Hi Ozbargainers,
Going to Taiwan for about a week at the end of the month.
Just wondering where would be the best place to exchange money? In Taiwan, somewhere in Sydney, or another suggestion?
I've been seeing a lot of mentions about the Wizard Mastercard which I believe is now called 28 degrees?
I am a Taiwanese my self and would advice to change them here in Austtralia.
Since the only 'legal' place to exchange money is in the bank and they supply ridiculous rates.
Last year back it was NT$28/AUD and the bank offers me NT$24.5/AUD… that is a shocker of a drop when I had to change over 1000AUD.
I use a place called KVB Kun Lun, they offer rates that's very close to the spot rate and have office around the country. They don't charge fees for over the counter currency exchange, but it's best if you ring them first to make sure they have NT$.
Where would I be able to find a branch in Sydney?
Thanks for the replies.
I've looked at two places so far. Commonwealth bank is selling for TWD26.1985 per AUD. Compared to the link bemybubble gave me which says Travelex is selling for $26.3340. Looks like the margin is quite big for TWD (11%).
I'm also considering exchanging currency in Hong Kong. My dad is suggesting I do this, since I will be there before I go to AUD (and I can probably borrow money off my dad to exchange HKD to TWD). Maybe Hong Kong might have better rates.
Yup, generally in HK you can find better rates. Especially in those small local Xchange booths =)
Just make sure you know the daily rate before you go.
I do find their boards displaying in the background unreliable sometimes.
I would never exchange money in Australia, unless you need some just for the airport. Alot of the 3rd world coutries have excellent exchange rates - and you dont have to go to a dodgy vender to get it.
I was just in peru
- at the banks i was getting 2c less than current rate (a non member, no fees, no minimum amount)
- the "walking around" money exchangers, i was getting exactly the conversion rate
- at dodgy backalley money exchange places, i was getting above the exchange rate.
I'd work out what they want to exchange for (in peru it was USD, vietnam - aussie? or usd?), get this out when you're there, or grab it here (whatever is cheaper). Then exchange for local currency on the spot.
If you've got a friend overseas, depending on the rates, it may be easier to wire them money, then go to the atm with them. Just depends on your policy
+1 what Davo wrote.
There is little market for exotic foreign currencies in Australia; the market is ok for the major countries from where we get tourists. So money changers here charge more for odd currencies just because they have to keep stock longer.
So if you are going to such a place, it's better to change your money there, electronically or with money changers.
Now, not wanting to start a political separatist debate here, and I know this is a really touchy subject for both sides; but can't you use Chinese Yuan? I'm not being facetious; I honestly don't know myself; but I had assumed that you could!
The currency of Taiwan is the Taiwan Dollar (TWD). Don't even dare mix up the two in Taiwan or China unless you are good at looking sheepish afterwards. But you can probably change the Yuan in Taiwan given that there is tourism both ways. But why would you want to do two conversions?
I was assuming, Taiwan being officially claimed as part of the PRC (I know some folks aren't so keen on this, but it's an inescapable fact for now), that the two currencies might be equally accepted (or at least like HK, accepted some places). Sounds like the answer's a resounding NO! :p
The rationale for the question, it's a hell of a lot easier to get RMB in Australia than TWD! The answer to Q1 makes the concept rather moot though! Cheers! ;)
China claims Taiwan but Taiwan doesn't recognise that claim, that's the long and short of it. So I think the Taiwanese might get a bit stroppy if you try to use RMB there. :)
that's like going to Singapore and trying to use Malaysia Ringgits.
Thanks guys!
Yea I'll most likely exchange either in Hong Kong or Taiwan then.
As for using RMB in Taiwan… LOL!!! I would not dare! I have a Taiwanese friend that I always deliberately provoke by calling him Chinese (he's a close friend, so it's okay!). I don't know the full political story, but greenpossum's last reply is a spot on summary. China claims Taiwan, and Taiwan doesn't recognise the claim at all. They claim 100% independence.
If you ask a Taiwanese person if they are Chinese, they will probably say, "No, I am not Chinese. I am Taiwanese."
Yeah, I do the same thing to my Chinese friends…when there's a sporting event & a team from Taiwan ROC comes out, I give them a nudge & say, see it is another country; they fume! :p
I actually do know the full socio-political story; I actually got a HD for a paper I wrote on it once; I just did not know the local currency policy there! ;)
Ohh I'm actually kind of interested in it. HD, good job! Can you give a one paragraph summary of what happened and how it all happened?
My leaning was the socio-linguistic side of the whole deal, not sure you guys would find that terribly interesting! :p
Give 28 degrees a call. I used them in the US and the exchange rates were great, now what they are like for non US currency I dont know.
Also check out by posting a query at Whirlpool, you may find someone can help there
Alternatively check the travel forums
Now this will solve card purchases but not cash requirements. For us is the US it was ok as we had friends where we paid on card for them and they gave us the cash.
I actually did that not long after I made this topic. I think I'll be able to use 28 degrees as well. But, like you said, that just solves the card purchases but not cash.
Why not put some money into your 28 degrees account before you leave and then do a cash withdrawal at an ATM there? Because your account is in the black, you don't pay cash advance interest.
That's what I do when I travel overseas.
according to a Taiwanese friend .. there are gold jewellery exchanges in Taiwan that dont charge a fee for currency exchange .. whereas banks here in australia charge a fee.
Thats all the information i can offer, but i would treat that with a grain of salt, as i have no idea if the rate of exchange is any different at these outlets, or even how prolific these "jewellery exchanges" are in Taiwan, or where to find them.