Currency (cash) exchange - best place for it?

[MelbMan]

I always like to have about $100 in local currency when I land. A recent trip to Singapore, Malaysia, UK, Turkey, France and then back to UK converted about $AUD700 at the ANZ Forex booth at Tullamarine. $8 fee for each currency.

One of their "positives" was that they would buy any forex you bought back commission free. This may be the case but the buy back rates were an absolute disgrace.... highway robbery.... I'll never use ANZ again.

[dajop]

Well sorry can't help anyone, but I had quite a shock last night when I went down to my nearby 24 hr department store here in Singapore (known to many as Mustafa's) to change some SGD into USD. For about $150 USD it actually cost 50c less than I calculated using the xe.com /ozforex.com rates. Pleasantly surprised. I also worked out that if I'd cashed AUD-> SGD -> USD it would have cost me only 50c more than the AUD:USD exchange rate. Usually double currency conversions cost a heap.

[Evan]

Well sorry can't help anyone, but I had quite a shock last night when I went down to my nearby 24 hr department store here in Singapore (known to many as Mustafa's) to change some SGD into USD. For about $150 USD it actually cost 50c less than I calculated using the xe.com /ozforex.com rates. Pleasantly surprised. I also worked out that if I'd cashed AUD-> SGD -> USD it would have cost me only 50c more than the AUD:USD exchange rate. Usually double currency conversions cost a heap.

For USD and AUD that seems pretty normal in Singapore, nearly always the European guys visiting say its better to change cash in Singapore than at the banks.

[auriga]

Well sorry can't help anyone, but I had quite a shock last night when I went down to my nearby 24 hr department store here in Singapore (known to many as Mustafa's) to change some SGD into USD. For about $150 USD it actually cost 50c less than I calculated using the xe.com /ozforex.com rates. Pleasantly surprised. I also worked out that if I'd cashed AUD-> SGD -> USD it would have cost me only 50c more than the AUD:USD exchange rate. Usually double currency conversions cost a heap.

Singapore is a great place to change money. Mustafa's is great, plus you can check out their rates online :: Mustafa Online ::

If you can be bothered, you can try bargaining at the money exchange booths in Chinatown. It is possible to get a very slightly better rate than at Mustafa's.

[JohnK]

For anyone in Brisbane (whereishome take note) Crown Currency Exchange in Toowong (I guess the same rates would be available in the city) has the following exchange rates and more importantly no commission.

JPY 74.6688
USD 0.7934

[Mal]

JPY 74.6688
USD 0.7934

That's pretty good. I used to use Westpac's FX4You site. No commission on TC's or cash (at the moment), and you have the ability to Bpay via credit card (and earn reward points on that card - assuming your bank awards award points on Bpay payments from Credit cards.

Here's their current rates:
JPY 74.2200
USD 0.7917

Also, by Bpaying via credit card, you can even have the cash interest free until the end of your billing cycle, so if you aren't paying interest that's another small improvement on the rate.

[Warks]

My previous bank (which bank?) would let me withdraw cash on my MAstercard from my linked savings account overseas back in 1997. I think there was a $2 fee for each time I used the ATM. With my current bank (Suncorp) some 12 years later I can't do the same even with linked accounts!
I can get a Visa Debit card: "Visa conversion 2.5% (same charge as with their credit cards) $5 per $1000 or part thereof when withdrawing cash from ATM" which is a bit rich. Or go with a Travelex card where I was told "ATM withdrawals cost $3.75" but there was no mention of the 1% fee on the amount you put on the card (found that on website).

It all looks like a big rip-off all round with those ATM fees. Not sure what to do. Take enough cash for Canada and USA I guess and pay for everything possible on the credit card which is pretty easy over there.

[medhead]

Or check out NAB gold banking. Monthly fee, that can be avoided, and no fee for using overseas ATMs. Might be suitable

NAB - NAB Gold Banking