Money exchange

[raidz3r]

Just wondering wheres the best place to exchange my money?
Should i go to a bank or a private foreign exchange. I'm planning on going on holidays next week and need to exchange for some $US.

 

[roopy]

I saw a TV finance thing the other day which said to put your money into debit cards for international travellers that you can get at banks. Apparently you can buy them in US dollars before you go.
I've never travelled myself, so maybe someone who has will know what this is about.

 

[stuke]

yep, spot on. you can transfer your money into debit cards that are able to be used overseas, with the exchange rate locked in. you will need some local currency with you so the banks are normally the better option. they do charge a commission though.

 

[Paullyboy]

I used the ANZ Travel Card when I travelled in 2008 and recommend that (you don't have to have an account with them beforehand, I know I wasn't, but they had the best card with respect to fees)

 

[myanonymoususername]

I usually just take a couple of hundred Aussie dollars with me, change it at the airport when I get to the other country so I have some cash for the first day or so, then take cash out of ATM's.

Avoid Travelex unless desperate - their rates are sh*t!

 

[Paullyboy]

I wouldn't advise using airport currency exchange unless desperate, they are notorious for being the worst rates possible.

 

[Packy]

I usually just take a couple of hundred Aussie dollars with me, change it at the airport when I get to the other country so I have some cash for the first day or so, then take cash out of ATM's.

Avoid Travelex unless desperate - their rates are sh*t!

Yep. This is how I do it as well. As long as you have a Visa debit card you should be sweet.

 

[Different kind of Rabbit]

As above, get yourself a Visa debit card and where possible pay with it, like a credit card. That way Visa cop all the fees.

If you need to get cash out, then get a few days worth at a time as from memory, it costs about $6.00 in transaction fees for a withdrawal O/S.

Travel Cards are a good option if you are going O/S in say 6 months time and you think the exchange rate will be significantly worse by then as a travel card will lock the exchange rate in now. It also means you can't access your cash for that period of time though so don't lock away too much. The bank do, however, charge a commission.

If you are changing over cash, do it at a bank before you leave. Don't do it at a travelex or at the airport unless you absolutely have too as they smash you for the priviledge.