Can I just take it to my local bank branch or are they going to rip me off?
Best way to transfer foreign currency back into AUD after a holiday?
Riczter on 20/02/2014 - 19:11
Comments
Yes your local bank will rip you off.
After about 20 years of being ripped off I realized the best way to spend it down was to use it to partially pay off the hotel tab when checking out. Some larger international airport shops also take mulch-currency at reasonable rates (ie Singapore Airport) so if you are inclined to do a bit of duty free shopping before you leave don't be afraid to ask if they will take payment in the 10 different currencies you have collected in your travels.
On a few trips I hung on to the cash thinking I'd be going back to XYZ country some day - on more than one occasion when I have returned, I've found their note money has gone polymer or changed its look and no one wants to take the old notes.
Depending on the country I am in (e.g. Asia), I make sure I exchange it back at a booth-on-the-street before returning to Australia, or I just spend it all at duty free in the departing airport.
Nowadays I try to keep cash withdrawls to a minimum by using my credit card in every possible situation while overseas. Notwithstanding this, I doubt I ever had less than $250USD in my wallet at any one time when travelling through the US last year!
Especially for Asia, try to reconvert it overseas before you come back. I think I even gained a bit the last trip. :)
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If it's $US, keep it until your (or family/friends) next time.
Last month in Hanoi, the taxi to the airport was prepaid through the hotel. So on check-out used up all my Dong to partly pay the hotel bill and paid what was remaining on (28 degrees) cr card.
Then at KL did the same sort of thing (cash+cr card) at the duty free shop to get rid of my last Ringits
They'll do it but rip you off. The best way is to find someone going to the country and sell it to them at market rates - win:win.