiosks, Siam Commercial exchange kiosks. It amazes how often I see people exchanging at Kasikorn exchange kiosk when the UOB exchange kiosk is right next door and has better rates. I think people struggle to understand exchange rates
- In Hua Hin the exchange rate is ~0.5-0.75THB better than BKK airport
-- best place to exchange is UOB exchange kiosk near hilton or Krungsri exchange kiosk
-- worst place to exchange is Kasikorn exchange kiosk
- Bangkok I haven't needed to use exchanges recently but I hardly spend any time there anyway
- Chiang Mai will require some research when I am there in ~3 weeks time

I try not to use the 28 Degrees Mastercard for cash withdrawals as I do not like paying the 150THB fee unless I have run out of cash.

I try to prepay accommodation where possible

- I am going to try and open a Thai bank account but if that is not possible then I will go and open an accpount with my ex-girlfriend and I will keep the ATM card and deposit money into it at the beginning of each trip
- Some golf courses accept Visa/Mastercard and I can pay for the golf for 8-10 people on the 28 degrees Mastercard and get re-imbursed in THB baht