best place to exchange money
#1
Original Poster
Join Date: Mar 2008
Location: lancashire, england
Programs: skywards, BMI, Qantas, Hilton honours
Posts: 213
best place to exchange money
Hi,
just wondering where I can find a good deal to exchange money, I am looking to Exchange Uk pounds for US dollars, UAE dirhams and also australian Dollars as I am travelling to all three next month, I am looking at exchanging about £200 - £500 for each currency
Thanks
just wondering where I can find a good deal to exchange money, I am looking to Exchange Uk pounds for US dollars, UAE dirhams and also australian Dollars as I am travelling to all three next month, I am looking at exchanging about £200 - £500 for each currency
Thanks
#2
Join Date: Apr 2008
Programs: AA EXP 1MM, PC Plat, NA, SOS
Posts: 11
I always order foreign currency from my bank. They have consistently given a better exchange rate than exchange bureaus or banks at my destination. Check the rates with your bank and inquire about any fees (which may be waived depending on how much business you do with them). I just did this yesterday for a trip next week to Scandinavia.
#3
Join Date: Nov 2007
Posts: 111
It varies widely. There is no one consistent answer. ATM's are often good, but watch out for fees from your own bank as well as the ATM you are using. You can get hit both ways, and hit hard on smaller transactions. Usually you get the wholesale interbank rate, one of the best, less 1%. But again watch your own banks charges, as some charge 3%. Some places, you can get great rates from exchange kisoks, but in others their rates are bad. For an exchange kiosk, watch both their rate and whether they charge a commission. Generally airports are a bad place to exchange, as the exchange kiosks there do not give good rates, and often the ATM's there have high fees. I use plastic, if I can to get away from the airport to use either kiosks or ATM's,
#5
Original Poster
Join Date: Mar 2008
Location: lancashire, england
Programs: skywards, BMI, Qantas, Hilton honours
Posts: 213
I was in OZ last year and got a better exchange rate than anywhere in this country, same in singpaore and KL but from what I keep on hearing about the economy Im thinking it is better to change it before I go this time, usually I only change a bit in the UK and take UK currency abroad as it always gives better rates
#6
Join Date: Dec 2006
Location: BKK/SEL/YQG
Posts: 2,543
I usually get money from the ATM. HSBC in Canada charges 0-2% depending on which currency you are withdrawing, but it is not documented which is charged which. They also state that you should be charged a 3$ fee for every tranaction in an overseas ATM, but I find I am only charged that fee mabe 1/5 ATM's I use (I find overseas HSBC are the least likely to get hit by the 3$ charge, so I try to find them)
Once flying into TPE I found that the currency exchange for CAD was pretty much the interbank rate, so I thought I would swap some CAD for NT$. I was in the queue and an american family of 4 came up and the kid said 'dad, should we change money?'. The father walked up to the exchange board, did a cursory look and said "I have no idea what the exchange rate should be. How do we know if its any good?" This was after immigration, so they were entering Taiwan, but they had no idea what the exchange rate should be? Great planning!
Once flying into TPE I found that the currency exchange for CAD was pretty much the interbank rate, so I thought I would swap some CAD for NT$. I was in the queue and an american family of 4 came up and the kid said 'dad, should we change money?'. The father walked up to the exchange board, did a cursory look and said "I have no idea what the exchange rate should be. How do we know if its any good?" This was after immigration, so they were entering Taiwan, but they had no idea what the exchange rate should be? Great planning!
#7
Join Date: Nov 2002
Location: AZ, USA
Posts: 287
Variation on the Question
I will be going to IST next month and will need Euros to pay my one week apartment rental (required by management). Only stops en route are LHR (overnight) and CPH (3 nites). As neither use the Euro, what is the best way to change my US$ into Euros before arrival in IST? I always use ATMs for local currency, but want to avoid two transactions if I can.
