Currency (cash) exchange - best place for it?

[Robert Barlow]

Note - travelling to the US, it is always handy to have some USD in hand when you arrive for tips.

[serfty]

Today you can purchase USD online at a rate of 0.7850 using www.travelex.com.au.

This rate is based on last night's close rate.

www.xe.com/ccc tells me that has an inbuilt commission of ~2.5%.

To pay with Credit/Debit cards incurs a further 1½% penalty, bPay does not. There is no longer any cash payment option.

[medhead]

NAB do have the T/C rates: Foreign Exchange Calculator

And some calculators:
NAB - Convert Australian dollars to foreign currency
NAB - Convert foreign currency to Australian dollars
NAB - Pocket currency converter

Thanks Serfty I should have been clearer, I was looking for the rates for exchanging cash.

[albatross710]

When I traveled to VN in May I used travellex before I departed. I was able to get 15-20% better rate on the ground in VN.

When I traveled to China it was again 20% better on the ground in Cnina. In that case even the airport vending machine had a better rate.

For a trip later this year to Europe I'll use the exchange booth at SIN for AUD exchange to EURO.

I do however always start with some of my destination country currency when I leave home. I store my leftovers from previous trips as starter currency for the next trip.

[JohnK]

Today you can purchase USD online at a rate of 0.7850 using www.travelex.com.au.

This rate is based on last night's close rate.

xe.com/ccc tells me that has an inbuilt commission of ~2.5%.

To pay with Credit/Debit cards incurs a further 1½% penalty, bPay does not. There is no longer any cash payment option.

It would be nice to have a comparison of overseas currency exchange rates in the destination country compared to the currency exchange rates on offer in Australia. Here is my own little comparison of Travelex vs Overseas Currency Exchange rates

• If purchasing THB from Travelex the rate is 24.91, xe.com is showing 27.46. The cash rate of Siam Commercial Bank is currently 27.02 and I am almost certain you can get very close that at the currency exchanges booths.
• If purchasing EUR from Travelex the rate is 0.5480, xe.com is showing 0.5729. The cash rate of the National Bank of Greece is currently 0.5676. I am not sure if they charge any commission.
• If purchasing SGD from Travelex the rate is 1.1110, xe.com is showing 1.1671. The cash rate of DBS Bank is currently 1.1520. Can anyone in Singapore report on what is on offer at currency exchange booths tonight?
• If purchasing HKD from Travelex the rate is 5.9610, xe.com is showing 6.2487. The cash rate of HSBC Bank is currently 6.2740. Can anyone in Hong Kong report on what is on offer at currency exchange booths tonight?
• If purchasing NZD from Travelex the rate is 1.2030, xe.com is showing 1.2545. The cash rate of National Bank of New Zealand is 1.2044.
• If purchasing USD from Travelex the rate is 0.7850, xe.com is showing 0.8062. The cash rate of Bank of America is currently 0.7598.

Of the 6 currencies I picked only the USD is favourable via Travelex and the NZD is almost on par.

[odysseus]

Thanks Serfty I should have been clearer, I was looking for the rates for exchanging cash.

That's a bit nasty of them - so much for bank websites being there to help.
NAB - Indicative exchange rates - Cash

[medhead]

That's a bit nasty of them - so much for bank websites being there to help.
NAB - Indicative exchange rates - Cash

They have probably got a bit gun shy. Last time I was in there discussing the various exchange rates, they were very reluctant to agree that the TT rate was a good indicator for the rate I'd get on withdrawing from an ATM while overseas. I had to promise not to hold any agreement against them if I got a different rate.

JohnK has had a good idea. It'd be good to be able to compare various bank cash rates as well - (tio see if my theories are correct)

And to find out the answer of course

[ethernet]

YHA card = no commission at Westpak but westpac not really good anyway.

When I stay at a backpackers like YHA or 790 on George, sticking a note on the kitchen door at dinner time like 'Exchange USD 100 for $121 Australian Dollars 4th Floor 0411 ..... gets me the best rate.
Often people offer other currencies - which I may buy at bank 'buy' rates = I'm a winner.
I use a digital Camera to snap the Banks rates on George or Pitt St or the ripoff hole in wall places, so I can show no monkey business.
Just remove sign swiftly, lest some Japanese dude want to exchange $1000 of yen at 12pm.
I am happy some thieving exchange places have 12% spreads - I don't need to be dishonest.

There are some 2nd hand places on George st Sydney like ACEBEN that sometimes are acceptable.

[albatross710]

For iPhone users there is a free app from the nice people at xe.com available through the Appstore. Allows you to set the currencies you want to monitor and it will update them for you at a glance. Search the appstore for "xe".

[medhead]

Thanks, will check out the xe.com app.
I have been using the free bloomberg app, as it also has my share prices and the rates are a good indicator.