good foreign currencies with no fee!

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Myrna

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When we went overseas and needed to buy foreign currency cash we normally did it through one of the major banks - getting low rates and paying commission fees. However, one of hubby's staff (Chinese) bought her foreign currency cash through a Chinese firm and got really good rates. So, we tried it out on our recent trip to NZ. To our surprise, we got a very good rate for the NZD cash (when I compared it with the CBA rate on the day) and paid no fee whatsoever! Check out the website kvbkunlun.com - they are in the Citibank building (opposite Woolworths in Sydney). I phoned them first the day before to make sure they would have the cash amount I wanted to buy. I went there on the day and the small room / office was full of people (mainly Chinese) - had to wait for about 45 mins. I had to show some ID and pay for the NZD with cash. We will be using them in the future - and not the CBA! If you want to use them, then make sure to phone and ask the questions before you go there.
 
When we went overseas and needed to buy foreign currency cash we normally did it through one of the major banks - getting low rates and paying commission fees. However, one of hubby's staff (Chinese) bought her foreign currency cash through a Chinese firm and got really good rates. So, we tried it out on our recent trip to NZ. To our surprise, we got a very good rate for the NZD cash (when I compared it with the CBA rate on the day) and paid no fee whatsoever! Check out the website kvbkunlun.com - they are in the Citibank building (opposite Woolworths in Sydney). I phoned them first the day before to make sure they would have the cash amount I wanted to buy. I went there on the day and the small room / office was full of people (mainly Chinese) - had to wait for about 45 mins. I had to show some ID and pay for the NZD with cash. We will be using them in the future - and not the CBA! If you want to use them, then make sure to phone and ask the questions before you go there.
This certainly seems to be worth a look. I see from the web site they have Auckland, Sydney, Melbourne and Toronto contact points.
 
The banks generally buy through Amex/Travelex anyway, so they put their markup ontop of their rates.
 
The banks generally buy through Amex/Travelex anyway, so they put their markup ontop of their rates.

I find that slightly hard to believe in view that not only do the banks have at least some chance of offering a cheaper commission, but in my experience the rates that I've found with Travelex outlets and online themselves are extortionate compared to banks.

I only used Travelex twice - once in SYD Airport because I was in a pinch (i.e. no choice), and once in JNB Airport. In the latter case, I was converting AUD to ZAR; there were four changers at the airport (one being a bank), but after commissions were taken away, Travelex still came out on top.


Back on topic, too bad they don't have one in Brisbane. I find the best rates in Brisbane are the Moneygram next to Flight Centre on Albert Street. If you preload a Wizard Clear Advantage Mastercard, provided that whilst you travel the currency rates remain fairly stable, then their conversion on the fly is quite good, with no cash advance or forex fees.
 
I use KVB Kunlun for USD, CAD and JPY for their spotrates.

I find them great. Anything under $1k does not need ID, but anything over does due to anti laundering laws.

A friend told me that in the citibank tower there is another place that does better spot rates than KVB, but I still don't have this info. I wish they'd tell me, cos they can't remember either !!!
 
I use KVB Kunlun for USD, CAD and JPY for their spotrates.

I find them great. Anything under $1k does not need ID, but anything over does due to anti laundering laws.

A friend told me that in the citibank tower there is another place that does better spot rates than KVB, but I still don't have this info. I wish they'd tell me, cos they can't remember either !!!

That's good, BlueAU. I have only used KVB a month ago for NZD, but found their rates to be quite close to the interbank rates so I was happy. However, I will be in the US in April and Europe in September, so I will try them out on the USD (I have a USD bank account in NY, so may not need it) and EUR and GBP.

If you do have the name of the other place in the Citibank tower in Sydney, then post it in the forum. Thanks.
 
I use KVB Kunlun for USD, CAD and JPY for their spotrates.

I find them great. Anything under $1k does not need ID, but anything over does due to anti laundering laws.

A friend told me that in the citibank tower there is another place that does better spot rates than KVB, but I still don't have this info. I wish they'd tell me, cos they can't remember either !!!

I have kept the following from a thread I read on this site last year. I don't have record who posted the info though:

Level 18 of the Citbank Building in Sydney (corner Park & George St), little Chinese FX Company counter. No commission, and within half a per cent of the market rate. Slow service as they'll count your money about 10 times and their computer always seems to be down.
 
No commission, and within half a per cent of the market rate. Slow service as they'll count your money about 10 times and their computer always seems to be down.[/I]

Sounds pretty good. Slightly better arrangement than worrying whether you'll be handed fake notes or short changed somewhere overseas.
 
Level 18 of the Citbank Building in Sydney (corner Park & George St), little Chinese FX Company counter. No commission, and within half a per cent of the market rate. Slow service as they'll count your money about 10 times and their computer always seems to be down.

Tried, good rates, but they never seem to have any money!
 
Tried, good rates, but they never seem to have any money!

there are a number of small offices on level 18 of the Citibank building - KVBkunlun is on this floor. I think you have to phone them a day before to make sure you have the currency and amount you want to buy. When I was there the room was packed, and I had to wait about 45 mins. But, once I got to the counter, everything was quick.
 
There are a couple of other currency shops along George St beside AceBen 2nd hand dealers and across the road - all more reasonable then any bank.

I put up a notice in the common room of a backpackers, and can often exchange at market.

PS: Take folding USD notes to .Vn and Asia. Better than bank rates in Jewelers shops with lots of gold on display.
 
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.... had to wait for about 45 mins.

45 mins? That seems fairly excessive and IMO I would rather get the currency through Amex/Westpac simply for the convenience factor.

What was the difference in rates between the banks/KVB for the NZ currency you bought? If it was a 2c difference in rate, i.e. $1.26 vs $1.24, then to change $1000 AUD into NZ at this place would really only net a $20 benefit (which I would gladly forfeit for 45mins of my time).
 
45 mins? That seems fairly excessive and IMO I would rather get the currency through Amex/Westpac simply for the convenience factor.

What was the difference in rates between the banks/KVB for the NZ currency you bought? If it was a 2c difference in rate, i.e. $1.26 vs $1.24, then to change $1000 AUD into NZ at this place would really only net a $20 benefit (which I would gladly forfeit for 45mins of my time).

It was around 4 cents - CBA retail rate on the day was just under NZ$1.20 (plus the normal 1% commisssion), and the rate I got at KVB was nearly NZ$1.24. For me the savings was worth it.
 
I was not referring to KVB, but rather the small one.

I think you mean Global Forex, they are on the same floor as kvb. Went to get some euros today and they quoted me 0.652 compared to 0.654 by kvb, so very competitive rates. Also global had zero waiting time, where as kvb had a huge queue. So the experience was relatively painless.
 
Something I tried was using travelex online with payment via B-Pay with airport pickup. No commission and rates where slightly better than CBA. at the time I purchased NZD at 1.22 compared to CBA's rate of 1.21, this also Ignoring the fact that CBA was going to charge $8 commission, whilst travelex was going to be free (or alternatively pay a small commision and get QFF points, for me it was 1000 points for $10 commission, cheapest points I'd ever got)

I did notice that had I just rocked up at the airport without pre-purchasing the rate was going to be terrible.
 
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