NZD to AUD for a Week Trip

qtboi on 03/08/2024 - 21:36
Last edited 03/08/2024 - 21:37

Hey team,

I'm off to see family in Aussie for a week mid August.
I haven't been in years so wondering what would be the best option in terms of getting AUD.
I have Wise and Revoult but I'm unsure if Aussies put surcharges on for card/paywave transactions in stores as they do here.
Or just get cash from here and use that there. (any advice on which bank/place would do the best FX cos they all doing me dirty from my looking around ahah)
Or a combo of both

Any and all recommendations and advice are appreciated :)

Cheers,
boy trying get the most bang for his buck :)

General Discussion

Comments

  • NovaAlpha on 03/08/2024 - 23:34
    +2

    Can't you just put money into your Wise AUD account, then withdraw cash from the card at an ATM? When I went to Thailand or whatever the country was, I did that and the withdrawal fee was almost nothing.

    • LupinS on 04/08/2024 - 09:44
      +1

      $4-9 withdrawl fee on every ATM my sister tried (cause everyone keeps pushing Wises like they own the company, and she listened).

      Any "savings" (which is usually maybe $10 to every $1000) wiped on with one withdrawl - which she had to make cause the card didn't activate correctly and she had to make a withdrawal.

      • NovaAlpha on 04/08/2024 - 09:54

        That doesn't make sense now, does it? So savings of $1000 is somehow offset by a withdrawal fee of $4-$9? What? And how many withdrawals does one need on a trip? Just do a large withdrawl enough to last you a while

    • mpc on 04/08/2024 - 12:26

      From the Wise website:

      Make 2 withdrawals of up to 350 NZD each month for free per account. After that, we’ll charge 1.5 NZD per withdrawal. There’s a 1.75% fee on any amount you withdraw above 350 NZD.

      • NovaAlpha on 04/08/2024 - 13:26
        +1

        Yeah so that's nothing then.

        Get a Wise card each for you and your partner. That's $1400 NZD worth of free withdrawals already. And if OP needs to withdraw another $350, that's just an extra $1.5 NZD.

        Plus, OP said he's visiting his family. Can't the family just lend him AUD cash and then he can repay them via his Wise account, which will give him the best FX rate? There's no withdrawal fees required.

        • bobsyouruncle on 04/08/2024 - 16:31
          +1

          The way I interpreted it was that it was 2x withdrawals up to $350NZD total a month. Am I reading this wrong? Can you make 2x withdrawals of $350 each time for a total of $700 per calendar month?

          Thanks

          • NovaAlpha on 04/08/2024 - 16:40
            +1

            @bobsyouruncle: Even if that's the case, I still don't see what the problem is. I think everyone is over-complicating things.

            Let's assume the total withdrawal amount each month is $350. And this is per month, per account. If you have 2 accounts (i.e you and your partner), that's $700 withdrawal in a month

            If $700 withdrawal is not enough for a 1 week trip in Aussie, then fine just pay another $1.5 NZD for another $350 withdrawal. If you withdrawal over $350, it's 1.75% fee. So @ $351 that'll be $6.1425 for the fees. So may as well just do small withdrawals of $350 each time then.

            At the end of the day, you're still getting $700 + $350 and paid only $1.5 in withdrawal fee.

            Seems like a lot of wasted time and effort over this small fee. And since OP is visiting his family, I'm sure they can work it out on how to pay each other and get the best out of it. That's what friends and families do.

            • bobsyouruncle on 04/08/2024 - 16:56
              +1

              @NovaAlpha: This is exactly why I asked this question. Your interpretation seems to be you can make unlimited withdrawals of $350NZD for $1.50/transaction after the first two.
              My interpretation is $350NZD total for the month (first 2x transactions free).

              If your interpretation is correct, then yes I will be making lots of $350 withdrawals, would like to see if anyone else has had experience with this/can confirm this is the case

              Also, the 1.75% is anything over $350, so in your example of $351, it's $1.50 + 1.75% of $1 (over the $350).

          • curiousb on 05/08/2024 - 13:05

            @bobsyouruncle: It does sound like that, but I think it's the other way in reality, because they charge 1.75% on withdrawals above $350 too. It must be up to $350 in total is free, then both sets of fees apply.

        • kfr23 on 04/08/2024 - 16:39

          And what makes you think they have a partner? Weird assumption.

