I'll be going overseas (Japan) and was wondering where is the best place to get money exchanged? Money exchange at Kiosk in the shopping malls/airport, banks or overseas ATM?
Would like to hearing what everyone here does to get the best rates.
Best place to get money exchange
Johnny-Kun on 10/04/2014 - 13:29
Comments
Doesn't Citibank plus debit card have an overseas transaction surcharge?
no :)
Wish I had a Citibank plus debit card. Can't really open an account since I'll be leaving on Sunday.
Does the Citibank plus debit card have an overseas transaction surcharge?
hahahahaha
That's funny lol! hahahahahahaaaaahaha :D
If you're in Sydney, I recommend KVB Kunlun in citibank building located on George/Park street in the city. They have a very competitive over-the-counter exchange rate for JPY.
There's a Melbourne branch as well. Might be worth giving them a call beforehand just to confirm the amount you want to exchange and spot rate.
Depends on how much you are getting and how much you want to carry with you.
I too am going to Japan in October and will be converting AUD$1000 to take with me and then do a 2 or 3 withdrawals at post office ATMs whilst i am there.
I plan on pre-ordering through Travelex online so i can just pick up the currency at the airport. I looked at the difference and the time it would take and the cost to get to say KVB Kunlun (http://www.kvbkunlun.com/en/html/contactus/Contact_address_m…) is not really worth the difference. We are talking maybe $5~$20 then minus time and cost to get there.
Also, just purely for convenience i will use the post office ATMs and limit my transactions and it may cost me an extra $40 or so but i don't need to run around organising anything new.
I guess i do run the risk of losing a big wad of cash though…but Japan is a very cash centric society so it's a necessity to a degree.I'll be converting $1000 as well, I would have used 7-11 ATM's in Japan like I did in my last trip but from what I heard they don't accept MasterCard's any more. Been looking at the exchange rates online and its roughly 95.6 yen to the dollor but everywhere else is doing 91.3, I'm assuming its got something to do with service fees.
I think the Mastercard issue has been resolved unless your card is a Maestro with an IC chip http://www.japan-guide.com/e/e2208.html
The mastercard issue was also no an issue with cards offered by providers in the Pacific/Asia regions according to. http://www.mastercard.co.jp/personal/atm-notification.html
However, Maestro-branded EMV cards issued in the following countries are able to withdraw currency at domestic ATMs.
Netherlands
Canada
Maestro-branded EMV cards issued within the Asia/Pacific Region, Maestro-branded cards without EMV chip, MasterCard-branded cards, and Cirrus-branded cards are not affected by this temporary suspension of service. Cardholders can continue to be able to use these other MasterCard products at ATMs and merchants across Japan.MasterCard is working with these customer financial institutions to enable full acceptance of all cards as soon as possible.
BTW Citibank card is Visa issued as well.
@halfnhalf71
and it may cost me an extra $40 or so but i don't need to run around organising anything new.
Come now what are you doing on a bargain, website and passing up $40, plus the cost of the travelex card.
You have said in other posts that you get discounted airline tickets. so the citibank card would save you a lot of money over the long haul, for a few minutes organising it on their website, just like the Travelex card.
Plus you forget in your calculations that the travelex card has a greater spread for AUD to YEN than the Citibank card. More cost. Then there is the reload fee of 1% on top ie $2000 = $20, 2.95% when you want to clear out the remaining cash in Australian Dollars (or pay $4 a month if you dont use the card after 12 months) OUCH. Oh and close the card to avoid the monthly fee then you get hit with $10
Only issue with the Citibank card is that its issued by Citibank
The mind boggles :)
If you're in Brisbane try http://www.supay.com/en/index.html They are at Sunnybank and beat Queens St money changers by 6% for RMB.
overseas ATM using citibank plus debit card.