Converting foreign currency into AUD - calling all savvy travellers

jacklynhydejr on 05/12/2011 - 14:33

Seeking advice from all you bargain hunters out there…

I have some US dollars (a few k) that I'd like to convert to AUD. Looking for a place with a good exchange rate and low conversion fees.

Does such a place exist?

I always seem to leave the bank scratching my head as to how I end up with as little as I do (and this was before the USD was worth nothing!)

Thanks in advance!!!

Find Me A Bargain

Comments

  • bazza236 on 05/12/2011 - 14:57

    try KVB Kunlun

  • robinsoa on 05/12/2011 - 16:00
    +4

    Ask around if anyone you know if going O/S anytime soon and wants them.

    You'd be surprised. Recently a girl in an office nearby asked if anyone wanted to buy any Thai Baht. I didn't really know her, but hey, I was going to Thailand soon so we did what i outlined below.

    Do a deal with them, I normally average the bank cash buy and sell rates.

    eg, today my local bank offers .9901 (you buy) and 1.0619 (they buy)
    the average is 1.026

    So If you have USD$ 100, you offer it to them for AUD$ 97.47.

    You save on fees and so do they. You share the "spread" cost. (difference in bank buy and sell rates)
    What could be fairer to both parties than that?

    Otherwise, if you both dealt seperately with a bank that charges a $10 conversion fee:
    You'd only get AUD$ 94.17 - $10 fee = $84.17 for your USD.
    They would have to pay AUD $101 + $10 fee = $111 to get the USD.

    You can see just how much the banks make out of this!

    • _Bruce_ on 05/12/2011 - 16:26
      +1

      Also note if you are doing this, that USD is also used in many other developing countries, so it does not have to be travellers to the US.

    • jacklynhydejr on 05/12/2011 - 16:36

      Great idea that I hadn't even considered! Thanks!

    • patientvalue on 05/12/2011 - 17:27

      heading of to thailand myself this week - will be using 28 Degrees mastercard and NAB Visa gold debit card to get my competitive bank rate.

  • orbital on 05/12/2011 - 16:33

    Hey OP, where are you located? I'm looking to buy a few k worth for an upcoming trip :)

  • pop on 05/12/2011 - 16:38

    everforex

    http://www.everforex.com/en/

  • skyva on 06/12/2011 - 11:27
    +1

    The Post Offic was doing some good deals. I would ring them to see what they can do. I was surprised at how good their rates were.

  • retiredfeline on 06/12/2011 - 12:16

    I hate to say this, but a savvy traveler would not keep a few k in USD. But since the egg is already broken, you might as well make an omelette. I second robinsoa's suggestion. And/or contact orbital.

    • jacklynhydejr on 06/12/2011 - 12:33

      I am pretty sure I acknowledged that the money is not even worth the paper it's printed on :P

      • retiredfeline on 06/12/2011 - 12:36
        +3

        No, it's worth more than that. If you think it's worthless, please send it to me. :P

        • patientvalue on 06/12/2011 - 13:51

          touche! Comment of the week but few Ozbargainers will see it

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