Best place to exchange AUD to EUR (Singapore? Bangkok? Abu Dhabi? Paris?)

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peanutz

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Hi,

Not sure if it has been discussed any where here. I am travelling to France in a couple of weeks and thinking I might need some EUR. I have both Citibank Plus and 28 Degrees card and don't want to carry a lot of cash if possible. I don't mind using my credit cards really.

I'm flying out from Melbourne, transitting in Singapore, stopping over in Bangkok for a few days, and then catching a plane to Paris with transitting in Abu Dhabi. Should I exchange money at one of these places, if so, where's the best place? I heard something good about KVB Kunlun which has a branch in Melbourne. I know that SuperRich in Bangkok is pretty good and currency exchange in Singapore isn't so bad. Is Citibank Plus better option?
 
You wont like my answer - but the best rate is always for cash.

Not comfortable carrying a $1000 worth of cash?
 
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I use EverForex on Collins St. Their rates are not bad.

Keep in mind that large amounts over €1,000 should be pre-ordered otherwise may get some €500 notes.
 
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I use UAExchange, I think they are in most capital cities. I've also found that the Travel Money places will price match and beat other places. For example, when UAexchange didn't have ZAR, the travel money place (which did have ZAR) accepted my verbal quoting of their rate and beat it.
 
My policy on foreign exchange these days is to put the majority of funds onto the Citibank Visa Debit card. I then also carry about $500 as cash. I will also have small denominations for airport taxi.

(I do 6-7 overseas trips per year, i have studied the rates and noted them and compared to bank statements.)

The citi card gives me security as I'm not carry all of my funds and I Can transfer money to it while I'm travelling. Some protection if it gets stolen and skimmed.

I usually make a withdrawal at an in-country ATM shortly after arrival.

The cash I will exchange at a currency exchange vendor in the city where I am, away from the airport.

When going through a few countries (like you are) in my experience, I also just exchange any remaining departure currency at the departure airport for the next country. Any loose small denominations go into donation boxes. This is just a tidy way to keep currency in order. If I go there regularly I will retain it in an envelope marked for that country.


Definitely stay away from the various cash passports being touted.
 
medhead said:
I use UAExchange, I think they are in most capital cities. I've also found that the Travel Money places will price match and beat other places. For example, when UAexchange didn't have ZAR, the travel money place (which did have ZAR) accepted my verbal quoting of their rate and beat it.
Click to expand...

I agree with this. I usually use UAE Exchange if I want foreign cash. Their rates are very competitive and they do not charge commissions.

However, I mostly just withdraw on from an ATM on arrival nowadays using my Citibank Plus card.

peanutz said:
I'm flying out from Melbourne, transitting in Singapore, stopping over in Bangkok for a few days, and then catching a plane to Paris with transitting in Abu Dhabi. Should I exchange money at one of these places, if so, where's the best place?
Click to expand...


If you do exchange cash from AUD to EUR, I would either do it in Australia or in Europe (i.e. a country where at least one of the currencies being exchanged is the local currency). If you were to exchange money in Bangkok, for example, wouldn't they need to convert your AUD to Thai Baht before then converting the Baht to Euros? Meaning you lose a little money on the exchange rate twice?
 
Even with the double exchange, you should get better rates in Bangkok / Singapore compared to Australia.
However, I think withdrawing from ATM in Europe should give the best rates.
 
peanutz said:
I don't think I like to carry $1,000 but if I did, where should I exchange the money?
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If you are exchanging $AU in Bangkok and staying close to Sukhumvit, consider Vasu Currency Exchange, which is located at soi 7, Sukhumvit Road, Sukhumvit (Google the name for a location map and current exchange rates).

I have been using this exchange for greater than a decade, and it consistently performs. SuperRich is also a consistent performer, and has a number of booths across Bangkok. Bring your passport.

I hope this information was useful.

Cheers
Bush
 
auriga said:
Even with the double exchange, you should get better rates in Bangkok / Singapore compared to Australia.
However, I think withdrawing from ATM in Europe should give the best rates.
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Would a double exchange really be better? I did a bit of an internet shop around this week (for USD) and found the best rates (marginally) I could find were with American Express. The rate is less than 2% worse off than an ATM CitiPlus withdrawal on arrival.

Minimum to change is $500 and you can request small notes, though I have had no experience making such a request. I guess for me if you are only changing the minimum I'd do this. Less than $10 worse off with the peace of mind that you have cash on arrival and no messing around with ATMs or money changers (especially if you have a short transit/ kids in tow).

...update - I answered my own question via the Vasu website - double exchange of AUD500 gives you US381.96 compared with USD376.55 with Amex here, so you are right it is better. Not worth it for me for a small amount, but each to their own.
 
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peanutz said:
Hi,

Not sure if it has been discussed any where here. I am travelling to France in a couple of weeks and thinking I might need some EUR. I have both Citibank Plus and 28 Degrees card and don't want to carry a lot of cash if possible. I don't mind using my credit cards really.

I'm flying out from Melbourne, transitting in Singapore, stopping over in Bangkok for a few days, and then catching a plane to Paris with transitting in Abu Dhabi. Should I exchange money at one of these places, if so, where's the best place? I heard something good about KVB Kunlun which has a branch in Melbourne. I know that SuperRich in Bangkok is pretty good and currency exchange in Singapore isn't so bad. Is Citibank Plus better option?
Click to expand...

Use your Citibank Plus in France. I have yet to find a cash rate that is better (and more convenient) than the citibank plus card.

Exception: for Bangkok, the ATM charges a flat fee (~A$5 from memory) - in that instance and depending on the amount (i.e less than a few hundred or so), better off exchanging cash at the money changer
 
UAE Exchange in Perth historically had the best rates when I was looking. I've used them for transfers as well. And the ATM rates I have found normally to be the best when traveling.

Happy wandering

Fred
 
Mattg said:
I agree with this. I usually use UAE Exchange if I want foreign cash. Their rates are very competitive and they do not charge commissions.

However, I mostly just withdraw on from an ATM on arrival nowadays using my Citibank Plus card.
Click to expand...

Agreed, citibank plus is the best. But I do usually have about A$100 worth as splash cash on me. not that I travel OS that often.
 
I have used Citibank Plus all over France using many different Banks. There was no fee and the rates were very good.
 
As a regular buyer of foreign currency in Adelaide I've found FX Foreign Xchange to be better than most including UAE Exchange. They have two shops, one in King William Street (CBD) and the other in Frome Street (in the East End). They also have a shop in Mentone, Victoria (at 92 Charman Road, tel: 0430 212 066). Sydney hopefully will be next, I've been told. As for buying currency my suggestion is always to shop around for the best rate. This becomes even more important if buying large sums. As the Euro is very popular ordering ahead of time is not a bad idea, maybe 2 days ahead, and try to nail it when the Aussie is on the rise (if you can). As for the Citibank Visa Debit card, I also agree. Another (fallback) option is to load up your Velocity Global Wallet (VISA debit card) or QANTAS Cash (MasterCard Debit card).

Cheers
 
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Very good article.. I am travelling overseas and need to some tips. When using your Visa debit card to withdraw money from an ATM in Europe, does that specific machine convert the money using ' VISA international's exchange rate, the bank your card is attached to ( i.E ANZ, NAB etc), or the exchange rate the local bank( whose ATM you're using) is offering ?.. I am not a citibank customer, so any advise of other cards I can use which offer the same perks?..
 
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