Currency exchange
#1 Guest_PlatypusMan_*
Posted 09 December 2009 - 01:03 PM
Leaving for an extended overseas stay in OZ and was wondering if it makes more sense to do a currency exchange here in the US for AUS Dollars or when in Australia?
...and would that be true for other currencies as well?
PPM
#2
Posted 09 December 2009 - 01:56 PM
Hello all!
Leaving for an extended overseas stay in OZ and was wondering if it makes more sense to do a currency exchange here in the US for AUS Dollars or when in Australia?
...and would that be true for other currencies as well?
PPM
There are always banks/money changers at airports, or even better an ATM at the airport nearly everywhere. The only time I ever take foreign currency at the airport prior to the flight, is when I know I am arriving at a really late hour at my destination or I know I need $$ prior to getting through immigration (such as when you have to pay for a visa on arrival, as when in PNG for example.)
I would just make sure the ATM card works in that country by asking about it from your bank.
Have a great trip!
#3
Posted 09 December 2009 - 03:19 PM
Come on and wade way out into the water with me, jump in and take my hand. --Gaelic Storm, Scalliwag
#4
Posted 09 December 2009 - 04:01 PM
They do all charge like 3% or so, so you're not getting a free ride, just hopefully something closer to the published exchange rate than a local merchant will give you.
Jacques Yves Cousteau
#5
Posted 09 December 2009 - 04:25 PM
Give the bank a little notice before you leave but it shouldn't take them long to get your OZ cash.
Formerly known as gis_gal and name tattoo'd for a small bribe!
#6
Posted 09 December 2009 - 07:45 PM
I would get it from your bank here and take it with.
Jim
#7
Posted 09 December 2009 - 10:14 PM
I just returned from OZ and PNG. I got the PNG money from my bank here and when I got to OZ I wished that I had done the same with the OZ money as the exchange rate while there was terrible.
I would get it from your bank here and take it with.
Jim
QFT
#1 - Assuming you deal with a commercial bank that does f/x, you'll generally get the best exchange rate from your bank. Yes, they build their fee into the exchange rate, but they're the only ones that have a long-term investment in keeping you happy by giving you a good deal. Just shop exchange rates a little bit before you go talk to them, and don't be afraid to haggle a bit. Exchange rates are generally tiered, the more $ you exchange in one transaction, the better the rate is. If you're only going to convert a few hundred or thousand, ask them what the rate is, then ask to speak to the branch manager. Tell him/her in very polite terms how long you've been with the bank, what accounts you have, how much you love being a customer of theirs, and ask him/her to call the f/x desk and get you a better exchange rate because you're such a great customer. I think you'll find that rate will be competitive with what you've found.
Fair warning - many f/x sites and listings in newspapers publish the $1 million+ rates, so if you're only exchanging a few grand, those rates probably aren't quite as good as what you'd get.
#2 - You might or might not be able to use ATMs in other countries. Some other banks have adopted smart cards that contain their readable data on a chip, so their ATMs are built to read those and cannot read a US card that has data on a mag strip. Also, realize that you'll probably be taking such small amounts out of the ATM each time, that by the time you pay the foreign bank's ATM fee and your bank's non-network ATM fee, the exchange rate ends up being unfavorable. However, there is some value in only having small amounts of cash on you at any given time. Do keep in mind, however, that you're putting your atm card info and PIN into a machine in a foreign country. The potential for fraud is probably higher and the hassle involved in getting your money back if you are defrauded is probably considerably higher.
#3 - Using your credit card wherever possible is a good idea. Your cc company will charge about 3%, but some give you whatever was the most favorable exchange rate over the course of the statement period when they post the transaction. It's also a lot less of a problem for you to dispute a charge on a credit card where it's just a charge to your account, versus a debit card where the cash is actually gone from your checking account.
And do notify your bank(s) and credit card issuer(s) where you'll be and when so that their anti-fraud software doesn't lock your card when you try to use it. And make sure you take non-800 #s for your banks with you. Most toll free numbers don't work from outside the US.
Hope this helps.
As a dreamer of dreams and a travelin' man,
I have chalked up many a mile.
