Australia, New Zealand & the South Pacific - Reasonable currency exchage in Sydney?

I'll be arriving in Sydney Monday morning, and will need to exchange US dollars for the Aussie equivalent. Not on a one-to-one basis!:D

Any recommended places to do so? We'll be staying near the Central train station in Sydney. I know from experience in France that rates can vary all over the place.

Thanks-

I'll be arriving in Sydney Monday morning, and will need to exchange US dollars for the Aussie equivalent. Not on a one-to-one basis!:D

Any recommended places to do so? We'll be staying near the Central train station in Sydney. I know from experience in France that rates can vary all over the place.

Thanks-

I found that just about EVERY place in Australia charges a commission that is a minimum of $8 Australian per transaction. The only place I managed to avoid this was using AMEX, who have offices in most WestPAC banks, who will waive the fee for AMEX cardholders. But their rates were typically 1-2% poorer than some other posted exchanges (however, unless one was exchanging at least $500 at a time, the waiving of the transaction fee more than made up for the lower conversion rate).

I also have an account with CitiBank, and Citi would NOT waive their transaction fee for those who's accounts were not based in Australia. I was really P.O.d about that, and they may have lost me as a customer as a result.

Also, FYI, if you bank at Bank of America, they have a partner agreement with WestPAC bank to use WestPAC's ATMs with no ATM fees charged. For me, that turned out to be far and away the most economical method for me to get Australian currency, ended up getting between 2-3% better rates on my WestPAC ATM withdrawals from my BofA account, than I did converting U.S. cash at the AMEX offices and other banks would have been worse than AMEX, as I mentioned above.

Exchange USDs ? Why ?

I travel with ATM cards that charge no fees .... for example my credit union and HSBC accounts have ATM cards that are fee free.

When I want cash I just look for a Westpac or ANZ or similar ATM machine ... they too are typically fee free ... atleast in AU, NZ, and various places in the South Pacific.

Exchange USDs ? Why ?

I travel with ATM cards that charge no fees .... for example my credit union and HSBC accounts have ATM cards that are fee free.

When I want cash I just look for a Westpac or ANZ or similar ATM machine ... they too are typically fee free ... atleast in AU, NZ, and various places in the South Pacific.I'm one of those unusual people who have never used an ATM card, probably because I'd have a tough time remembering the number (and they tell me it's not a good idea to write it down on the card:D).

So the plan now is to go to the Commonwealth Bank that's across from the Central train station (close to where we're staying, the Mercure Sydney). Looks like they'll be charging an $8 transaction fee plus a small percentage.

I'm one of those unusual people who have never used an ATM card, probably because I'd have a tough time remembering the number (and they tell me it's not a good idea to write it down on the card:D).

So the plan now is to go to the Commonwealth Bank that's across from the Central train station (close to where we're staying, the Mercure Sydney). Looks like they'll be charging an $8 transaction fee plus a small percentage.
Or do an old-fashioned thing and take travellers' cheques in Australian dollars: that way, you'll pay any commission before you leave home, and the bank will give you face value in cash.

Exchange USDs ? Why ?


In most countries that I have traveled to, the ATM fees for foreign accounts using ATMs that are not my own bank are much more onerous than the commissions on most currency exchange.

Austrialia and New Zealand are the first countries that I have ever traveled to where the cost of using ATMs was significantly less than the cost of carrying cash and converting it. Mainly because of Bank of America's partnership with WestPAC bank, which waived the non-bank and out of country ATM fees, it was at least 4% cheaper to use ATMs to get cash than it is everywhere else I've traveled outside of the U.S.

I'm one of those unusual people who have never used an ATM card, probably because I'd have a tough time remembering the number (and they tell me it's not a good idea to write it down on the card:D).

So the plan now is to go to the Commonwealth Bank that's across from the Central train station (close to where we're staying, the Mercure Sydney). Looks like they'll be charging an $8 transaction fee plus a small percentage.
Yeah ... those pins can be a pain.

