Hi brains trust,
My mum is heading over to europe for a trip and needs to swap some cash to euro.
Just wondering where the best place is to convert for the best rate?
Somewhere in Melbourne?
Melbourne Airport?
Athens Airport?
Local greek currency place?
thank you kindly
L
OP mentions '…Local greek currency place…'.
I'm not sure why Greek, but if you can find another party that wants to sell EUR for AUD, doing so at an agreed mid-rate is the best option for everyone.
Mum's flying into Greece so she'd want some money to start there. So if it was cheaper to exchange OS instead of in Australia that is why I mentioned 'local greek place' like a money exchanger on the streets or a hotel even.
Apply for Citibank Plus debit card. Load it up in AUD prior to travel.
Once you land in Greece, find an ATM to withdraw in local currency (Euro). If prompted, always choose to let Citibank perform conversion, not the ATM bank itself. This way you will get the best rate and you don't have to deal with money changers.
In between if you need to pay for something with a card, you can still use the Citibank debit card like a credit card, again insist that they charge you in local currency. And if you reaaaally feel insecure travelling to Greece without some Euro cash in hand first before you board, then just exchange $100's worth at the airport (and sob at the rates). You can withdraw the rest from ATM in Greece.
This works for any foreign travel.
What cards do you have?
I'd transfer a small amount for transport here then withdraw cash overseas.
This will provide guidance on cards. https://www.ozbargain.com.au/wiki/cards_with_no_overseas_tra…
Use a Citibank plus and a 28 degrees card.
I agree with "selphie"
citi (debit card) has no charges and works every where.(FREE)no fee's
in addition, if you have the time get a Bankwest platinum card credit card(FREE)no fee's
book your accommodation from here or air fares to activate the free International insurance.
I use both, in Scotland, Japan & Greece
Ok..I'll have a chat with her. I think she still will want some walk around money for things like a coffee or drink or going to the markets. I think she said she has a card of some sort that doesnt have fees. But you know…old school gen…feels safer with a bit of hard currency in her pocket.
I'll have a chat with her about it and see if she really needs cash…in this cashless society of ours we all now live in.
TY for all the advice peeps. Much appreciated.
I'm guessing citibank cards are easy to get sorted straight away? She leaves next week>?
of course, it is good to have local currency in hand; thus Citibank Plus debit card - it provides convenience (ATMs are everywhere) and value (beats most moneychangers).
I'm guessing citibank cards are easy to get sorted straight away? She leaves next week>? —> good luck getting it on time then. otherwise just follow what malich recommends; bring a wad of AUD and convert it locally after comparing rates. only use your normal CC as last resort (bad conversion rates + foreign transaction fee).
hope she has a nice holiday :)
Ok so the update is she definitely want's cash :-(
She has a 28 degree card…but just doesn't get that she can use an ATM and take money out. (guessing we will all be that ignorant and stubborn when we are older).
So given this…is there anywhere in town that would offer the best exchange generally? Obviously I'll do my due diligence but any ideas?
28 deg is fine for CC payments (again insist on being charged in Euro), but ATM withdrawal incurs a 3% fee.
aussie moneychangers have poor rates, so you may have better luck exchanging in Greece. Generally exchanges in the tourist districts are competitive, shop around a bit. you may even google their locations and contact numbers, and call them to check their rates.
There is a place in Melbourne CBD at QV https://unitedcurrencyexchange.com.au/
The line is always massive but you can order online. She’ll need to bring ID!
Citibank cards can take 2-3 weeks to process so she’s out of time for that.
If applying for Citibank / 28 deg aren’t options, consider just using her normal ATM card to make withdrawals.
The exchange rates from the ATM will always be superior to a retail money changer (as long as you don’t select the use local currency option).
I did the sums about 2 years ago comparing CBA / Citibank / Qantas card .
At the time cost to withdraw $USD 500 was:
| card: | $USD 500 cost | |
|---|---|---|
| Qantas Card : | $AUD 730 | crappy rate + $2 atm fee (plus 1% reload after initial purchase) |
| CBA: | $AUD 722 | good rate + $5 atm fee + 3% fee |
| Citibank: | $AUD 696 | good rate - no fees |
Most surprising was how bad Qantas card was. The only benefit is the ability to rate lock (but you can win and lose playing that game). Even though CBA's overseas fees are outrageous Qantas’ exchange rate was so bad.
UAE Exchange
Airports usually have the worst rates.
Walk around your local shopping centre and compare rates from the vendors there. Flight centre, banks and local forex places all have their rates on display.
FWIW - I usually just go to flight centre. They are competitive (not the cheapest), but don't look as seedy as some of the local ones.