Read dozens of books about heroes and crooks,
and I've learned much from both of their styles.
#8
Posted 10 December 2009 - 05:59 PM
I just returned from OZ and PNG. I got the PNG money from my bank here and when I got to OZ I wished that I had done the same with the OZ money as the exchange rate while there was terrible.
I would get it from your bank here and take it with.
Jim
QFT
#1 - Assuming you deal with a commercial bank that does f/x, you'll generally get the best exchange rate from your bank. Yes, they build their fee into the exchange rate, but they're the only ones that have a long-term investment in keeping you happy by giving you a good deal. Just shop exchange rates a little bit before you go talk to them, and don't be afraid to haggle a bit. Exchange rates are generally tiered, the more $ you exchange in one transaction, the better the rate is. If you're only going to convert a few hundred or thousand, ask them what the rate is, then ask to speak to the branch manager. Tell him/her in very polite terms how long you've been with the bank, what accounts you have, how much you love being a customer of theirs, and ask him/her to call the f/x desk and get you a better exchange rate because you're such a great customer. I think you'll find that rate will be competitive with what you've found.
Fair warning - many f/x sites and listings in newspapers publish the $1 million+ rates, so if you're only exchanging a few grand, those rates probably aren't quite as good as what you'd get.
#2 - You might or might not be able to use ATMs in other countries. Some other banks have adopted smart cards that contain their readable data on a chip, so their ATMs are built to read those and cannot read a US card that has data on a mag strip. Also, realize that you'll probably be taking such small amounts out of the ATM each time, that by the time you pay the foreign bank's ATM fee and your bank's non-network ATM fee, the exchange rate ends up being unfavorable. However, there is some value in only having small amounts of cash on you at any given time. Do keep in mind, however, that you're putting your atm card info and PIN into a machine in a foreign country. The potential for fraud is probably higher and the hassle involved in getting your money back if you are defrauded is probably considerably higher.
#3 - Using your credit card wherever possible is a good idea. Your cc company will charge about 3%, but some give you whatever was the most favorable exchange rate over the course of the statement period when they post the transaction. It's also a lot less of a problem for you to dispute a charge on a credit card where it's just a charge to your account, versus a debit card where the cash is actually gone from your checking account.
And do notify your bank(s) and credit card issuer(s) where you'll be and when so that their anti-fraud software doesn't lock your card when you try to use it. And make sure you take non-800 #s for your banks with you. Most toll free numbers don't work from outside the US.
Hope this helps.
Some questions for you.
1. I live in NYC and bank with CitiBank. I am not able to get foreign currency at my bank (unless I order a minimum of > $1000.).... Where do you bank? There is no way I would walk around or even put into the hotel safe several thousand $$. Remember that you are only allowed to leave the country with $10,000 without making a filing of leaving with that amount of currency. Much safer and wiser to get several smaller amounts via the ATM in country.
2. What countries have you had difficulty with using your ATM? All ATMs in countries I have visited have worked with my ATM card. It is necessary to have a 4 digit PIN.
3. I don't recommend using the CC for ATM withdrawals, as it is considered an advance. Using cc for purchases, good choice. Some CC don't charge extra fees, like Capital One...
#9
Posted 10 December 2009 - 08:31 PM
Also, I haven't found a lot of ATMs overseas that charge for using that bank's ATM, unlike what we have here in the States.
#10
Posted 11 December 2009 - 12:09 AM
Some questions for you.
1. I live in NYC and bank with CitiBank. I am not able to get foreign currency at my bank (unless I order a minimum of > $1000.).... Where do you bank? There is no way I would walk around or even put into the hotel safe several thousand $$. Remember that you are only allowed to leave the country with $10,000 without making a filing of leaving with that amount of currency. Much safer and wiser to get several smaller amounts via the ATM in country.
2. What countries have you had difficulty with using your ATM? All ATMs in countries I have visited have worked with my ATM card. It is necessary to have a 4 digit PIN.
3. I don't recommend using the CC for ATM withdrawals, as it is considered an advance. Using cc for purchases, good choice. Some CC don't charge extra fees, like Capital One...
