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Fee Free Foreign Exchange (AUS -> US, UK EURO) - Bank Of Cyprus

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Fee Free Foreign Exchange (AUS -> US, UK EURO) - Bank Of Cyprus
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rickb on 05/04/2011 - 15:57 files.ozbargain.com.au (814 clicks)
Last edited 05/04/2011 - 16:00

This voucher entitles you to no transaction fee purchase of US Dollars, Euros or British Pounds.

With the strength of the Australia dollar I have been thinking about buying US currency. I stumbled upon this voucher at Bank of Cyprus website after a friend told me that he purchased EURO currency from them. He claimed that their rates were the best he found (at the time). Today's current $US exchange rate that they are offering is better than my bank but I cannot vouch for how Cyprus compares overall.

Branches in NSW, VIC and SA only.

Financial Cyprus Exchange Foreign

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  • jv on 05/04/2011 - 16:00
    +2

    if they offered a free souvlaki, i might be more interested…

    • Gavman on 05/04/2011 - 16:38
      +2

      Markos Bagdatis works there part time

      • jv on 05/04/2011 - 22:45

        i think it's only a few doors down from Stalactites…

    • A Banana4scale on 05/04/2011 - 16:46
      -1

      Halloumi please..man these guys love their bbqs

      I remember Cyprus having a really strong Cyp Pound rate, think it was 2-2.5 USD to 1 CYP Pound.
      Now they have the Euro, they are going down big time

      • [Deactivated] on 05/04/2011 - 18:00

        +1 for halloumi!

        • jv on 05/04/2011 - 22:44

          +2

          was on sale at Woolies last week… :)

  • salekhard on 05/04/2011 - 16:20
    +5

    Global Forex (next to KVB Kunlun) in the Citibank Building (Sydney) gives the best forex rates. However they have stopped answering phones, most likely because of the AUD record run.

    • Chivalry on 05/04/2011 - 16:44

      yep, planning to go there to stock up on some forex before i go overseas. =)

  • Gavman on 05/04/2011 - 16:33

    fee usually 10$ for non account holders per exchange.. their rate as of 5/4/11 is 1.006 for $US. Flight centre foreign exchange also dont charge a fee and would have same sort of rate perhaps better

  • neil on 05/04/2011 - 16:59

    For my purposes, I convert to US dollars to put into a US account.

    What do other banks charge for FX cash? I sometimes buy traveler's cheques from Westpac using a credit card and there are no fees. My CC gets .5% cash back as well. Going through the TT route, I often have to pay ~$30 TT fees as well as incoming fees on the US side albeit the rates are ~1% better.

    • JDogman on 05/04/2011 - 17:12

      Dad uses this company called everforex to exchange money. The TT rates are $20.00 but no conversion fee for cash to cash..

      Here is a general idea of their current rates..

      AUD Cash>USD Cash: 1.0099
      AUD Cash>USD TT: 1.0319
      AUD TT>USD Cash: 1.0104
      AUD TT>USD TT: 1.0324

      Edit: Link to where I got the rates: http://www.everforex.com/en/rate/RatePanelFull.aspx?p=1

    • patientvalue on 05/04/2011 - 17:17

      I am curious neil, Why do you prefer travellers cheques (TC) over say the GE CC (http://www.28degreescard.com.au/features.html) for fee free international use or even load up cash on it (ie convert it to a debit card). You get insurance protection too (for free if you pay the balance prior to end of month).

      Maybe it is because you can cancel TC in case they are stolen…

      There is also the NAB Gold Debit Card with for free international use (with free travel insurance)…(yes am aware of need to make monthly deposit of 5K (but can take it back next day so only a very minor inconvenience)

      Appreciate others thoughts on pro and cons.

      cheers

      • neil on 05/04/2011 - 17:55

        Thanks jdog, will check it out.

        Good question patient. I guess my situation is a bit unique.

        I basically need to:
        1. Pay off US loans
        2. Put money in my account for use when I visit the US.

        Now, something like the 28 degrees card would satisfy 2 albeit I got rejected when I last applied 3 or so years ago. Not sure why.

        As for 1, the US system for sending things electronically is a mess. My bank does a bill payment service which I can pay off the loan or alternatively I can write a check. Either way is free.

        So it forces me to have an intermediary in between.

        Telegraphic transfers cost money to send and for some reason they cost a few bucks to receive for my bank.

        Travelers cheques are free through Westpac which I pickup at my local branch, write out a deposit slip for my US bank and mail over to the US, costing me $.60. There is no fee charged by my US bank for processing cheques.

        So yes a very complicated process but should be my last. I should add my US bank, State Farm, refunds all my ATM fees at any US ATM, as well no ongoing monthly fees.

      • d3ft on 06/04/2011 - 10:32

        The 28 degrees product looks very interesting. I could envisage getting one before an overseas trip, loading up on purchases, then doing a balance transfer to avoid the 20%+ interest rate.

        The price protection insurance is very interesting as well, flat screen TVs are pretty much guaranteed to drop in price in the 6 months after purchase. I guess they're trying to encourage people to load up on expensive electrical goods.

      • tmike on 06/04/2011 - 13:32

        The sting with most of these cards etc is the conversion rate of the day. I was looking at the Commonwealth Bank Travel Money Card which sounds OK, but the quoted AUD/USD bank exchange rate for today was 0.9974 when today's real rate is 1.036 which means that it should cost AUS$965 to purchase USD$1,000 but the Commonwealth would charge you AUS$1,002 to purchase USD$1,000 which means the bank is making $37 per every $1,000 purchased which is 3.7% - a nice little earner for the bank for pressing a few buttons. Are any of the other institutions less greedy?

  • coolsteps on 06/04/2011 - 10:00

    anyone know if theres a Fee Free Foreign Exchange in Brisbane or the gold coast? I have some Baht that i want to sell.

    • patientvalue on 06/04/2011 - 14:46

      coolsteps, shame you are not in sydney- i would have bought them from you :)

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