Best Place to exchange currencies

[Sheenaec7]

What is/are the destination(s)?

Thailand this trip.

Italy in a couple of months

Bali later in the year

 

[Lizzi]

I'm adding another vote for Travel Money Oz Currency Exchange & Cash Passports | Travel Money Oz (they're part of Flight Centre). They charge no commission, and they will match the best exchange rate you can find elsewhere. They don't usually have a great range of currencies in stock, but you can order them.

 

[Spongbob]

+1 for Citibank plus and using ATM. Forget changing money unless you know there's no ATM at the arriving port.

Some foreign cash is always useful even if you plan to rely on ATMs while OS. There is always the possibility of having your bank ATM card lost, stolen or retained by an ATM.

 

[RooFlyer]

Thanks for all the helpful responses. I do have a Qantas cash card but haven't yet activated it. Most of you seemed to mention the Citibank one. Is that better than the QFF one for any reason?

Yes! Using the qantas cash card, and most other similar ones, you will lose about 4% ( or more) each time there is a currency conversion. Eg you load $A and make it US$ on the card, you lose 4% or more.

With Citi Plus debit, you load A$ and spend it in foreign currency ( or ATM) but you don't get hit with the 4% or so FX fees. Also, with QC, if you run out of US$ for instance, it draws on other currencies you have there, and again you lose.

And with QC, any unspent foreign currency sits there lazily, unless you withdraw it back home. With Citi, it's only there as A$ and you can use it either in Australia or for any currency transaction that takes Visa ( it uses the Visa system, but it's still a debit card).

Chalk and cheese really.

 

[ozbeachbabe]

+1 for Citibank plus and using ATM. Forget changing money unless you know there's no ATM at the arriving port.

Some foreign cash is always useful even if you plan to rely on ATMs while OS. There is always the possibility of having your bank ATM card lost, stolen or retained by an ATM.

Or fleeced of funds if you use the fraudulent ATMs at RIO Airport that have been like for several years. As someone else mentioned on another thread, if you must use ATMs if possible use one within a bank as it would be more difficult for thieves to tamper with it.

 

[defurax]

The best currency exchange desk I've ever dealt with charged only 0.1% of the spot rate for USD. What's the catch? Well, it is located airside at RUH and operated by two guys in a plexiglass booth:shock: So only useful for people transiting to KSA. I guess they can only make money because the locals convert 10K per transaction When I gave the equivalent of 500USD to the guy he looked at me and said "don't you have more?"

 

[Sprucegoose]

Crown Currency exchange in Brisbane is quite good.

Most of the currency exchanges in Brisbane city add on commission to their already poor rates.

Whether they roll it into the rate or charge a separate fee it's all about the total costs of conversion.

No different to the trade in value of an old car and purchase price of a new car - changeover costs.

 

[moa999]

In Sydney
KVB Kunlun
which is in the Citibank building in Park St nr Town Hall

 

[JohnK]

Sorry to drag up old thread.

Will be in KUL for 1 night next week. Don't need much but also don't like throwing money away.

Current mid market rate is MYR3.17
Crown exchange is offering MYR2.92 which is one of their poorer rates

Can I do better at KUL airport?

 

[Quickstatus]

Nope KLIA is bad. Best are the Indian money changers hole in the wall types. When I was in Bukit Bintang in July I got 3.02

For accurate retail daily rates (updated regularly):
http://www.everestringgit.com.my/

These are quite close to what the money changers use.
Always count cash before you leave the counter

 

[NM]

Sorry to drag up old thread.

Will be in KUL for 1 night next week. Don't need much but also don't like throwing money away.

Current mid market rate is MYR3.17
Crown exchange is offering MYR2.92 which is one of their poorer rates

Can I do better at KUL airport?

I always use the Maybank ATM in the baggage collection hall to withdraw cash using Citibank Plus card. After immigration, I go straight to the ATM, then to the Airport Ekspress counter to buy train ticket, then go and collect checked bag if required.

 

[JohnK]

Nope KLIA is bad. Best are the Indian money changers hole in the wall types. When I was in Bukit Bintang in July I got 3.02

Always count cash before you leave the counter

Arriving late Friday evening and leaving on Skybus early morning to LCCT. Skybus prepaid so I guess all I need is some money for train to city and any spontaneous purchases.

Do the exchanges try the silly tricks of handing out less money? That is sad.

 

[Quickstatus]

Yep they count the cash before they give it to you but quick as a flash it's less when you get it. Never happened to me but I have heard stories.
Just get enough from convenience money changers to get you to the Indian money changers if staying more than one night

 

[JohnK]

I decided not to stuff around. Got 90MYR from Crown at the even poorer rate of 2.9140. Only there for ~6 hours. Not even sure it is worth booking hotel by the time I get to Holiday Inn Express I will need to come back on Skybus.

 

[Quickstatus]

There are some transit hotels in KLIA.

http://www.sleepinginairports.net/asia/kualalumpur.htm#airportHotel

Don't know how up today's this info is

 

[Lemon_Party]

i'd use travelmoneyoz in Melbourne & crowncurrency in Brisbane. Not a travelex fan.

I've found crown currency to usually offer very good rates and no commission - they were my go to in Brisbane. I had always avoided travelex at the airport like the plague as their rates are dreadful, but last time I went to Japan I found ordering online for collection at the airport got a great rate.

I still find taking cash out from an atm overseas to be the best rate, but needs to be in volumes to negate the atm fee.

My preference has always been to travel with a small amount just in case and take the rest out when you get there. Really depends on where you are going though. East Africa I found USD were exchanged at much better rates than any currency and ATMs few and far between - always do your research, someone else on a forum like this has done it before...

 

[Austman]

I had always avoided travelex at the airport like the plague as their rates are dreadful, but last time I went to Japan I found ordering online for collection at the airport got a great rate.

And for other currencies they are also not too bad. But you must pre-order, on-line. Don't buy on the spot at the airport. And the pick-up at the airport (and other places) can be a big plus for those who are not often in the CBD areas. If I factor in travel times and travel costs for going to the CBD, Travelex can be cheaper.

 

[Simo]

IMHO airports worse place for currency exchange captive market and all of that

 

[Cynicor]

I've found crown currency to usually offer very good rates and no commission - they were my go to in Brisbane. I had always avoided travelex at the airport like the plague as their rates are dreadful, but last time I went to Japan I found ordering online for collection at the airport got a great rate.

I still find taking cash out from an atm overseas to be the best rate, but needs to be in volumes to negate the atm fee.
...

You're using the wrong card then. Citibank Debit.

 

[Lemon_Party]

You're using the wrong card then. Citibank Debit.

But do their rates then compare well?

Providing I find an alliance atm (not always possible) westpac charge me something like 3% on the withdrawal from memory, but the exchange rate given is always very close to XE mid market rate - so effectively their fee/commission is just the advertised % rate.

I'd always (cynically perhaps) assumed that the companies that offer commission free overseas withdrawals just masked that 3% in the rate they give you compared to the daily mid-market?