Currency (cash) exchange - best place for it?

[Walter Plinge]

I couldn't find anything about this with a search of the threads.

On a trip to the US is it better to change AUD notes for US currency here before leaving, or do it on arrival (say, in the terminal).

A post on tripadvisor.com said for Thailand (to give an example) on arrival was better.

Going to the US last year I bought US currency at my suburban bank (CBA) - I got charged an $8 fee plus they only had large notes. Never again - that was a rip-off for US$200.

WP

[whereishome]

I've found that UAExchange is a good place (at least in Brisbane) to get money changed. No commission, pretty good rates.

You may find that you're pretty much boned on currency buys in Australia anyways. Nowadays, I just grab a little bit in local currency (about AUD$200 worth) and then hit up an ATM when I arrive in-country.

Maybe this could be an option?

EDITED TO ADD: A friend of mine used to work for Travelex - 90% of the time you're better off buying your currency in the country you're in as there would be somewhat of a demand for AUD currency. At least in countries like thew US, Japan and UK where there is a lot of people travelling to Australia.

[SnowYeti]

KVB KUNLUN is great in Sydney and Melb. No conversion fee, wholesale bank.

Rates change every minute !! They thought i was funny when I watched rate for 5 mins before doing an exchange. It was more than $10k, so I did save a few dollars

[kdser]

I would recommend Flight Centre, no commission.

They accept small amount of cash, even coins, I think.

[odysseus]

EDITED TO ADD: A friend of mine used to work for Travelex - 90% of the time you're better off buying your currency in the country you're in as there would be somewhat of a demand for AUD currency. At least in countries like thew US, Japan and UK where there is a lot of people travelling to Australia.

I'd actually suggest the opposite. All things being equal, it's better (if you're going to actually exchange notes) to do it where the currency is in relatively high demand. To a US money converter, only a very small part of their business is Australian currency, so there's not going to be much demand for it; thus, if they take your money they'll have to sit on it for a while, so will offer a less favourable rate. OTOH, the US currency is still signficant here (albeit not the most traded), so there's a bit more comfort with it.

If only changing a small amount e.g. a couple of hundred, minimise commission as its effect will likely be greater than the exchange rate impact.

[medhead]

All these "no commission" places are all well and good, but check the exchange rate they provide. In most cases, they do actually charge a commission in the buy-sell rate spread. I have found that you will get a better exchange rate with the banks. Last time I checked, NAB charged the lowest fee, of $5. Only purchase from the main CBD branch as they have money on hand (in a range of notes), whereas a suburban branch has to order it in or has limited stock (probably in large notes)

Well, NAB doesn't seem to have their indicative cash rates on the website anymore. But for a A$200 amount you need the rate to be about 2.5 cents better to make up for the $5 fee. Might be marginal to achieve this, I normally swap $1000 amounts, which is definitely better for me even with paying the $5 commission.

Also be carefully that you understand what is a better exchange rate. This changes depending on which way the conversion is going.

[serfty]

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

[Sunstar320]

What about Travelex online? Good value?

[JohnK]

The last time I purchased foreign currency in Australia was 1994.

There is no need to purchase foreign currency in Australia as more than likely you will be worse off than if you purchased at the destination unless you want to gamble on a specific exchange rate before travel. There is no need to have convenience money when leaving Australia as most airports around the world have ATMs or at least one currency exchange. And if you travel regularly then it is a good idea to bring back some foreign currency to use on the next trip.

Also for Thailand you will get a much better rates at the currency exchange booths outside of the airport. Usually I will purchase some Thai baht at the airport and the rest I will exchange as I need it. Some of the independent (not always on the main streets) currency exchanges can offer excellent exchange rates if you happen to be there at the right time. Also be careful about using credit card to withdraw cash in Thailand as they have recently introduced a 150 THB ATM fee....

[Robert Barlow]

I couldn't find anything about this with a search of the threads.

On a trip to the US is it better to change AUD notes for US currency here before leaving, or do it on arrival (say, in the terminal).

A post on tripadvisor.com said for Thailand (to give an example) on arrival was better.

Going to the US last year I bought US currency at my suburban bank (CBA) - I got charged an $8 fee plus they only had large notes. Never again - that was a rip-off for US$200.

WP

I always buy cash online via Travelex before I go OS. There are no commissions or fees with Travelex online and you can choos when to buy. The lat online purchase I made of US dollars was 2 days before I left in August last year. Ipaid AUD 250 for USD 240. (i.e. a rate in the nineties US cents for AUD 1) Two months later when I returned, the rate was in the sixties US cents for AUD 1. With Travelex you lock in the rate when you purchase. You have to collect your forex in a window of between 2 - 28 days. You can choose how you pay - Bpay, CC Visa debit or cash. You nominate the centre where you wish to complete the transaction.