Currency Exchange Oz/NZ

[lonig]

Will be coming into Australia from the US and need to know where the best place to exchange currency is for both Australia and New Zealand. Is it expensive to use credit cards in Oz/NZ?

[rugbypopsie]

With a Visa or Mastercard you can withdraw money in local currency from ATM's. You can use CCards for just about anything over $10AUD. If you use your credit card there is usually not a surchange and it is exchanged at the prevailing rate when it hits your bank.

 

Hotels will exchange too..but make sure you know the rate as it may not be the best. All banks will exchange. In the tourist areas there are exchange booths..check rate and charges.

 

The worst place to exchange is the airport...

[Vader1111]

Best place to exchange money is the Post Office, as they don't charge a commission. However, it takes them a couple of days to get the money sent out to the branch.

 

The way it works is that you order (and pay for) the foreign currency, returning to collect the money 2-3 business days later.

[jannandjohn]

Best place to exchange money is the Post Office, as they don't charge a commission. However, it takes them a couple of days to get the money sent out to the branch.

 

The way it works is that you order (and pay for) the foreign currency, returning to collect the money 2-3 business days later.

we order it at the PO,and it's ready for pick up next morning here on the Sunshine Coast..never had to wait any longer.

don't know how it works swapping US for Aus though, because they would have enough in their till to pay you...if they TAKE foreign , THAT IS??

 

Maybe they just exchange AUS for another..never taken money back after a trip..just keep it for next time:)

[Aus Traveller]

Will be coming into Australia from the US and need to know where the best place to exchange currency is for both Australia and New Zealand. Is it expensive to use credit cards in Oz/NZ?

Where do you fly into? Sorry I don't have a brochure showing your cruise itinerary. Maybe if we know your starting point we can make suggestions.

 

Someone suggested getting currency at a Post Office. I doubt that this system can work for you as I believe it might only be for buying overseas currency with AUD, not the other way around. Also you won't have time to order currency at a Post Office and wait for it.

 

Off hand, I think a bank would be your best solution, but they charge a flat fee (such as $8 or $15) as well as having a different buying and selling rate. The bank is less economical than a "Money Changer" unless you are buying a fair amount of currency.

 

The other suggestion is to use your credit card and withdraw cash from an ATM. Does your CC have an Overseas Transaction Currency fee? Some do and some don't.

[Red Hat Cruise Cat]

Will be coming into Australia from the US and need to know where the best place to exchange currency is for both Australia and New Zealand. Is it expensive to use credit cards in Oz/NZ?

 

I suggest getting some OZ and NZ currency from your bank before you leave. I always get mine at Chase since they don’t charge an exchange fee or commission and their rates are competitive. In doing my OZ research, I’ve noticed that most of the hotels charge a 2.5% surcharge for paying with a credit card. This surcharge is in addition to the fee that your credit card will charge for the foreign transaction.

I’m not sure if restaurants have the credit card surcharge or not. If so, then I’m seriously considering using cash for everything.

[bazzaw]

Perhaps you won't have a lot of time in either Australia or NZ? - so perhaps you might find it easier to get a small amount of both currencies before you arrive in-country. I never really know how much I am going to need or spend when I travel - but I do like to get some currency of the country I am visiting before arrival. It makes life a lot more easy. Then you can get more when you are here if you need it. Don't worry too much about the small details like small percentages taken by the banks etc - after all I am sure you will have already spent a small fortune just in getting here :):) We all do - so I don't know why we sweat over the pennies!! :p

 

Barry

[The_Big_M]

In doing my OZ research, I’ve noticed that most of the hotels charge a 2.5% surcharge for paying with a credit card. This surcharge is in addition to the fee that your credit card will charge for the foreign transaction.

 

I suspect you may be looking at a lot of hotels of the same chain, as there's no standard credit card fee that hotels charge. Many don't charge any and others that do will charge varying amounts.

[moyaroo]

Will be coming into Australia from the US and need to know where the best place to exchange currency is for both Australia and New Zealand. Is it expensive to use credit cards in Oz/NZ?

 

 

Expect a charge of up to 3% from hotels for use of cc over cash. Amex will have the highest surcharge as Amex has the highest merchant fees.

 

Use Capital One credit Card if you have one as they do not charge foreign transaction fees.

