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australian dollers money excange

Travel Forums Australia / New Zealand & The Pacific australian dollers money excange

1. Posted by irishadam (Budding Member 8 posts) 7y

hi
i have euros in cash and want to know would i be better off waiting until i get to oz to exchange them to dollers
the exchange rate here in ireland is 1.70 dollers for 1 euro. i am flying through amsterdam and hong kong dose anyone know where is best to change my cash
thanks.

2. Posted by Utrecht (Moderator 5596 posts) 7y

You don't need to bring cash euro to change it in Oz. Waste of money.
You can just withdraw money from ATM's or pay with creditcard if you have one. No problem whatsoever!

3. Posted by irishadam (Budding Member 8 posts) 7y

i have cash here in my house its not in my bank.

4. Posted by Sander (Moderator 4834 posts) 7y

Chances are that you'll get the best possible rate for that cash by depositing it in your bank, and then withdrawing in Australia. Even after the ATM fee, the exchange rate you get when doing that is generally speaking a lot better than at any currency exchange bureau (close to the "real" exchange rate of $1.77/euro), simply because there's no need for any party to deal with physical (to them) "foreign" currency. (Obviously this doesn't hold when you withdraw in $20 increments or somesuch, as the ATM fee would then be too large a percentage of the entire transaction, but it does hold when you withdraw a couple of hundred dollars at a time.)

Still, for comparison, today ANZ (one of the larger Australian banks) bought euro notes at 0.6054. For exchanging €500, they'd charge a transaction fee of $8, so you'd end up with $817.90, for an effective exchange rate of 0.6113, or 1.6358 dollars to the euro. (You don't say if you 1.70 is the actual rate you'd get when buying Australian dollar bills, nor if it's taking transaction fees into account, so that could both end up being slightly more or slightly less profitable.)

Exchanging money in Asian countries is often doable, as they don't generally charge additional transaction fees, but since both currencies involved would be "foreign", you'd take an exchange rate loss twice, so I doubt that exchanging money in Hong Kong would end up being a good option.

[ Edit: Edited on 28-May-2009, at 10:24 by Sander ]

5. Posted by jasonh2015 (Full Member 156 posts) 7y

Very simple, get American Express travellers cheques in €uro's . No problem, no fuss. Thats what I did, but in Pounds. I also got Commonwealth to wave the commission, because I was banking 6,000AUD

[ Edit: Edited on 29-May-2009, at 09:13 by jasonh2015 ]