I just got back from 3 weeks in QLD in Sept/Oct and had a blast. Make sure to take plenty of USD. Its not quite 1-1, but getting pretty close. The exchange rate went up about 10% during my 3 weeks ... lucky for me much of my bookings were done before leaving.

Enjoy your trip.
In most countries that I have traveled to, the ATM fees for foreign accounts using ATMs that are not my own bank are much more onerous than the commissions on most currency exchange.

Austrialia and New Zealand are the first countries that I have ever traveled to where the cost of using ATMs was significantly less than the cost of carrying cash and converting it. Mainly because of Bank of America's partnership with WestPAC bank, which waived the non-bank and out of country ATM fees, it was at least 4% cheaper to use ATMs to get cash than it is everywhere else I've traveled outside of the U.S.

Many ATM cards pile on the fees in various situations, but some banks don't ... regardless of where its used. I've travelled all over Europe, AU, NZ, South Pacific, Thailand and have never paid a penny in ATM fees using my HSBC or credit union ATM cards on either side of the transaction.

However, if your bank charges fees on non-member transactions then you're probably right. The fees will definitely add up. Cash exchange may be best.

Mainly because of Bank of America's partnership with WestPAC bank, which waived the non-bank and out of country ATM fees, it was at least 4% cheaper to use ATMs to get cash than it is everywhere else I've traveled outside of the U.S.B of A has the same arrangement with Barclays in the UK, BNP Paribas in France, Deutsche Bank in Germany, Santander in Mexico, Scotiabank in Canada and China Construction Bank in China.

The only place I managed to avoid this was using AMEX, who have offices in most WestPAC banks, who will waive the fee for AMEX cardholders.


Alternatively, pick up the free Sydney guidebooks available while you're waiting to clear immigration at SYD -- there's a coupon in the back for a fee-free AMEX FX transaction.

There are a few AMEX offices in Sydney -- the most convenient for us was the one on Pitt and Bridge, just a couple blocks from Circular Quay.

If you happen to belong to AAA, you could buy some AU$ there before you go.

Alternatively, pick up the free Sydney guidebooks available while you're waiting to clear immigration at SYD -- there's a coupon in the back for a fee-free AMEX FX transaction.

There are a few AMEX offices in Sydney -- the most convenient for us was the one on Pitt and Bridge, just a couple blocks from Circular Quay.Often AMEX exchance rate is up to 3% worse than elsewhere, so even with the "fee free" coupon it can be quite a bit worse than at any bank. The best I've found is St. George Bank, but it does vary from day to day (however 1% of $1000 is only $10, so how much time do you want to invest in this?).

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Also, FYI, if you bank at Bank of America, they have a partner agreement with WestPAC bank to use WestPAC's ATMs with no ATM fees charged. For me, that turned out to be far and away the most economical method for me to get Australian currency, ended up getting between 2-3% better rates on my WestPAC ATM withdrawals from my BofA account, than I did converting U.S. cash at the AMEX offices and other banks would have been worse than AMEX, as I mentioned above.

Just a FYI, there is a limit to the number of fee-free transactions you can make in a month. When I was last there the US dollar was very strong so I was withdrawing my limit from WestPac each day and depositing the cash into NAB. After 10 or so withdrawals I was getting dinged $3 per transaction. My BofA premier agent was happy to reverse the fees but I didn't find the limit mentioned anywhere on the website.

In the end I went with Commonwealth Bank, which apparently does currency exchanges in any of their (many) branches. Their exchange rate is quite reasonable (better than any of the "dedicated" money changers) and the fee is $8/transaction, regardless of size. So if you're doing something significant, it works out fine.

I learned banks are quite different in OZ than in the US. We got there before they opened... posted hours said 9:30am. They opened the doors at 9:22am. No way would a US bank (or most any other business) do that. But the flip side is that businesses generally keep shorter hours in OZ than in the US, both retail and banks. Somehow it all works out. ^