1. I live in CA and bank with a community bank here. I have purchased (and deposited upon return) Yen and Euro, and was never told there was a minimum. Given Citi's global status and the fact that you're in NYC (as opposed to a small town in Nebraska or similar) I'm surprised to hear that's their policy. While I'm not interested in showing up on DHS or IRS's radar either, simply having to report taking more than $10,000 out of the country doesn't mean you can't take it. However, with the amounts you're talking about, that's neither here nor there. You need to be comfortable with the amount of cash you have with you, and if your travels will allow you steady access to secure ATMs that you know your card will work at, and that's what you're comfy with, I certainly wouldn't discourage handling it that way.
2. My most recent experience was in Japan earlier this year. Most of the ATMs would not read a mag-stripe card, they were only built to read the "smart cards" that have the chip. It is my impression that much of the rest of the Pacific coast of Asia is the same way. I found that the ATMs in 7-11 stores would read the mag-stripe US card, so I used those while there when I needed to. I believe the smart cards are prevalent in continental Europe, too. But that info is hearsay, not based on personal experience or good research.
3. I agree entirely that ATM cash withdrawals with a credit card are a cash advance and should only be used in extreme emergencies because of the interest rates that are charged. I used my Cap One Visa extensively while I was in Japan and they charged a 3% fee on every transaction. But their exchange rate was relatively favorable, so using the card ended up being roughly the same expense as the other options.
While it sounds like Citi's f/x policy may be a pain, the good news about you banking with them is they have a massive global retail network and you can find their branches and ATMs all over the damn place. If you contact them about the countries you're visiting, they (hopefully) can tell you about their locations and whether you're going to have ATM access while there.
Hope this helps.
As a dreamer of dreams and a travelin' man,
I have chalked up many a mile.
Read dozens of books about heroes and crooks,
and I've learned much from both of their styles.
#11
Posted 11 December 2009 - 05:48 AM
Philippines (although there are limited withdrawal amounts, which seem to be less than $100 equivalent)
Singapore
Indonesia
Mexico
Costa Rica
In Europe (all this year):
England
Spain
France
Italy
Anyone know where you get that form to declare your $10,000 in currency when leaving the country? (Just wondering, as I don't think I would need this option ever...)
#12
Posted 11 December 2009 - 11:56 PM
Anyone know where you get that form to declare your $10,000 in currency when leaving the country? (Just wondering, as I don't think I would need this option ever...)
Here.
As a dreamer of dreams and a travelin' man,
I have chalked up many a mile.
Read dozens of books about heroes and crooks,
and I've learned much from both of their styles.
#13
Posted 12 December 2009 - 09:04 PM
Verbally declare it. Then they verbally inform you it has been seized because you are a suspected A) Terrorist B) Drug dealer C) Money launderer. A rather simple system.Anyone know where you get that form to declare your $10,000 in currency when leaving the country? (Just wondering, as I don't think I would need this option ever...)
Tech Support - The hard we do right away; the impossible takes us a little longer...
"I like ponies on no-stop diving. They convert "ARGH!! I'M GOING TO DIE" into a mere annoyance." ~Nigel Hewitt
#14
Posted 12 December 2009 - 11:10 PM
Verbally declare it. Then they verbally inform you it has been seized because you are a suspected A) Terrorist B) Drug dealer C) Money launderer. A rather simple system.Anyone know where you get that form to declare your $10,000 in currency when leaving the country? (Just wondering, as I don't think I would need this option ever...)
I think the best way to deal with this, is to simply get money from the local ATM when it is needed! Skip dealing with forms, and Customs...
#15
Posted 13 December 2009 - 01:42 AM
Yeah, cuz our gov't is obviously big on "verbal" anything, lol. If we don't have a form for everything, what will the beauracrats do to maintain job security?Verbally declare it. Then they verbally inform you it has been seized because you are a suspected A) Terrorist B) Drug dealer C) Money launderer. A rather simple system.
If you want to take currency, take it. Declare it and get on with your life.
As a dreamer of dreams and a travelin' man,
I have chalked up many a mile.
Read dozens of books about heroes and crooks,
and I've learned much from both of their styles.
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