Exchanging Money in Sydney
 

My friend and I will be in Sydney from 3/31 thru 4/9 and we were wondering if there is one place that is better than another to cash travellers checks or do a foreign currency exchange.

When I say better what I really mean is who offers the most "bang for our buck" (i.e. fees). We are staying in Surrey Hills at the Medina on Crowne so someplace within walking distance would be even better. Any advice would be greatly appreciated.

By the way, are there any other FTers going to be in Sydney during this period who would be interested in getting together for a drink? Thanks for the info.

Darren

Just take a debit/atm card with you that doesn't impose foreign withdrawal or transaction fees and you are good to go. All the ATM's in Sydney gladly accepted my cards.

As much as I despise Etrade Bank, the one thing they don't do is charge me any fees for ATM usage overseas. I don't know if it's because I pay a monthly fee on the account, or if it's their standard policy.

Also, Commerce Bank might not charge fees as well. But I'd verify w/ them. I know they don't domestically.

I think you might get better answers to this question in TravelBuzz. I'll move it there.

peteropny - co-moderator

You may also want to try the QF and/or South Pacific forum.

ATM cards work best, but you really do need to check with your bank about the fees they charge (some charge $3-5 a transaction when used outside the U.S.). My bank exchanges at the daily bank rate with no fees (and will rebate foriegn ATM fees up to $1.50), and there's certainly a bunch of others out there if you need to avoid a fee. You need to do some homework.

If you MUST exchange traveller cheques or cash, then the banks seem to offer slightly better rates than private exchange booths over here. Any branch of any major bank should exchange for you.

And the Aussie dollar is on the slide -- might be good news for you!

It would have to slide back down to 50 cents for me to be happy ;)

On my first trip over in 1993 or so the Australian dollar was at 75 cents, and every time since, of 10 additional trips, it's been lower. I gather it's made it back up there, and is on the way down again (I'll get to see for myself when I'm over for the Brisbane Do in May).

Exchange rate wise, yes banks are better than the domestic money changers of travelex, Exchange group and so on and for some reason, sydyey is one place where its cheaper to exchange money in the city than the airport.

If you can, i would suggest exchanging money at either yr transit city if you have a transit or in USA. To get a gauge of how much money changers would charge you, get the current rate(available on smh.com.au) and add 3 cents more unfavourably. Thats the basic rate plus commision charges.

cheers