Travelex Sydney Airport T1 - have they finished?

[Ausbt]

Apparently Travelex now only have booths at T2 & T3 - which is ridiculous really. They have been replaced by some mob called Global Exchange http://www.global-exchange.com.au/ who just quoted me 0.659201 USD for each Aussie peso. Are they joking? I mean I have a Citibank card, I can do cash on arrival but generally I like to pick up a couple of hundred on departure. I'm expecting some downward pressure on the Aussie but 65 cents? I'm going to need some IDR at Christmas too and these Global Exchange jokers are offering 1 AUD = 8251.115260 IDR while XE - The World's Trusted Currency Authority is quoting 10,069.49 IDR.

 

[anat0l]

Travelex were not doing much better in terms of rate, not to mention the commissions they add on top of that (usually an effective margin on the midmarket of at least 8 or 9%).

The airport exchange services are truly cases where the convenience costs you a premium.

 

[Ausbt]

Travelex were not doing much better in terms of rate

All I know is, Travelex are willing to sell me USD$400 at a cost of AUD$531 all-inclusive. Global Exchange are offering me USD$400 for AUD$625. That's a hell of a commission for the convenience of picking it up at T1. I'll pick up my Travelex this week in Sydney CBD, thanks very much!

 

[anat0l]

All I know is, Travelex are willing to sell me USD$400 at a cost of AUD$531 all-inclusive. Global Exchange are offering me USD$400 for AUD$625. That's a hell of a commission for the convenience of picking it up at T1. I'll pick up my Travelex this week in Sydney CBD, thanks very much!

I'm not sure when you obtained that rate (i.e. what was the mid-market of the day), but usually I find Travelex (at least in Brisbane) offer some of the worse (or at least mediocre) rates. Nearly every bank uses Travelex rates. That said, finding a place which offers a better rate than normal can be tough if you are not used to trying to find such places.

The rates at airports are nearly always worse than that you can get even in the CBD.

Once you're airside, they know they have you and there's usually no competition, so they are not exactly incentivised to offer you a great rate of any kind. Most tourists may not know any better either.

As it stands, there is a big difference in paying $94 to obtain the same amount of currency, but in some cases the rate difference (particularly on currencies which are less common) is so small that being "bent over" by Travelex et al. is not such a big deal.

 

[sudoer]

From experience there is a big saving in Travelex rates if you prebook currency online. It requires 2-3 days notice from memory, and you may have needed to BPay the AUD (has been a few years since I've done it)

If you just rock up on the day you will get slugged 10-20% for the privilege.

 

[Ausbt]

From experience there is a big saving in Travelex rates if you prebook currency online.
If you just rock up on the day you will get slugged 10-20% for the privilege.

This is all well understood, same as you from experience. I've pre-ordered and picked up cash from T1 dozens of times. An outfit call 'Global Exchange' is now the concession holder at Sydney Airport and pre-booking today will get you a rate of US 70 cents per AUD (walk-up either landside or airside will get you circa 64 cents. Travelex have never had such disparity, generally being within 2% of prevailing rates when pre-booking. Pre-book and collect Travelex from SYD T1 or in the CBD and you will get US 77 cents today.

On another note Amex don't seem to be doing FX cash anymore, just travellers cheques and loaded cards.