Going on holiday very soon and need to get some cash. From previous experience, exchange rates tends to be better if done offshore. This is specifically for Malaysian Ringgit.
Anyone have any view about SGD?
On the other hand, anyone knows of a money exchanger with good rates within Melbourne CBD?
I heard about the UAE guys, seems to get quite some +ve review about them. There's another exchanger near Flinders Ln/Elizabeth st corner.
I think I'll just cut some losses and exchange small amoutn of cash, carry AUD and do local exchange there. purchases can be done via 28 degrees C/C.
thanks dasher86
Good post I need something similar here in SYD, anyone know a currency exchange with good rates for SGD and HKD
I've always done it overseas as we get stung something chronic here. As long as you take some AUD cash over, just change it at the airport.
I'll still exchange some sgd and myr here. Just in case I need it for God-knows-what-reasons. :)
The wonders of travel - you never know what's going to happen! :)
s/travel/life/
i want to know this too, but for chinese Yuan RMB
I got RMB out of ATMs the last time when I went to Hainan (visa on arrival BTW, Hainan is one of several special regions). But I think I had some RMB from a previous trip to Sichuan to get me out of the airport. I think they were a bit peeved I was paying the entry fee in RMB and not in USD, it disrupted their workflow.
Don't exchange RMB here. Exchange rate is far better there.
Get a fee-free (no international transaction fee) ATM card like Citibank Plus and withdraw money there would also be a good option.
I have been to both Singapore and Malaysia and I can confirm it is better to exchange money offshore. They provide much better exchange rate and also conveniently available in most of the shopping malls and tourist locations.
Will do that :)
Can confirm that offshore rate is better, currently in Malaysia and just came back from SG. AUD to SG is pretty much 1:1 now, so save your shopping else where, just eat all you can while you are in SG!
Yeah
Been like that pretty much for many years now. Just wanna go out from Melb and visit somewhere, especially for the food ! :)
Thought the rate would be better offshore. what a shame.
I haven't done this for a while but it was always cheaper to book it in and get the money from a bank, ANZ, Commonwealth etc. they order in whatever you need and it was much cheaper last time I did it.
I've heard since that Australia Post can do the same thing and at a really good rate.
Stay clear of foreign exchange booths, they'll rob you blind, especially at airports.
Actually, many places over there can take AUD over the counter and give you back change in the local currency which is handy for emergency. We have done ML and SNG about five times and my wife just does a quick walk around the Malls to see which one is giving the best rate. Last trip to KL at Easter we were using a money changer near the Pavilion Shopping Mall, right on the main intersection in Bukit Bintang.
Overseas definitely. I usually just use my citibank card and withdraw from ATM. In SG I hear those small money exchange shops at lucky plaza give competitive rates. But never tried them myself so can't confirm.
If you really need to do it in Oz, I find citibank give the best rate in Sydney. Compared to the usual ones people recommend like Kvb and city forex.
Hey Stingy, I travel to Malaysia regularly and I always change my AUD to MYR at the moneychangers located in the Shopping Malls or elsewhere in town. There's plenty of them around, especially in the Mid-Valley Mall, so you can shop around too! Mind you, they're so popular that sometimes there's long queues! cheers
I always get my money from overseas ATM machines, heaps easier (take a couple of debit/credit cards and that's all you need). Otherwise UAE exchange around the Australian capital cities have good exchange rates.
good luck…
International Students/Friends - They need AUD to pay fees! @oldrocker is right. I'm also a Malaysian, there's also a shop in One-Utama shopping mall (if you are in the area, I have their mobile number) that have decent rates. Avoid changing at airports. If you want to make exchanges in Aus, go to KVB Kunlun in Sydney.
make sure you do the conversion yourself, with a phone app etc. in Malaysia. I guy tried to pull a swifty over me offering me about half the exchange rate for vnd > myr.
fyi this was in Bukit Bintang, not the airport
Similar post at -
https://www.ozbargain.com.au/node/172705
Malaysian shopping complexes give the best rates, competitive down to the last cent. Carry a credit card for emergencies, but don't use it if possible. ATM's slug you with a transaction fee plus a poor exchange rate. Avoid if possible. Carry AUD cash along with you as budgeted. In Asia, cash is king.
On a side note, I have experienced a monychanger trying to give me one less 1000 baht note in Thailand once. She apologized like it was an error, but did not seem particularly surprised or apologetic of the error. Watch out for hand counted notes. Malaysia usually uses note counting machines but pay attention anyway. You can change as you spend as money changers are everywhere in most major shopping complexes.
I prefer to do it overseas as it's cheaper - generally lower overheads and labour costs so their margins they make can be smaller than compared to aust.
I used to use UAE on swanston st years back as they were the cheapest on the high street and charged no commission
Not sure now though.