Where's best to get holiday currency?

[Diane]

Anyone changed up any money into foreign currency recently here in Adelaide? Any recommendations? good rates/low charges?

[Guest Claire-n-tel]

My recommendation is don't bother!.....seriously we usually change up 100 bucks in our bank and then use local ATM's when we get there, its worth getting enough money out for a few days each time to cut down charges. check which account is your primary account, most countries dont give you a choice so you don't want to be taking money out on your credit account.

 

I think we get charged $5 for each withdrawal so maybe in 2 weeks it would cost $30 an advantage of doing this is if the exchange rate goes up it reflects in your withdrawal.

 

I know lots of people will jump up and down on me about what a bad idea this is but tbh the advantages of it for me out weigh the disadvantages.

[The Monaghans]

I went to Aus Post at Marion last year Diane, they were very good. Don't need to pre-book, just roll up.

[NicF]

We had this discussion at work the other day as one colleague is off to Europe soon. Another colleague who travels extensively (about 4 overseas trips a year) and is very financially astute (member of CPA, works in finance very financially aware generally) basically said anywhere except a bank. He travels to some rather unusual places that don't have much in the way of infrastructure so has to take cash to cover the whole trip. Banks apparently charge commission and don't give great rates. Other places will vary at different times, but to be honest unless you are changing large amounts of money it doesn't really make that much difference anyway. The Europe bound colleague is getting her Euros from the post office.

 

The foreign currency cards are a good idea if you don't want to carry lots of cash around with you. Assuming you are going somewhere where cards are readily accepted anyway.

[Guest Claire-n-tel]

Diane.....something to be aware of is that travel insurance doesn't really cover cash on holiday, (some will cover $250 if it is stolen)

[Guest Claire-n-tel]

He travels to some rather unusual places that don't have much in the way of infrastructure so has to take cash to cover the whole trip.

 

TBH there are not many places in the world especially where people go on holiday that do not have ATM's. They are just not on every street corner, we travelled full time for 5 years and the only place we did not find atm's was in west africa outside of large cities.....the most unusual one was in a tiny village right on the edge of the jungle in Madagasgar!

 

Diane if you are thinking of your up coming holiday, there are plenty, only thing to remember is to get money out on the mainland before you go out to the islands

Edited February 28, 2014 by Claire-n-tel

[Keith & Linda]

The foreign currency cards are a good idea if you don't want to carry lots of cash around with you. Assuming you are going somewhere where cards are readily accepted anyway.

 

I used these currency cards (comm bank) and really only had problems with it. 1st time I had multiple currency's on it and thought that may have been part of the problem, the 2nd time I got single currency, but still had a problem, had to get refunds from my bank for fees and charges I even kept receipts for foreign cash I had to change overseas and got refunds on that. If anybody would like more info on the problems I had then just ask.

 

 

I have now got a 28deg credit card which has some of the best exchange rates and fees (if any) you can/should preload it like the travel card, but in Aus $, and you also have the added advantage of having funds available upto your credit limit (that's when the fees kick-in for cash advances but not on purchases), you can top it up by internet banking. Three years now and not a single problem.