I have read the post on foreign exchange cards, eg Wise but still want cash- Specifically looking for AUD.
I used to get it at the bank, they quietly removed that service during covid. Often the money changers like travelex at my local mall don't have AUD. I'm not sure how their rates compare. I'm picking I'm not the only one that likes cash while travelling!
Are there any other options you guys know about?
Last time I went to Aussie in 2022, tried at the bank- no luck but an intelligent and friendly security guard put me and visitors from Aussie together who were both looking to change money -we did a brilliant exchange in cash at the mall. It was a great interaction and worked well for both of us- no fees for anyone else and everyone happy.
What Are The Options for Foreign Cash?
Comments
I would still recommend using the Wise card - just get the cash out at an ATM when you are there.
The exchange rate Wise uses is really favourable compared to the banks and you get $350AUD fee free withdrawals per month from main bank ATM’s. Over that you pay 1.75% of the amount over $350AUD.
This also means you don't need to get out more cash than you need to.
Only thing to watch is the third party ATM's which will charge an additional fee to use.Before I got my Wise card last year, I just use EFTPOS card to get the cash from ATM when arriving in the designation airport.
ASB charges 1.1% (offshore service margins), while ANZ charges 1.3% (Currency conversion charge). These are higher than what Wise charges (under NZD 350 and less than 2 times) https://wise.com/nz/card/Just be aware that some ATM will charge fee to withdraw cash (such as US); normally they will show the fee before you confirm the withdrawal.
In Japan, even using the ATM from the same bank, you will be charged for a fee to withdraw after hours during the weekday and weekends. Really funny.Also important to factor in exchange rate as well as fees.
I have always found the Wise mid point exchange to be far superior to the banks or the likes of Travelex. This can make quite a difference on the net amount you end up with.
I"m off to Oz in a few months . Just for 6 days away - TBH I can't be bothered going to all the drama of getting some 'card' to use. The banks say I can use my debit card(s) and the fee ranges from 1.4% -1.9% for transactions. If I spend $2000 while I'm away that's only between $28-38 extra. I just don't much care about it really. As for Exchange rates. Well you can buy a 'card' and lock them in to what they are today but they might go up OR down before you get there. Last time I was in Oz a few years ago I just went to an ATM a couple times and withdrew $500 or more maybe - cost $5 per withdrawal. Minimal. And no fuss. Oh well each to their own. I just like simplicity and the costs are hardly a consideration - after all here I am spending several thousand dollars to get there and have my holiday lol - a few extra dollars isn't really an issue.
Might sound strange but if you put up a post on your local page (Facebook, neighbourly etc) You can often find people who have excess Aussie cash they want to get rid of. Recent immigrants or people who went on holiday and find like you they are stuck withg not many options to exchange it back here.
There are some banks who still do it BTW. You usually have to have an account with them, and order it in advance. Westpac is often mentioned.
TSB Bank still sells ca$h
BNZ has a code for it's customers for Travelex
https://www.bnz.co.nz/personal-banking/international/exchang…
In Auckland there are many options like Lotus or no.1 Currency and more. I find they offer much better rates than travelex. They have rates on the sign board for you to compare. Google is your friend, plus checkout their online reviews, the more the better.