Exchanging Foreign Currency to AUD

[marcojim]

Hi all,

I’m returning from overseas and will need to exchange a large sum of foreign currency into AUD. What’s the easiest way to do this with the least foreign exchange fees?

So far I’ve been looking at CBA since they’ve got a calculator on their website but not sure what options exist outside of that… is it better even to exchange into AUD before I return to Australia?

Thanks in advance

 

[albyd]

Is the currency cash or held in an overseas bank account? The big banks are not very competitive nowadays.

If you have the funds in a bank account, you might be able to transfer the funds to an FX provider and get a more competitive rate. They can then transfer the funds to your Aussie bank account. I use ebonfx. I have someone I can introduce you to by PM. Nothing in it for me except knowing that someone on AFF has saved some money.

 

[marcojim]

Is the currency cash or held in an overseas bank account? The big banks are not very competitive nowadays.

If you have the funds in a bank account, you might be able to transfer the funds to an FX provider and get a more competitive rate. They can then transfer the funds to your Aussie bank account. I use ebonfx. I have someone I can introduce you to by PM. Nothing in it for me except knowing that someone on AFF has saved some money.

ebonfx sounds interesting… although my foreign currency is in cash…

 

[albyd]

Thanks for explaining. I agree, if it’s cash, then a different situation. The exchange rates won’t be as favourable but good to find an organization who still handles cash forex as many of the hole in the walls I can see in SYD have closed.

 

[Cruiser Elite]

Is it a rude question to as ball park figure of ‘a large sum’ - we all have different views as to same.

 

[Mwenenzi]

Is it a rude question to as ball park figure of ‘a large sum’ - we all have different views as to same.

And the country.
Cash across borders is less than in decades past. On line forex far more common. But some Chinese seem to like folding money.

Reporting International Movements of Cash and Non-Cash Currency | Financial Services Resources

www.rba.gov.au