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Currency exchange AUD to USD

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Currency exchange AUD to USD

With the AUD weak I have exchange half my spending money already, however I was just hoping for some others experiences/ opinions on whether I would be better off exchanging the remainder of my money here or in honolulu. There are 3 places that do exchange nearby our hotel however I am yet to receive a reply whether fees are involved. Has anybody found themselves better off exchanging currency in honolulu rather than at home?

Thank you :)!

Sydney, Australia
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1. Re: Currency exchange AUD to USD

Do not exchange currency: you will always have a poor exchange rate and/or substantial fees when changing AUD into USD. You do best to take a debit card and get money from ATMs out of your bank account, just like at home.

Most banks charge a fee for this, but it still costs less than exchanging cash. If you have time to open a Citibank Plus account, the associated Visa debit card has no fees for overseas withdrawals.

For a credit card with no overseas fees, use 28 Degrees or BankWest Zero Mastercard.

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2. Re: Currency exchange AUD to USD

Thank you for the information :)!

I have looked into the credit card you mentioned but don't trust myself to stick to a realistic limit hahaha!

I'm currently with commbank and will contact them regarding using my current debit card overseas. They did provide me with their travel card details however the rate they were offering was poor in comparison to how much I received at the time from the currency exchange place. I will look into the citibank option aswell! Thank you!

When you withdraw from the ATM overseas I understand it charges a fee but how do the machines go about converting the currency or does that go back to your banks end for calculation?

Thank you so much :)!

Miranda, Sydney
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3. Re: Currency exchange AUD to USD

I have opened up a Citibank visa debit card - you just deposit into it & can withdraw from ATM's with no overseas transaction fees. I presume when you withdraw, the exchange will be the xe.com rate at the time of withdrawal. I have my 28 degrees mastercard for c/c purchases - also no overseas transaction fees. Both cards are free.

Cheers,

Sandy

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4. Re: Currency exchange AUD to USD

Thank you Sandy :)!

I will definite look into the Citibank card now! If it does go by the xe rate that would be awesome hahaha! Do you by any chance know if the bank charges a currency conversion fee? Or is there no steins attached.

Thank you!

Sydney, Australia
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for Train Travel
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5. Re: Currency exchange AUD to USD

Neither the ATM nor the Amerucan bank converts the currency. The amount in USD is sent to the card issuer, which does the conversion. With both Citibank and 28 Degrees, there is no currency conversion fee. If you use one of the "Big Five" banks (such as CBA), there will be a fee of around 5%.

Sydney, Australia
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6. Re: Currency exchange AUD to USD

When you pay on a credit card it is at the banks exchange rate and then normally a 3% fee on top

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7. Re: Currency exchange AUD to USD

Awesome! Thank you so much! I will definitely be opening up an account just for this upcoming trip :)!

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8. Re: Currency exchange AUD to USD

I will definitely be opening a Citibank account because CBA has a very poor rate, unless it goes by the MasterCard rate? Regardless I would prefer to avoid the fee hassle :)

Sydney, Australia
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9. Re: Currency exchange AUD to USD

I have opened a 28 degree mastercard mainly for this trip

Phoenix, Arizona
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10. Re: Currency exchange AUD to USD

Going the other direction - US to Sydney, we used AMEX to provide us with AUD for the trip, but mainly for incidentals and gratuities (mostly a US thing), and being AMEX card holders, that was free, and at that day's exchange rates. Then, for most expenses in Sydney, we used our Chase Bank, United Airlines Club Card, as it does not add any international transaction fees. Now, that IS a credit card, as opposed to a debit card, but we had zero issues.

As we often travel to UK and Europe, with perhaps a leg to OZ, we do ALL of our currency purchases at home (US), before we leave. I will get my £'s, my €'s and my AUD's before the trip - then use that Club card for most purchases. I also get my United MP miles with the use of that card, so it's almost a win-win for me.

Back home, I turn in any unused AUD's, but hold onto my £'s, and €'s, as we are much more often in UK/Europe, so they WILL get used.

As others have mentioned, monetary exchange sites are often not that good a deal, due to the fees.

Travel safely.

Hunt