Hi all,
I have some USD cash (left over from our travelling), I would like to convert it into AUD.
What is the best way to do this? Via Bank or little kiosks around Melb CBD?
Thanks in advance?
Best Way to Covert USD Cash into AUD
Edsanwong on 17/03/2015 - 08:54
Comments
We dont have any plan to use it in the next 5-10 years. I have asked a colleague who travelling to US next week, but he is an ozbargainer too (using Citibank plus).
It'd still be best to offload it to your friend if possible. Ask him to take it off your hands at the exchange rate or since he's an OzBargainer give him a few cents in the dollar for his troubles. Small amounts of cash get demolished at currency exchanges.
I've heard crown casino has a great rate…
I read in Perth, to try the casino and look like your going to spend it there.
Also best rate supposedly is by checking the few money exchange places in malls off the Hay St mall. Never done it myself though.
You can actually bargain with the money kiosks. Especially if you have a lot to change.
Don't change money at the airport especially not at LAX.
Be careful with using Gumtree to change cash because someone did this and got murdered for their money.
Friends of the missing Korean man tell how he went to meet someone he contacted on Gumtree to exchange a large amount of currency - and never returned.
Min Tae Kim, 28, was last seen leaving his Cannon Hill home on Monday to meet someone he had connected with on Gumtree in order to swap $15,000 to Korean wons.
http://m.couriermail.com.au/news/queensland/fears-for-missin…
I agreed. It is not a huge amount of money, but I would avoid gumtree.
It could probably still be done but just be smart about it. Don't go alone, bring the biggest friends you have. Meet in a public place with cctv.
And don't walk around with 15k in cash in your pocket. I mean, seriously! If you're exchanging $100 that's something…but if you're organising an exchange of $15k via Gumtree you're a certified moron, that's asking to be done over.
@the-mal: Haha, thanks for the advice. I wont do that, and I am not laundering my dirty money or anything.
@rompastompa: Not hiding anything. Just trying to get the best rate as close as possible to XE rate.
I normally get them converted here https://www.rafflesforex.com.au/. They offer the best rates and for smaller amounts, the main benefit is they don't charge a transaction/conversion fee of $10 (which almost every other kiosk does). I have never converted more than $1000 USD though, so it might be different if that's the case. If not, just walk in and ask what they will offer.
Thanks, Austin316
The Collins St Citibank branch in Melbourne accepted a USD deposit into my Citibank Plus account about 6 months ago. It was converted to AUD as part of the deposit with no fees if I remember correctly.
Might be worth giving them a call to see if they still do that.
And the exchange rate was ok, when it converted to AUD?
Thanks,
Was using the Visa exchange rate, no buy sell spread.
A friend visiting in Jan. this year got the best rate at ANZ, of all places…Not sure if you need an account to waive the fee.
Ring a few places & ask.
These guys used to be the best in Melb: http://unitedcurrencyexchange.com.au/
Depends how much cash you have. If it's small (few hundred dollars or less) then your best bet would be to either keep it until you next go to the US or try to do a deal yourself with someone who is travelling to the US (put an ad on Gumtree or something).