Buying USD in Sydney

[Deleted member]

Anyone comment on travelex. Vs bank etc. I am sure SWMBO got thoroughly taken the other day. When buying Thai baht.

 

[oz_mark]

Anyone comment on travelex. Vs bank etc. I am sure SWMBO got thoroughly taken the other day. When buying Thai baht.

If you just rock up to a travelex shop front, the exchange rates will be rubbish.

If you can order before hand, or get the shop front to match the online price, then not so bad.

 

[Sprucegoose]

Anyone comment on travelex. Vs bank etc. I am sure SWMBO got thoroughly taken the other day. When buying Thai baht.

Without a doubt. They are criminals. Ive been ripped off previously, they didnt even post my QF points into the bargain.

 

[one9]

Anyone comment on travelex. Vs bank etc. I am sure SWMBO got thoroughly taken the other day. When buying Thai baht.

No company outside Thailand can beat the exchange rate given by companies/banks inside Thailand. This is because the thai currency has two exchange rates - the inside thailand rate & the outside thailand rate. The Thailand government did this around the time of the asian currency / financial collapse to stop people being able to manipulate the currency.

The rate that the major banks in Australia give for Thai baht are terrible - can be around 10% lower. If you use someone like ozforex/hiforex the rate will be around 3-5% lower. The only sensible way for Thai baht is to exchange inside Thailand - either using an ATM or exchanging foreign currency or sending Telegraphic Transfers from your Aussie bank to your Thailand bank account and making sure the Aussie bank sends in AUD so then the Thailand bank can do the conversion.

 

[Deleted member]

No company outside Thailand can beat the exchange rate given by companies/banks inside Thailand. This is because the thai currency has two exchange rates - the inside thailand rate & the outside thailand rate. The Thailand government did this around the time of the asian currency / financial collapse to stop people being able to manipulate the currency.

The rate that the major banks in Australia give for Thai baht are terrible - can be around 10% lower. If you use someone like ozforex/hiforex the rate will be around 3-5% lower. The only sensible way for Thai baht is to exchange inside Thailand - either using an ATM or exchanging foreign currency or sending Telegraphic Transfers from your Aussie bank to your Thailand bank account and making sure the Aussie bank sends in AUD so then the Thailand bank can do the conversion.

Good to know. Thanks for that

 

[ben_caunt]

Cant comment on rate but just for the record the fees on foreign currency conversion at NAB is 1.1% of the aud value with a minimum of $10.

 

[medhead]

Cant comment on rate but just for the record the fees on foreign currency conversion at NAB is 1.1% of the aud value with a minimum of $10.

NAB have a mid range spread, there is better out there. With the fee on top I avoid NAB.

 

[somebol]

try KVB Kunlun in the citibank building in the CBD. I've always got excellent rates from them, no commission. The only drawback is the huge lines, in which case you can try the asian forex right next to KVB, they also have good rates.