Best way to buy foreign cash

offal spokesman on 17/06/2013 - 11:50

Hi Folks,

Heading off to the US later this year. Ive seen the Aussie dollar fall from $1.05 to $0.95 in the past month or so and its expected to hit below $0.90 by years end. (Im going over in Sept)

Now im wondering a couple of questions…

1) Should i buy my cash now (only about $700 in cash as im doing the rest on NAB gold)
2) Where is the best place to buy cash, smallest commission etc
3) Would i be better waiting till i get there and buying on the ground in the US?

Any great (west coast)USA tips, financial or otherwise are welcomed

Financial

Comments

  • stralya on 17/06/2013 - 12:06

    I've tended to use option 3 - Withdraw cash at a local ATM in the US using a 28 degrees mastercard. Gives you the best spot rate. However, US ATMs do charge a fee (Wells Fargo charged me about $5, from memory)

  • mskeggs on 17/06/2013 - 13:13

    Nobody knows where the Aussie dollar will be later this year, don't believe newspaper stories, they have no idea either.
    Since you are already expecting to pay most of your trip at the spot rate (NAB gold) why tie up $700 for the next 3 months on the possibility the exchange rate will decline. It could easily go the other way.

  • offal spokesman on 17/06/2013 - 13:53

    Thanks.. im trying to avoid the $5 fee (i am an ozbargainer after all)

    hmm, you are right, as always the $ will fluctuate and a 10% drop in the past month is substantial… but i dont see it going up any time soon another 5-7c fall is another 10% on the trip costs.

    Ahh the cost of being "financially careful" :)

  • PissLUR on 17/06/2013 - 15:13

    Australia - worst place to get foreign currencies..
    rip-off everywhere…

  • michshanlee on 17/06/2013 - 17:59

    I recently got an email from OzForex promoting their new travel card. While I haven't tried this I use them regularly for international transfers. May be worth looking into. http://www.ozforex.com.au/personal/travel-card

  • Peck on 18/06/2013 - 12:00

    you can order online and pickup at airport or other branches at TRAVELEX. Pretty good rate
    considering what you would get elsewhere in AUST before u travel.
    https://www.partners.travelex.com.au/qantas/

  • offal spokesman on 21/06/2013 - 09:42

    Thanks folks… grrr its already down to $0.91… thats about a 6% loss in the past 4 days.

    Sigh, thatll teach me :)

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