#8
Join Date: Jul 2007
Location: LAX-- But I'd rather be on Brokeback Mountain. United 1K! Other
Programs: RCC,HHonors Diamond,HGVC Elite,SPG Plat,Hyatt Diamond,Nat'l Emerald Exec Elite, Disney Premier Pass
Posts: 2,472
My favorite method is through an ATM once inside the destination country. Excessive ATM fees? One of the best perks of having a brokerage/bank account with E*Trade Financial: fee free ATM transactions worldwide. Anytime a fee is charged by any ATM, it is instantly credited to my account.
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#9
Join Date: Dec 2002
Location: eastern Europe & NC
Posts: 4,527
If you have to do a two currency transaction in Istanbul, I have found that a good place to find exchange houses with great rates and no commission is in and around the main bazaar in the Sultanahmed area of the city. Avoid changing at the airport - bad rates and high commission.
You might also check to see if management would accept €-denominated travellers checks, and if so see if the rates for them these days are OK with AAA.
You might also check to see if management would accept €-denominated travellers checks, and if so see if the rates for them these days are OK with AAA.
#10
Join Date: Jan 2002
Location: Washington, DC, USA
Programs: UA MM, MB LifeTit
Posts: 1,829
Use ATMs and credit cards. Don't stress over 3% fees. Do you get all excited when a store advertises 3% off on your favorite pants? If 3% on your favorite pants doesn't mean enough to get you to go out of your way, then 3% doesn't mean much for currency conversion.
#11
Join Date: Nov 2002
Location: AZ, USA
Posts: 287
If you have to do a two currency transaction in Istanbul, I have found that a good place to find exchange houses with great rates and no commission is in and around the main bazaar in the Sultanahmed area of the city. Avoid changing at the airport - bad rates and high commission.
You might also check to see if management would accept €-denominated travellers checks, and if so see if the rates for them these days are OK with AAA.
You might also check to see if management would accept €-denominated travellers checks, and if so see if the rates for them these days are OK with AAA.
Since no one has said otherwise, I guess getting Euros direct from an ATM from a US$ account just can't be done outside of a country using Euros.
I'll also check with exchange rates for Euros at my bank (WFB) and AA to make the exchange before I depart.
#12
Join Date: Aug 2007
Location: Truth or Consequences, NM
Programs: HH Diamond, Marriott Titanium, Hertz President's Circle, UA Silver, Mobile Passport Unobtanium
Posts: 6,192
I will be going to IST next month and will need Euros to pay my one week apartment rental (required by management). Only stops en route are LHR (overnight) and CPH (3 nites). As neither use the Euro, what is the best way to change my US$ into Euros before arrival in IST? I always use ATMs for local currency, but want to avoid two transactions if I can.
#13
Join Date: Oct 2000
Location: BKK when I'm not in Princeton
Programs: UA MP:1P for life, TG:Gold, CO:Gold
Posts: 2,017
I too use ATMs (good rates, generally secure, accurate, and my bank refunds all ATM fees) unless I'm way upcountry somewhere, in which case I'll use whatever's convenient.
#14
Join Date: Jan 2005
Location: SoCal
Programs: AA EP, OZ Diamond, WS Plat, Avis CHM, Hertz PC, Hilton Diamond, Marriott Gold, Hyatt Explorist
Posts: 910
Agreed with all that suggest ATMs. I worked at a Forex house (both as a trader and manager) for a few years and I can attest that with those of us in the industry, we recommend using ATMs. If you're part of an ATM alliance (such as Bank of America-US, ScotiaBank-Canada, Barclays-UK, etc.) then you can withdraw money with those machines on the Plus sytem FEE FREE. I do that all the time in YYC - all I use are Scotia ATMs with my BofA card - not only is it fee free, the ATM rates have very little spreads on them, thus getting you as close to interbank as possible.
Of course, there was one time a Scotia ATM ate my debit card. I was SOL after that.. haha.. serves me right to count the cash and lapse on the card while the machine spit it out hanging... I didn't take it out in time and i guess it was a security feature to protect the next person from taking it in case I actually forgot to pull it out.
Of course, there was one time a Scotia ATM ate my debit card. I was SOL after that.. haha.. serves me right to count the cash and lapse on the card while the machine spit it out hanging... I didn't take it out in time and i guess it was a security feature to protect the next person from taking it in case I actually forgot to pull it out.