Buying USD.
Discuss Buying USD, on the Open Discussion forum of FrequentFlyer.com.au, the home of frequent flyers.
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Hi Folks,
I was wondering if you could tell me where is the cheapest place to buy US currency. Most places I have looked at are about $0.02 below the going rate and they charge fees on top of that. Any Ideas or tips greatly appreciated. I would be buying usd$1000 at a time. I have an AMP amex card.
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I agree with Damien. Get a couple of hundred US dollars from the bank (and get $20 in $1 notes for tips) and then whenever you want cash get it from an ATM in USA. Saves all the problems of carrying large amounts of cash, and if for example you travel into Canada you simply get a small amount of CAN$ as needed.
The cheapest place to buy USD is at a bank, preferably your bank. The banks generally have the most competitive exchange rates in the market. When I 've purchased USD in the past from the CBA I have found the rate to be $0.005 below international markets.
The main benefit of purchasing USD from your bank is that if you have a good relationship with your branch manager he/she has the authority to waive the transaction fee, thus saving you a significant amount of money in fees. I have a good relationship with my branch manager and every time I 've asked him to waive the fee he has obliged.
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Thanks for these tips...with our upcoming trip to USA, Jamaica and Canada I was just starting to wonder what I would do.
Some excellent suggestions that I will take up. Already have the USD$ cash for our 2 days incidentals before we hit Jamaica. Will have to see what's best to take there.
But using the ATM's I would expect the funds to come from our CC (as a cash advance) and not accessed to our savings/cheque accounts. I suppose I could put the CC in credit (so long as we can still access).
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Quote:
Originally Posted by Damien
The cheapest method I've found is to use an ATM in the US.
My experience also. And use a card/account that does not charge fees for using overseas ATM for cash withdrawal.
To buy Dead Presidents in Australia is always going to cost you a hefty commission, and you will need to call ahead if you want to be sure of availability for US$1000.
Amex Travellers Cheques may be worth considering, so long as you can get them commission-free.
The cheapest method I've found is to use an ATM in the US.
My experience also. And use a card/account that does not charge fees for using overseas ATM for cash withdrawal.
The card NM is referring to is the Citibank ReadiCredit. It's well worth applying for just for this purpose. I only use mine for this, and the occasional cheque.
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Quote:
Originally Posted by Damien
The card NM is referring to is the Citibank ReadiCredit. It's well worth applying for just for this purpose. I only use mine for this, and the occasional cheque.
Yes, that is the card I use for this purpose, but it is not the only card/account that does not charge a fee for using at overseas ATMs.
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Quote:
Originally Posted by Lindsay Wilson
But using the ATM's I would expect the funds to come from our CC (as a cash advance) and not accessed to our savings/cheque accounts. I suppose I could put the CC in credit (so long as we can still access).
There are lots of ways to access cash from ATMs in foreign countries. Yes, most Credit Cards will permit a cash advance, but will charge you a fee as well as interest. I used to use a Mastercard for this and kept the card purely for cash withdrawals and always transferred the funds into the card before withdrawing. Then I found the CitiBank Readicredit card.
You can also access most Australian savings accounts if your account is linked to Cirrus or Maestro via ATMs that carry the respective logos. check with your bank about access via these networks and any fees that may apply.
You can also access most Australian savings accounts if your account is linked to Cirrus or Maestro via ATMs that carry the respective logos. check with your bank about access via these networks and any fees that may apply.
Yes, I used my Westpac ATM card in the USA without problem last trip. I found that some of the auto-teller machines located in hotels automatically deduct a fee (usually USD $2.00 but as high as USD $5.00 in Las Vegas). However there was a sign posted to this effect so it wasn't a surprise.
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