Don't use currency exchange websites....

[bazzaw]

to work out what your Aussie currency is worth.

 

My understanding is that these sites only report the inter-bank exchange rate for the moment -- not what you will get from your local bank.

 

For example, right now, the site XE.com reports that $3000US is worth $2884AUD. BUT - if I wanted to place an online order for $3000 US cash right now with the Commonwealth Bank , they would charge me $3041AUD (which includes a $30 charge).

 

Right! you say - so I will use a non-International currency charge credit card like 20 Degrees (no $30 charge) -- but if you charged $3000US to your card tonight, you would not know exactly what the Aussie equivalent that they will charge to your CC for another month or so (when your next CC statement comes in) -- it might be bigger or smaller than what is quoted above. It depends on what rate they use - how it has moved in the intervening month.

 

Barry

[Aussieflyer]

On the same tack, we had to pay for a Crystal cruise through an Australian online TA last year. The cruise was in $US. To make the payment to the TA we had to check the sell rate TT rate with Suncorp and then transfer that amount to the TA.

Today's rate for $US is 1.0128 so $US3000 would equate to $AU2962.

Paying an overseas TA would entail a fee on top of this.

[Pushka]

28degree credit cards exchange rates seem to be the best in Australia. They are almost the same as the online calculators.

[Billy and Charlie's Mum]

28degree credit cards exchange rates seem to be the best in Australia. They are almost the same as the online calculators.

 

Yes.... in my experience 28Degrees charges the online advertised rate not the bank rate. I kept note of the days rate on xe.com when we were in europe in April and May and when the bill came in it was the same rate. Very happy with 28 degrees. :)

[The_Big_M]

I'm not sure why the above are reasons not to use them.

 

If you want to know what's happening to the currency they're the most straightforward way.

 

And if you want to know specifically because you're converting cash, then it'd be more appropriate to check your relevant provider's site e.g. CBA if you want to change with them, or Australia Post if with them, or Travelex if with them, and so on.

 

And for 28 degrees or other credit cards, currency websites will give you the current rate. You can then check your card's terms and conditions to find out what the extra margin is and add that on. e.g. If the rate is 1.0 for USD to AUD, and you have a 2% fee, then your approximate rate will be 1.05 / (1+0.02) = ~1.029.

[Aussieflyer]

I'm not sure why the above are reasons not to use them.

 

If you want to know what's happening to the currency they're the most straightforward way.

 

And if you want to know specifically because you're converting cash, then it'd be more appropriate to check your relevant provider's site e.g. CBA if you want to change with them, or Australia Post if with them, or Travelex if with them, and so on.

 

I do use sites like XE but it is really only to find a ball park figure - it gives me an idea of whether there is a large margin between an $AU quoted cruise and an overseas one. I know that the actual rate I pay will be more but if the difference is large enough I know I will still be in front. If I need to worry about $50, I probably can't afford the holiday :rolleyes:

[Pushka]

I'm not sure why the above are reasons not to use them.

 

If you want to know what's happening to the currency they're the most straightforward way.

 

And if you want to know specifically because you're converting cash, then it'd be more appropriate to check your relevant provider's site e.g. CBA if you want to change with them, or Australia Post if with them, or Travelex if with them, and so on.

 

And for 28 degrees or other credit cards, currency websites will give you the current rate. You can then check your card's terms and conditions to find out what the extra margin is and add that on. e.g. If the rate is 1.0 for USD to AUD, and you have a 2% fee, then your approximate rate will be 1.05 / (1+0.02) = ~1.029.

 

28degree cards charge the currency website rate.

[6andy6]

to work out what your Aussie currency is worth.

 

My understanding is that these sites only report the inter-bank exchange rate for the moment -- not what you will get from your local bank.

 

For example, right now, the site XE.com reports that $3000US is worth $2884AUD. BUT - if I wanted to place an online order for $3000 US cash right now with the Commonwealth Bank , they would charge me $3041AUD (which includes a $30 charge).

 

Right! you say - so I will use a non-International currency charge credit card like 20 Degrees (no $30 charge) -- but if you charged $3000US to your card tonight, you would not know exactly what the Aussie equivalent that they will charge to your CC for another month or so (when your next CC statement comes in) -- it might be bigger or smaller than what is quoted above. It depends on what rate they use - how it has moved in the intervening month.

 

Barry

 

I thought that was alway obvious? An inter-bank rate is exactly as it describes.....the rates between banks. Not to you. I'm 46 and it has been like that since I was 20 yo and working in a financial institution.

 

What a bank or card provider (which can be different) charges you as a rate is ALWAYS and has always been different. Even the money changing booths in city streets rates are different.

[rugbypopsie]

I use a foreign currency account...I stockpile USD or whatever currency I think I might use when the rate is favourable..my bank is pretty friendly so sometimes I direct deposit the final payment.

 

You work hard for your dollars...make them work hard for you....but never ever ever let the ship do the conversion.

 

Sue