overseas currency

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worrier
worrier
WA
726 posts
WA, 726 posts
17 Apr 2009 6:03pm
Just wonderin if anyone out there has a few thoughts or experience.
Im headin to Europe/England etc soon and was wonderin what the best cash /credit card options are. I have heard some of the charges can be a bit exy.
W
ginger pom
ginger pom
VIC
1746 posts
VIC, 1746 posts
17 Apr 2009 9:06pm
use your credit card. They shouldn't sting you too badly.

It's a good rate against the pound at the moment so you might want to buy some cash now (don't do at the airport)
Bristol
Bristol
ACT
347 posts
ACT, 347 posts
18 Apr 2009 12:26pm
A few tips from hard-earned experience:-

Don't use the money exchangers in the street, unless you're desperate. They are red-hot. Their concept of "buy" and "sell" are reversed to what you might understand. If you have to use one of these, get a quote before you actually exchange; it's no good saying after the money changes hands that you didn't receive as much as you thought you would. They won't "undo" the deal.

If you have to change, say, a travellers cheque, do it in a well-reputed bank. You'll get the official exchange rates from them, less a small commission.

Using plastic at an ATM is probably the best way, where your plastic is linked to your savings account. Only use an ATM that is physically attached to a bank, and the bank is open for business at the time. I had an ATM swallow my savings card after hours on a Friday, and, as luck would have it, Monday was their (Turkey's) national day. Everything was shut until Tuesday. Caused a lot of stress at the time.

Hope this helps. Good luck with your travels.
worrier
worrier
WA
726 posts
WA, 726 posts
18 Apr 2009 5:18pm
Thanks fellas
Should be helpful.
W
GalahOnTheBay
GalahOnTheBay
NSW
4188 posts
NSW, 4188 posts
18 Apr 2009 9:46pm
Bristol is on the money (no pun intended)

Another pro tip: depending on how long and the timing of your trip make sure someone (or you via the interwebs) can pay off your credit card bill if it falls due while you are away.

Otherwise no cash and bounced credit cards are NOT a good look, especially in a foreign country...

PS: Before anyone asks, yes, been there done that - lol
iansn
iansn
WA
22 posts
WA, 22 posts
21 Apr 2009 7:20am
"My 2 cents worth", if its worth that - lol.
Just to go against the general advise, I travel and live overseas, (around 20 overseas trips each year to 5 different contries) and Ive found the best way is to exchange AUD when you get to where ever your going by going to local banks and comparing their rates. Best is to exchange a small amount before you leave so you at least have some local currency when you arrive. The exchange rates offered before you leave Aussie arent good (they need to make some $$$ out of you) and using your Visa card overseas also attracts a lower exchange rate and exchange fees. Your Visa is insurence if needed. 15 years of travelling overseas and 5 years of living overseas has given me a good insight to Forex - (been stung though).
Hope this helps and have a good trip. Cheers.
worrier
worrier
WA
726 posts
WA, 726 posts
21 Apr 2009 11:47am
Thanks again for the tips.
I think I will buy some euro in singapore on the way through.
I am doin one of those boat trips from Budapest to Amsterdam with some england scotlasnd etc as well.
The euro seems to have turned the corner at the moment so fingers crossed.
W
Cal
Cal
QLD
1003 posts
Cal Cal
QLD, 1003 posts
27 Apr 2009 3:26pm
Dont take money out at ATMs etc, or if you have to, get as much as you can at once as it costs a lot. Use visa to make your pruchases if in shops, best exchange rates and should be fee free. Purchase as much as you can on the visa to preserve cash, therefore avoiding lots of expensive withdrawals.
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