[Mal]

I recently have been looking at several of the Australian Foreign Exchange purchase online sites. They are a pretty handy idea - type in what currency/traveller's cheques you want, pay (normally via Bpay), then collect or have it delivered a few days later.

What really did surprise me though, was the huge differences between the sites I checked out. It's definitely buyer-beware.

Here's my quick findings of various sites. Note that everything might not be 100% accurate, but I'm sure someone will correct me if I make a mistake

Note for sample purposes, I did a quote (no actual order) for $500 USD, 500 UK Pounds and $500 US Traveller's Cheques. Quotes were roughly 6pm (Brisbane time) today and of course will vary frequently depending on global currency markets.

American Express

Amex operates the FX4You website located at
https://www.fx4you.com/australia/ame...ress/index.cfm

The site is rebranded for other banks and organisations and is normally the one I've used in the past.

You can pay via Credit Card or Bank Account (bpay) and the money is available for collection in around 4 days.

Total cost of the "currency basket"
$2,420.73 (including a $16 fee for the foreign cash ($8/currency). No T/C fee).
($1,213.69 UK Cash, $607.52 US Cash, $599.52 US T/Cs)


Travelex

Travelex operates the Travelex online website at http://www.travelex.com/au/secure/moneynet.asp . They also rebrand it for others including Qantas.

No T/C's are available from the site, only cash.

Total cost of the "cash only" "currency basket" was:
$1,795.64 (No fees)
($1,199.62 UK Cash, $596.02 US cash).


Qantas TravelMoney
Qantas offer a floating amount of FF points for ordering money via the Travelmoney site here: https://www.travelex.com/au/secure/qantas/moneynet.asp

Note it is a rebranded Travelex site.

The points are:
* A$50 to A$299, earn one point for every five dollars of value.
* A$300 to A$999 earn one point for every three dollars of value.
* A$1,000 to A$10,000, earn one point for every dollar of value.

Total cost of the "cash only" "currency basket" was:
$1,831.55 (incl 35.91 in fees).
($1,199.62 UK Cash, $596.02 US cash + $35.91 fee on the whole transaction)

Westpac online
They use a rebranded Amex site, and are having a 0% commission promotion until 31 Dec.
Westpac Internet -Foreign cash and travellers cheques online

Total cost of the "currency basket" $2399.29 (No fee promotion)
($1205.11 UK Cash, $597.09 US cash, $579.09 US T/Cs)


Commbank ExpressFX
Commonwealth Bank - ExpressFX

This site is also another rebadged Amex site.

Total cost of the "currency basket" 2,398.87 (Incl $31.86 in fees).
($1,197.53 UK Cash, $599.65 US Cash, $601.69 US TC's)


There are others in the market (such as ANZ) who also let you buy online, but not all have an easy to access portal where you can purchase the cash.

It is interesting how much they vary in fees and exchange rates. Note also that some banks/Amex etc will give you commission free transactions by presenting special cards (eg Plat/Gold etc) when picking up the cash, or if you walked in off the street instead...

[Arthur Hodgson]

My advice is before you sign on the dotted line (or hand over your hard-earned cash) for forex in Australia, check the real exchange rate using a real-time site such as XE.com - The World's Favorite Currency and Foreign Exchange Site. If you're paying way over the odds, don't do it.

You will always get the best exchange rate by toddling down to your local "Big 4" Bank branch and buying travellers cheques, particularly if you are a gold card holder (as I am).

Of course, a little cash is always useful when you arrive at a foreign destination, but is expensive if bought in Oz (the commission/fees kills it).

What I do is to get a cash advance from an ATM on arrival, with no ATM fee using my ANZ gold card. The exchange fees and interest using this method tend to be less that getting foreign cash in Australia. And unless you're going to a very exotic destination, you will find an ATM at virtually every airport.

[serfty]

I never get the $, £, ¥ etc in Oz anymore.

The Airport ATM is one of the better methods I have found. A westpac account is usefull when using their "Global Alliance Partners".

There's a couple of very informative threads here on getting money overseas with plent of tips:

• Best card for travelling overseas?
  
• Money Overseas - ATM, Trav Cheques or VISA
  
• CC best suited for foreign currency transactions?

Basically, if you can set one up properly, the Wizard card appears the best for many punters.

[auriga]

I agree that the wizard card is very useful, and economical.

If going through Singapore, money changers there are very competitive.

For rates, see

Mustafa Foreign Exchange

In my experience it is possible to bargain slightly better rates than the above mustafa rates at the Chinatown moneychangers.