Hi guys doing abit of a euro trip on Tuesday does anyone know if it would be better for me to exchange my money here or over there
I’m going to London, Manchester, Scotland, Portugal, Spain and Amsterdam
Cheers!
Exchange Money Here or Europe
Mafoo on 25/03/2018 - 19:01
Last edited 25/03/2018 - 20:37 by 1 other user
Last edited 25/03/2018 - 20:37 by 1 other user
Comments
I have amx credit and commbank eftpos card
Best way is get a debit and a credit card from this list
https://www.ozbargain.com.au/wiki/cards_with_no_overseas_tra…
But if you're leaving Tuesday, bit late.
Use a debit card in each country
Credit cards have hidden fees, if they say there is no charge for using abroad then your not getting a good exchange rate
If you know people there you could use CurrencyFair
You don't exchange money anymore. Just use your amex for purchases and maybe get a ING or citibank card for cash out if you need a little.
does anyone know if it would be better for me to exchange my money here or over there
Yes
Citibank debit card is great, but one word of warning …. make sure you have a pin number and check it with a small free transaction at a Westpac ATM … do this in the month before departure. In the future, do this each 6 months again to keep it working!!. I had used my card in Australia as a PayWave no problems for years
but went to Europe thinking I could withdraw cash with the card at an ATM, my pin had not been used for months owing to the PayWave, result NO cashout!!. It would work in some POS terminals, but NO CASH from ATM's!!.Based on my experience lately, exchanging money at money changer may get you a slightly better rate (depending on the country and how competitive the money changers are). If you are intending on spending big, this may be something to consider.
In terms of spreads though, are the money changers in Europe (in my case, I'm asking about Paris) better than Australia?
After living in Singapore where you could get reasonably good rates on physical (about 50-100bps from market rates depending on both amount and volume), I was wondering where else in the world I could as well since there doesn't seem to be the same level of competition here in Australia.
(Citi debit doesn't work for me as I gave up that account when I opened offset accounts for my mortgage, and I can't use ING)
London being a financial centre might be able to offer relatively decent rates?
It's all about the margins in the street which I'm interested in (ie as a tourist, I have cash as I move around EU). From what I can tell, rates in Australia have huge spreads because of the limited volume.
But London should be competitive due to the volume of inbound (and outbound to a lessor degree) tourist, international trade and financial hub in the region.
Citibank Mastercard Debit is the way to go! You can always check your exchange rates on this website: https://www.mastercard.us/en-us/consumers/get-support/conver… and fear no more for any additional fees (apart those imposed by some ATMs). Mastercard exchange rates are relatively good. ING now also offers free ATMs (they will refund any ATM imposed fees) and they abandoned their international transaction fees but there are a number of conditions you have to meet. If you are after some of the best physical currency exchange shops then from what I remember London used to have the best ones on Victoria Street (no commission, great rates etc). Whether that's still the case - not sure. Oh, one more thing, in the UK most of the ATMs won't charge you any fees with the Citi Mastercard Debit. In Spain all Caja Madrid ATMs were always free. Good luck!
The only reason I've ever had to exchange money before going on a trip is to cover a meal and maybe a simcard at the airport and a taxi far to the hotel/better exchange rate place.
I've never seen a better rate in Australia that couldn't be bested at the destination.
Like others have said though, the best exchange rate is usually the ATM and having a good travel card and knowing how to use it.
what credit cards do you have?
as in, if you have the right fee free cards then just get cash out when you arrive.
there is almost* no reason to exchange cash in Australia for foreign currency.