Hi,
Does anyone have any ideas on what’s the best option for currency overseas? I'm headed to KL for a few days, then Thailand then Singapore. Am I best getting it here in Australia before I go, or buying it on the street in my destination? Or put money on a credit card and use that? I have looked into a Wizard Advantage crad but cannot see anywhere about its fees for international, nor any indication of what exchange rates would be expected.
Any ideas would be great.
Speaking from personal experience (have been to KL,SIN,BKK), you should have no trouble exchanging currencies in those countries. I had no trouble finding foreign exchanger. You see them in major shopping malls, busy major streets, outside major hotels. Rates vary slightly but the difference is minimal if you only exchange a couple hundred aussie dollars. For peace of mind, u could exchange a small amount here so that you have something to use for taxi fares. I generally exchange a small enough to cover for taxi fares on arrival, and I avoid using my CC on overseas trip coz the bank conversion rate varies alot. CASH is the way to go…
I have the wizard card and I remember reading in the terms and conditions before (can't find it now the site is gone) that the exchange rate is according to www.xe.com. which offers a great mid-market rate.
Wizard is the best CC out there, no chargers for international transaction and the rates are very competitive, generally better then money exchangers.
If you wan to change cash I'd go the ATM route. Any Eftpos card with Cirrus or Maestro and you can withdraw money there. Just note there may be chargers but the exchange is better then the local exchange sharks.
If you want to exchange here, shop around. Travelex ONLINE (through their website) is what usually gives you the best rates but you need to book a few days in advance.
Thanks for your opinions, any idea if the Wizard card still does this? If i put a couple thousand dollars on the credit card, can i then withdraw this at ATM's?
If you do decide to get actual cash here in Australia before you go, I would asvise getting it from the Post Shop - actually works out cheaper than getting it from the bank when I went looking a while ago.
Check out: http://www.auspost.com.au/BCP/0,1467,CH2695%257EMO19,00.html
for more info.
ive been told that KL is known for credit card fraud so i'd be careful about using credit cards there.
Agreed with Stevo. Change your cash in the country you're in if you prefer to save some $$. You will find better rates there. :)
If you prefer convenience, then Wizard sounds pretty good.
In KL - credit card fraud may happen if you use your card in dodgy places, shopping malls and department stores will be fine.
Have a good holiday!
Thanks for your help, I think i'll see if i can get the credit card with some cash on it, and take AUD to exchange over there! cant wait
Wizard has been bought by Aussie, does that change their Credit card policy?
GE still has the cc aussie has the home loans
Wizard seems the best option BUT if you dont have the card - call them to see if its still an option. I have the card. I havent got any notification of this feature being discontinued but they dont promote it on the site.
This maybe a sign its going away, or maybe they are just downplaying it. It offers a good rate AND no conversion surcharge
To quote the user guide I got with my account
Page 3 "No Cash Advance fees or foreign exchange fees".
They use the Mastercard rate of exchange (Whatever that is?)
I paid for some NZ accommodation recently when the Dollar was quoted on line around 1.26 and the rate I was charged was 1.25. The NZD AUD rate changes a lot and the rate could have moved up a little by the time the conversion was made, but it seems not too bad a conversion a rate. From memory the US trip I made also gave a small variation (1-2c) from the rate on the day
When I travelled in the US it was great as I could make many small purchases and just pay the exchange rate - so really there was no need to have too much cash. some were as little as $5. Image the $5 fee being added to each one of those.