Anyone Know Any Banks That You Can Deposit Foreign Currency in Cash without Fees?

Anyone know any banks that you can deposit and withdraw foreign currency in cash without fees?

Comments

  • No, and I dont know what you mean by cash, but I know that wise.com allows you to open foreign bank accounts for free, is that what you mean?

    Are you trying to avoid currency conversion fees?

    • No I actually have physical cash in another currency I want to deposit

      • Yeah I dont know then, most banks will charge ludicrous fees for that.

        • Ya found one that was like 1.5% to deposit and withdraw fuk that

      • if it is USA Dollars you can get a free account with commonwealth bank with no fees. I have had one for years. deposit it and it remains in usd. cheers Mike

  • +1

    LOL does not exist OP

    • The deposit part or the fee part?

  • How much? I have a couple of hundred of dollars in a variety of currencies. If I'm not planning on going back there, I give it to family when I know they are travelling so they have small notes and coins for when they hit the ground.

    • More than few hundred

      • Username doesn't check out then

        • +8

          Username is only for ATO

  • Comm bank has a foreign currency account. It says free transfer for linked accounts. You can deposit foreign currency at a branch too, doesn’t say anything about fee so double check with them maybe.

    https://www.commbank.com.au/personal/international/foreign-c...

    • CBA - 1% of transaction amount (minimum $10 per transaction)

  • +7

    Crown Casino are good at washing cash.

    • Casinos accept foreign currency?

      • Last time I checked, yes.

      • I am sure in Australia, never been to the casino here but in Macau, you can bet with any foreign currency.

        • Macau use to be HKD only but now RMB is higher i'm sure you can bet with anything

  • They accept foreign currency?

  • Safe deposit box. Just the fees for renting them

  • Keep it for your next cruise, while the rates are pretty bad I always cash out my miscellaneous random currency onboard against my cabin account.

  • Not sure if its what you're after, and not exactly across how this account works, but maybe something like this

    https://www1.citibank.com.au/banking/bank-accounts/global-cu...

    U should also see if HSBC has something similar

    (likely will be fees)

  • Depends on the currency but citibank.com.au has a "Global Currency EUR" account, ask them if and where they accept foreign cash.

  • Forex places without fees tend to make it on money on conversion spread.
    Convert cash then deposit.

    Banks charge % plus conversion spread.

    I usually hold on to my Forex until I am in South East Asia then convert there.

  • Yes, just travel to the country of the currency.

  • +4

    Anywhere that doesn't charge you a fee will just be offering you a really crap exchange rate - so you could well get a better deal by going somewhere that shows their fees upfront.

  • Unimoni don't usually charge commission and have reasonable conversation rates or at least have done so in the past.

    • Sounds good

    • Unimoni

      I think they are actually more into SELLING foreign currency to potential(?) travelers.

      Most of them are reluctant to buy foreign cash because there are (for now) no travelers going out, so any cash they collect is hard to sell locally and has to be transported overseas or stored locally (costly game indeed).

  • You could go to one of the currency converters and see whether you can sell them for AUD. Once you have AUD, you can deposit it into the bank. If I remember right, I have done it once. But it was a few hundred dollars left over from my travel.

    https://www.travelmoneyoz.com/sell-currency

  • May as well ask for a coffee shop that has free coffee

    • +1

      You mean coffee shop that will convert earl grey to chai latte for free

  • Why would they allow that? They are a business.

    • they could use my money to invest in the overnight money market like all banks do

  • HSBC has a multi currency account

  • +1

    Just to clarify as far too many posters missed the hard bit.

    OP needs a local account that will accept foreign currency without outrageous fees when actually depositing such foreign cash.

    HSBC, Commonwealth and probably many more have FX accounts but none takes foreign cash over the counter without nasty charges and fees.
    That's the hard bit. Cash (bank notes) in.

    • +1

      I can't believe only you understand me out of all these people

      • The problem you will face is withdrawing the foreign currency again when you want it - Citibank etc will again charge withdrawal fees, so you’ll be hit with fees twice. That is unless you intend converting to AUD at some point after depositing, but in that case you’d be better off just holding onto the cash until you are ready to convert to AUD.

        Also, Citibank has no branches here anyway. HSBC or CBA would be the ones, but they have fees for deposits and withdrawals.

        If you find anything, please let me know too. 😀

        • +1

          Limited types of currency but bank of china let's you deposit first time fee free

          Subsequently 1.5% for cash deposit and withdraw

          No fee if using the card / union pay to electronically pay for things

          Prob better to exchange to AUD when AUD is low

  • If they are USD I'll buy them of you. We can both save the fees.

    • I have BUSD

      • Ah OK no thanks.

      • BTW I was checking HSBC nothing mentioned about any fees. But not sure about the currency you have. I will be trying them after few days or weeks as I'm thinking of transferring online to it and if they don't charge withdrawal fee I might save on the online rates.

        • Yeah I got that global account with them and yes you can hold foreign currency

          Issue is I don't think you can go to a branch and bank cash but might work out for u

          • @Poor Ass: If it's one of the currencies it supports you should be able to deposit cash. I know from CBA USD account I've seen someone depositing USD cash straight into it in branch.

          • @Poor Ass: Don't know if this is still relevant - I used to have a HSBC USD account, and I could bank cash and withdraw cash.
            They just ask that if you're moving a sizeable amount (more than a couple thousand) that you make an appointment.

            • @cpho: did they charge you anything for depositing cash and withdrawing?

              • @Poor Ass: Sorry, I can't recall - I think there might have been.

                I think Citibank also offers the same thing, but again, not sure the details.

    • You can't really deposit cash

      • Oh ok. Sorry.
        What about a bank cheque?

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