Getting Australian Dollars

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sci fi
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Getting Australian Dollars

Post by sci fi »

Hi guys I'm going to Sydney in a couple of weeks for a pretty last minute trip. What's the best(cheapest) way to get Australian dollars? My local credit union doesn't exchange foreign currency. Also if I have an American debit card will there be any issues withdrawing money from an ATM if I need to? Thanks for any tips.
mnvalue
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Re: Getting Australian Dollars

Post by mnvalue »

I personally use Wells Fargo's service: https://www.wellsfargo.com/foreign-exchange/ You can order currency online and they ship it to you, even if you're not a Wells Fargo banking customer. I do this because I feel safer having enough cash on hand to survive the first couple days. It also means that hitting an ATM can be the first thing I do after getting to the hotel, rather than the literally first thing I have to do after landing. I understand that this costs me some extra in fees, and I'm personally okay with that trade-off.

The other option is to just bring some U.S. currency that you can exchange on the first day if your ATM card doesn't work. But assuming things work out, you just use your ATM card, since that'll be cheaper than exchanging physical currency.

I've never had a problem using my debit card in my travels (which have just been Europe). But I always prepare for that risk. (I do the same thing in the U.S. I normally only carry $40-$60 in cash, but when I'm traveling farther than a day trip, I take $200+.) I figure if I have enough cash to survive the first couple of days, I'd have a lot of options on how to get money.
dgdevil
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Re: Getting Australian Dollars

Post by dgdevil »

Puna wrote:Also if I have an American debit card will there be any issues withdrawing money from an ATM if I need to? Thanks for any tips.
No issues; fees may apply.
scone
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Re: Getting Australian Dollars

Post by scone »

Try AAA (American Automobile Association), they tend to be cheaper than Travelex. The savings might even cover a membership fee, if you aren't a member already. Have fun in Oz. :D
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centrifuge41
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Re: Getting Australian Dollars

Post by centrifuge41 »

The answer is almost always to use an ATM card that doesn't assess you conversion fees. Such as one associated with a Schwab brokerage account, or a Cap 1 360 account, or using a BofA debit card at a Westpac ATM.
Bacchus01
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Re: Getting Australian Dollars

Post by Bacchus01 »

Whenever I travel internationally, I just use the ATM.

I've been to Sydney several times. I have never once gotten local currency. Not really needed as everyone accepts CC.
dgdevil
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Re: Getting Australian Dollars

Post by dgdevil »

centrifuge41 wrote:The answer is almost always to use an ATM card that doesn't assess you conversion fees. Such as one associated with a Schwab brokerage account, or a Cap 1 360 account, or using a BofA debit card at a Westpac ATM.
BofA now charges fees, as I found out upon my return from Aust/NZ two years ago. That Global ATM Alliance is effectively useless for BofA customers.
dailybagel
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Re: Getting Australian Dollars

Post by dailybagel »

Don't get any physical currency before going to Australia. Instead, use your debit card at an ATM when you arrive.

I would suggest bringing a credit card as a backup, in the unlikely event you have trouble at the ATM.
livesoft
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Re: Getting Australian Dollars

Post by livesoft »

I've been to Australia a few times. There is almost no need to get any Australian dollars nor to use an ATM machine. The economy runs off of credit cards. Taxis, buses, ferries, small shops, big shops, coffee shops, restaurants, Nando's, museums, attractions, Sydney Bridge Climb, etc all accept credit cards. Your goal should be to not have to hold or touch an Australian dollar the entire time you are there.
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Ron
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Re: Getting Australian Dollars

Post by Ron »

livesoft wrote:I've been to Australia a few times. There is almost no need to get any Australian dollars nor to use an ATM machine. The economy runs off of credit cards. Taxis, buses, ferries, small shops, big shops, coffee shops, restaurants, Nando's, museums, attractions, Sydney Bridge Climb, etc all accept credit cards. Your goal should be to not have to hold or touch an Australian dollar the entire time you are there.
Exactly.

Just be aware that individual merchants may place a surcharge on your bill if you use a credit card. We found this to be the norm in most restaurants we went to, where they want to recover their fees on credit card use.

At least you don't have to tip for most services since they pay their servers more than a minimum wage.

And if you need to get a few $AUD? Simple; just use an ATM.

- Ron
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Lon
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Re: Getting Australian Dollars

Post by Lon »

I use my Schwab Debit card in both Australia and New Zealand to get that countries currency. Never have had a problem and the rates are good with no fees.
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Watty
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Re: Getting Australian Dollars

Post by Watty »

This is about Europe but most of the info would be the same.

https://www.ricksteves.com/travel-tips/money/cash-tips

Be sure to call your bank and credit card companies to let them know your travel plans or the cards may be declined.

I have accounts at several different places so I will take multiple ATM and credit cards just in case there is a problem. I also carry a couple of hundred US dollars in a money belt for backup. Check with your bank to find out the maximum daily withdraw amount and they may be able to increase it. With time zone differences if you do an ATM withdraw just before a US three day weekend it can be almost four days until the next US bank day so it is easier than you might thing to max out your ATM daily withdrawal limit.

Check with you bank and credit card companies about foreign exchange fees. If you have time you can easily find one with no with no foreign exchange or ATM fees, I use a no fee PenFed credit card that I can also use for no-fee cash advances at an ATM. The only charge on this is a week or two interest which is minimal.

If you are travelling with a spouse then each of you should carry different cards so that is a purse or wallet is lost the other persons cards will not need to be cancelled too.
EHEngineer
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Re: Getting Australian Dollars

Post by EHEngineer »

dgdevil wrote:
centrifuge41 wrote:The answer is almost always to use an ATM card that doesn't assess you conversion fees. Such as one associated with a Schwab brokerage account, or a Cap 1 360 account, or using a BofA debit card at a Westpac ATM.
BofA now charges fees, as I found out upon my return from Aust/NZ two years ago. That Global ATM Alliance is effectively useless for BofA customers.
You can get a BlueBird account at Walmart. It has no foreign exchange fees, and the account is free. I tried to post a link, but I'm not approved for that yet. Just google "BlueBird Walmart."
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NorthDakota
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Re: Getting Australian Dollars

Post by NorthDakota »

You could definitely simplify your life by getting an ALLY checking account. Practically no fees for anything (does have foreign transaction fees) and pays the highest rates. Never been charged a dime for taking out money out of an ATM anywhere in the world. Only drawback is there are no brick and mortar banks but you already said you have a wells account so just leave that open just in case you need to deposit cash. :moneybag

Also get one of the many credit cards that don't charge foreign transaction fees. Check out pointsguy.com.
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