Exchange NZDollars in Aust or NZ

[wallacej]

Hey, have a had a quick search and I am sure there is a thread somehwere, but I want to convert around $1000 from AUD to NZD...what are the thoughts here, best to do it at a thomas cook booth in a shopping centre? At the ANZ at Melb airport? Or wait til I get to NZ???

Is it better to convert whilst in Aust or on arrival to NZ?
My guess is if I do it locally it will just be based on the rate I get and there wont be a lot of fluctation, but is there a bigger difference between doing it in Aus vs Aust?

Cheers,

 

[Bundy Bear]

Hey, have a had a quick search and I am sure there is a thread somehwere, but I want to convert around $1000 from AUD to NZD...what are the thoughts here, best to do it at a thomas cook booth in a shopping centre? At the ANZ at Melb airport? Or wait til I get to NZ???

Is it better to convert whilst in Aust or on arrival to NZ?
My guess is if I do it locally it will just be based on the rate I get and there wont be a lot of fluctation, but is there a bigger difference between doing it in Aus vs Aust?

Cheers,

Do you want the money in cash; or just in someones bank account in New Zealand.

Today I got AUD $1.00 = $1.2917 NZD. Just brought it so the rate is 1 hour old; but then there is $15.00 of charges each end.

If I go and buy cash New Zealand trip then Wesptac is only offering $1.00 = $1.2517.

For $1,000 then the $40.00 difference from Westpac isn't too bad and it saves time.

If you are transferring $10,000 then that $400 difference is worthwhile.

 

[harvyk]

I always get cash before I go, I have on a couple of occasions turned small amounts of AUD into NZD whilst there, the rates seems fairly compariable (I guess in AU \ NZ, they know they will be able to sell the others currancy fairly easily on either side of the tasman, unlike purchasing say the Zimbabwean dollar, where there wouldn't be a lot of demand for it.)

For my last trip back in Feb I used travelex, I pre-ordered the cash online, paid for it using B-Pay and then picked up the cash from the airport (in my case it was CBR) just prior to leaving.

It was $1000, and the exchange rates where fairly compariable to other options, and certainly much better than had I simply walked up without pre-purchasing.

 

[bossreggie]

I don't usually take a lot of cash. (Usually around $500 for incidentals) In New Zealand I tend to use one of the Major banks. I find them competitive. IME, airports often don't tend to have the best rates.

On the day I leave NZ to come home, any cash I have, including coins, I use towards my hotel bill and pay the balance on my card. I keep $20 to tip the driver and then I don't need to worry about changing money back again.

 

[haydensydney]

Last week we got a shocker rate of $1AUD - $1.19NZ at the airside arrivals in Auckland.

Would suggest changing in Australia.

 

[harvyk]

Last week we got a shocker rate of $1AUD - $1.19NZ at the airside arrivals in Auckland.

Would suggest changing in Australia.

Arrivals at the airport is probably not the place to exchange, as they know that if you need to exchange cash there, then you don't have a lot of options.

Airports are rarely the best place to exchange cash (with exception to the travelex pre-order option)

Edit - Hey I just noticed I've gone over the 1000 post mark...

 

[FrenchObsession]

Maybe a little off topic here but changing larger sums of cash $1000 + at Travelex earns FF points with QF 1:1, not sure if the difference in exchange rate (from banks)would warrant it though.

 

[harvyk]

Maybe a little off topic here but changing larger sums of cash $1000 + at Travelex earns FF points with QF 1:1, not sure if the difference in exchange rate (from banks)would warrant it though.

Yes it does, but you need to do it via the QF website, in that case there is commission, but for AU$1000 the commission is $10. So one way of looking at it is it's 1000 points for $10 or 1c per point, which is a pretty good earn rate.

 

[UP4014]

Use a bank before you go is probably best, I used Westpac this year and they had a good rate, comparable fees.

Have used airports transfer exchanges before, while convient you pay for it.

Matt

 

[wallacej]

Thanks for that folks - so here's how it went down.
I am travelling in the morning, so my bad for not getting in earlier and ordering online, that certainly seems to be the best option, again depending on fluctations.

Went to my local Westpac, the buy foreign, but do not sell, so went down to the CBA, they buy and sell. (I am changing $1000 aussies)

CBA - $1.2492 plus $9.97 comm..
Travelex at the Harvey World - $1.1847, not sure what the commission was

Travelex if I ordered online $1.258, no comm and I could have picked it up at the same place I got the $$1.1847 rate from!

Thanks for the tips folks - And yes, I am off on a holiday - not taking phone, not taking laptop, and heading to RAR - not very often I go flying without either of those!!! Going to feel like I am missing my right arm.

 

[StevePER]

I just ordered some cash through Amex via the Virgin Blue website (link) - no commission, you pay via Bpay and you can collect it from Amex or most post offices within 3 business days. Not sure how the rates compare but I found it very convenient.

 

[Mal]

I've always believed it's slightly better to change within NZ rather than within AU.

Here's a very quick calculation from the ANZ websites in NZ and AU.

Convert $A100 to $NZ in a branch in NZ and AU.

ANZ(NZ) Bank : $NZ120.11 after $NZ5 fee.
ANZ(AU) Bank : $NZ114.95 after $A8 fee.

Have a look at the rates offered by Bank of New Zealand / ANZ / ASB Bank etc and see if you note a big difference.

I've also often seen "Convert $A commission free" offers at various banks in NZ. There are also a lot of slimy Forex conversion places in NZ - similar to the ones you see popping up everywhere in Oz. Perhaps they'll give a better deal on the day, but watch for high fees.

 

[Sprucegoose]

Last week we got a shocker rate of $1AUD - $1.19NZ at the airside arrivals in Auckland.

Would suggest changing in Australia.

Dont get me started on airport FX rates!! avoid them at all costs. Was that the great TRAVELLEX RIP OFF again???

 

[serfty]

I just hit the nearest ATM with my Wizard card - last time was at CHC where the rate charged was NZD1.275 : AUD1.00

 

[JohnK]

Do not purchase foreign currency at any airport in Australia. The rates offered are the worst spread I have seen anywhere in the world including the mafia run campios/exchange booths in the Czech Republic.

If you want NZD also avoid the airport and exchange booths in New Zealand. Similar rip off merchants to their Australian counterparts. I used the National Bank branches and got reasonable exchange rates the times I have visited New Zealand. ATM is also another reasonable alternative.