          • NovaAlpha on 04/08/2024 - 16:41

            @kfr23: Even if they don't have a partner, they can borrow a friend's Wise card for withdrawal as well

            At the end of the day, the fee is so little and everyone is wasting time and effort over such a small fee. It's pointless.

        • mpc on 04/08/2024 - 16:41

          Yeah with 2 cards it's probably ok. Once you're paying the 1.75% on top it's getting pretty close to the cost of the banks

          • bobsyouruncle on 04/08/2024 - 16:51

            @mpc: Agreed in Aus it's probably wasted time vs the calculation for small amounts.
            I agree with @mpc that with the 1.75% it becomes cost prohibitive which is the premise of my original comment querying if it was $350 or $700 as I'd like to maximise my withdrawals when I travel, not for this particular use case.

  • kfr23 on 04/08/2024 - 00:54
    +1

    You can convert NZD to AUD on Revolut and withdraw from an ATM in AU but there's a limit I believe. I'd just convert from NZD to AUD in the Revolut app and use your phone/card to pay while in Australia. I don't believe the fees are as high as they are here.

  • limepanda on 04/08/2024 - 08:52
    +2

    Why can't you just use your normal NZ debit card as you would here? The fee is so small you'd barely notice it.

    • LupinS on 04/08/2024 - 09:41
      +1

      Or a credit card and get the added protection.

  • Shadylunatic on 04/08/2024 - 08:53
    +1

    I'm also going to Australia soon and done a bit of research on this. I've found it for myself it's alot easier to just use my personal bank debit card over there, I'm with tsb and they have minimal fees 1.90% for purchases and no fees to use an ATM, you'll probably find most banks are the same going to aussie. I'll take a little cash to go with but apparently alot of places in Australia won't take cash payments anymore…

    • digitalbugsy on 04/08/2024 - 13:16
      +1

      It may have changed but Australia brought a “transparency” ruling about 12 years ago whereby the banks were forced to show and charge the interbank ATM fee at the ATM rather than hidden in the withdrawal charges. It may be gone but would mean the free ATM withdrawal at TSB is moot because you get charged it anyway at withdrawal. As I say may have changed…

      • Shadylunatic on 05/08/2024 - 12:02

        Yeah I know that was just stating tsb don't charge but other banks I'm guessing might charge to use there ATM

    • curiousb on 05/08/2024 - 13:37

      Most banks are the same, but a couple of standouts are ANZ Debit/Credit at 1.3% at both ATMs and in-stores, and ASB EFTPOS cards only at ATMs at 1.1%. Note ASB Debit/credit cards are 2.2% for both ATMs and stores.

      I personally just use both Wise and Revolut up to the free limit for cash, tends to be enough. If I ran out then I'd use the ASB eftpos card at an ATM.

  • potsiea on 04/08/2024 - 09:35
    +1

    Wise card is super easy. Yes, most places charge a surcharge for the use of it, but the surcharges are minimal compared to NZ, and the FX fees & exchange rate are way better than through a bank

  • justaddwater on 04/08/2024 - 09:36
    +1

    how can you avoid the surcharge anyway? with cash? seems like an unavoidable cost

  • qtboi on 04/08/2024 - 10:52

    Y'all amazing as always - thanks all!

  • mpc on 04/08/2024 - 12:30
    +1

    Wise does have much higher charges now for cash withdrawals over $350 NZD. Better to use it as a credit card where possible as the foreign exchange rate is far better than the banks.
    From Wise website:

    Make 2 withdrawals of up to 350 NZD each month for free per account. After that, we’ll charge 1.5 NZD per withdrawal. There’s a 1.75% fee on any amount you withdraw above 350 NZD.

  • ThatKiwiFella on 06/08/2024 - 08:05

    Just use your debit card. I lived a year in Aus using my debit card until I had a regular income and bank account.

    Think the fees are like 1%, on $5000 that’s $50. The cost of that fee is probably cheaper than the cost equivalent of time spent exploring other options

  • Shadylunatic on 06/08/2024 - 14:39

    Is there a reason why no one suggests to get foreign cash from your bank before going over? I'm going in October and thinking to take around 500-1000 cash but it seems everyone on here suggests to use wise card on atms over there?

    • Jizah on 06/08/2024 - 15:05

      Their buy and sell rates are generally quite poor.

      • Rash on 07/08/2024 - 03:20

        The only bank I've seen that use their own rates and not the Mastercard/Visa rates (as wise do) is HSBC so the rates should be fine using a debit card directly. The cheapest debit card I have seen is 1.3% from ANZ iirc though

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