 

Use ATM debit cards for getting cash as they have the best rate of exchange to ease of use ratio, period.. As of my last trip (one year now - will be back this weekend) if you have a Bank of America Debit Card there is no fee at Westpac banks (found all over) One poster above mentioned bank fees. I believe you will get that if you try to convert cash USD to cash AUD or NZD just as you would if you were trying to cash in your aussie dollars on your return.

 

I always bring some back with me, but you will find ATMs in the airport and no hassle with them so draw out at the Airport and you will be all good. Getting Aus dollars from banks in US prepare to pay through the nose.

 

There is a preference for EFTPOS (Electric funds Transfer point of sale) downunder if, when, you see it cc will be discouraged but usually taken. Watch though as some smaller places will say EFTPOS Only, then cash is needed.

 

As to the Aussies who say no charge, they may using EFTPOS and forgetting the difference from a traveller's position.

 

A sample charge for hotels is as follows from my reservation in Adelaide

 

Check in available from 2:00pm, however should you arrive earlier, luggage storage is available. Upon arrival you will be

required to present a Credit Card for pre authorization. Alternatively if you wish to pay Cash or Eftpos for your reservation,

full pre payment of total cost of accomodation and cash bond $150 will be required. Valid Photo ID will also be required at

check in. Please note 1.5% surcharge is applicable to all credit card transactions. If you need to cancel your reservation,

please contact the hotel by 2pm the day prior to avoid a cancellation fee of one night's accomodation. We thank you once

again for choosing to stay with us at Majestic Roof Garden Hotel and look forward to welcoming you to Adelaide. If you

require any further information or assistance please don't hesitate to contact the hotel on +61(08)8100 4400.

[The_Big_M]

As to the Aussies who say no charge, they may using EFTPOS and forgetting the difference from a traveller's position.

 

I didn't say "no charge", I said "no standard charge" as it was said that "most charge 2.5%". For example, in your example, it was 1.5%.

 

As said, some have no charge and those that charge have varying amounts. Basically, it's good to check in advance if you're concerned about whether a charge exists and what it may be.

[moyaroo]

I didn't say "no charge", I said "no standard charge" as it was said that "most charge 2.5%". For example, in your example, it was 1.5%.

 

As said, some have no charge and those that charge have varying amounts. Basically, it's good to check in advance if you're concerned about whether a charge exists and what it may be.

:o

 

Sorry, I remembered only so much of your message and then whilst writing thought I had contradicted you and well . . . the rest was my mistake and sounded totally different from the intention. If there is a standard it is likely more the 1.5% as I have received that one several times but it is always good to check in advance and prior to booking.

[lonig]

Thanks for all the information. Not sure what I will do, sounds like it is best to use an ATM and get AU dollars. My bank will charge a fee for using the ATM if it is out of our group but that is only $1.75 so sounds like that will work best. Will use the ATM when I arrive in Sydney and take enough out so that when I return from the cruise and we have one last night in the hotel in Sydney, will apply all AU funds to the bill except what is needed for a taxi or shuttle. I think that will probably work best. It seems that everyone charges something for a conversion fee here in the US. Have not found any of my cc companies that don't charge something. Oh well, just add it to the cost of the vacation. This is one of the trips on my bucket list, so will just enjoy.

[iain48]

Is EFTPOS the same as a debit card, and have similar zero or low extra charges. that is what I try to use in UK and usually avoid credit card charges.

[The_Big_M]

Is EFTPOS the same as a debit card, and have similar zero or low extra charges. that is what I try to use in UK and usually avoid credit card charges.

 

Yes - electronic funds transfer at point of sale. Just means it comes straight out of your bank account.

 

I'm not sure that it's hooked into international networks though. It used to be only domestic banks but not sure if that's been expanded as networks like Maestro have opened up.

[bazzaw]

Thanks for all the information. Not sure what I will do, sounds like it is best to use an ATM and get AU dollars. My bank will charge a fee for using the ATM if it is out of our group but that is only $1.75 so sounds like that will work best. Will use the ATM when I arrive in Sydney and take enough out so that when I return from the cruise and we have one last night in the hotel in Sydney, will apply all AU funds to the bill except what is needed for a taxi or shuttle. I think that will probably work best. It seems that everyone charges something for a conversion fee here in the US. Have not found any of my cc companies that don't charge something. Oh well, just add it to the cost of the vacation. This is one of the trips on my bucket list, so will just enjoy.

 

LONIG

 

As I said somewhere else - don't sweat over the small stuff!! :)

 

Barry