money exchange

[mrscruisequeen]

Hi All...we will be spending a couple of days in Auckland NZ prior to our cruise.

DH is going on a fishing trip and will need NZ dollars in cash, no credit card.

I really don't have much if any experience with $$ exchange, as we usually put everything on our credit card.

Can anyone tell me what is the best way to exchange US$ to NZ$.

Do the hotels do it, should we do it at the airport or at a bank.

:confused:

 

Thanks ahead for any information....Jeanne

[swdke]

Hi All...we will be spending a couple of days in Auckland NZ prior to our cruise.

DH is going on a fishing trip and will need NZ dollars in cash, no credit card.

I really don't have much if any experience with $$ exchange, as we usually put everything on our credit card.

Can anyone tell me what is the best way to exchange US$ to NZ$.

Do the hotels do it, should we do it at the airport or at a bank.

:confused:

 

Thanks ahead for any information....Jeanne

 

I'd recommend using your ATM card to withdrawal New Zealand Dollar, it's the easiest, most convenient, and may offer better exchange rates.

[mochuck]

Yep, I agree. Just use the ATM at the airport

[susierailroad]

So you suggest the convenience of using an airport ATM is better than getting NZ or AU dollars at a bank before leaving the states? Is the rate of exchange favorable? thanks for info.

[Rickey 88]

So you suggest the convenience of using an airport ATM is better than getting NZ or AU dollars at a bank before leaving the states? Is the rate of exchange favorable? thanks for info.

 

Depends on who owns and operates the ATM at the airport. If it is a recognized major bank, you'll probably get a reasonable rate. If it is operated by a money changer service, you'll pay extra....

 

If you wait until you get to NZ, be sure to check what the requirements are for their ATM machines. In Europe for example, some ATMs require a cardholder private code of at least six characters. Some of ours here, a four character code is sufficient....

[Globaliser]

So you suggest the convenience of using an airport ATM is better than getting NZ or AU dollars at a bank before leaving the states? Is the rate of exchange favorable?

I almost never get any cash before I travel anywhere. Using a local ATM is by far the best way of doing things. The overall rate is unlikely to be much worse than the best deal you could get at home, and is sometimes considerably better; even if it's worse, the convenience of just turning up and getting the money locally is worth the extra cost.

[SheilaNC]

Airport ATMs in Auckland are easy to find and have a reasonable exchange rate. Be sure to check on the amount of the conversion fee is that your bank (or the ATM bank) charges. It is usually a good idea to take out more money on your transaction than you need immediately so that you only pay one fee and not one for each time you need to convert to local currency. In Auckland proper there are convenient ATMs all over the city. Never had a problem. I always use credit cards rather than converting cash (except when needed for excursions as you describe) to avoid having more currency than I will spend. We are starting out this time with $35 that I brought home from my last trip (interestingly on a much better exchange rate - sorry I don't have more!)

[mochuck]

Depends on who owns and operates the ATM at the airport. If it is a recognized major bank, you'll probably get a reasonable rate. If it is operated by a money changer service, you'll pay extra....

 

If you wait until you get to NZ, be sure to check what the requirements are for their ATM machines. In Europe for example, some ATMs require a cardholder private code of at least six characters. Some of ours here, a four character code is sufficient....

All ATMs in Australia are owned and operated by banks and I'm pretty sure its the same in NZ. Don't ever use a currency exchange booth unless you absolutely have to.

[jagoffee]

I have been doing some research for my upcoming trip. If you use an ATM, you will need to play the credit card company the associated fee for an international transaction, correct? (2-3%?). Also, you will need to pay interest to the credit card company starting immediately? Are these fees less than the total that you would need to pay a bank or currency exchange service?

 

Wouldn't it be better to bring travelers checks or cash and just convert to the local currency?

 

Thanks.

[swdke]

I have been doing some research for my upcoming trip. If you use an ATM, you will need to play the credit card company the associated fee for an international transaction, correct? (2-3%?). Also, you will need to pay interest to the credit card company starting immediately? Are these fees less than the total that you would need to pay a bank or currency exchange service?

 

Wouldn't it be better to bring travelers checks or cash and just convert to the local currency?

 

Thanks.

 

Regarding fees, yes, there does seem to be a fee for ATM, and credit cards. However, I learned on another forum on tripadvisor that Capitol One visa does not charge a fee. I happend to have such a card, and called them to confirm and they verified. For my recent November trip, I solely used this card, and I was not charged any fees at all. I had previously planned to cancel that card before going to New Zealand, now I will keep it for next year's trip to Australia.

 

To add, in hind sight, unless you're having a long stay, you don't need cash. You can use credit card for everything, it's the best way to go.

[jagoffee]

Regarding fees, yes, there does seem to be a fee for ATM, and credit cards. However, I learned on another forum on tripadvisor that Capitol One visa does not charge a fee. I happend to have such a card, and called them to confirm and they verified. For my recent November trip, I solely used this card, and I was not charged any fees at all. I had previously planned to cancel that card before going to New Zealand, now I will keep it for next year's trip to Australia.

 

To add, in hind sight, unless you're having a long stay, you don't need cash. You can use credit card for everything, it's the best way to go.

 

Thank you for your input. I found some information on another thread as well. It is too late for me to get the Capitol One visa as I am leaving next week, but I will keep it in mind for the future. I was a little "surprised" about the 3% fee that most credit cards charge, but I should have known from previous experience. Has this been the normal practice for a long time? If true, I probably shorted myself on some of my expense reports years ago.

 

I think I will just pay the 2% fee if AMEX and 3% if it is M.C. for my charges and bring some cash to convert for small purchases that do not accept charge cards.

[Globaliser]

If you use an ATM, you will need to play the credit card company the associated fee for an international transaction, correct? (2-3%?). Also, you will need to pay interest to the credit card company starting immediately? Are these fees less than the total that you would need to pay a bank or currency exchange service?

 

Wouldn't it be better to bring travelers checks or cash and just convert to the local currency?

In my experience, the total fees charged when using a credit card are comparable to those charged when using a bank or bureau de change to change money. It's often difficult to make a direct comparison, because the stated fees/commission/whatever charged by different places can differ. However, those which charge less (or nothing) often load their profit into the exchange rate. So you have to look at the total cost of dealing with any particular place. When looking at those totals, I personally have no problem with using my credit card as the primary method of payment overseas, even for relatively small amounts.

 

Travellers' cheques bring their own problems. You often have to pay a fee for them in addition to the costs of currency exchange (whether you buy them in your own currency or in a foreign currency). And outside the US, acceptance of travellers' cheques is variable - there are many places that just won't take them.

[sultan_sfo]

Bank Cards / Debit Cards / ATM cards are different from Credit cards. When used for getting cash (or even using it as a credit card), the money is taken out immediately from your linked checking account. But no interest is charged and no cash advance fee is charged because the money is not "advanced" to you. Our Bank (so far) has been charging $5 per transaction worldwide. The exchange rate is another issue altogether. If you plan to use an ATM card, let your bank know your travel plans. /Sultan

 

I have been doing some research for my upcoming trip. If you use an ATM, you will need to play the credit card company the associated fee for an international transaction, correct? (2-3%?). Also, you will need to pay interest to the credit card company starting immediately? Are these fees less than the total that you would need to pay a bank or currency exchange service?

 

Wouldn't it be better to bring travelers checks or cash and just convert to the local currency?

 

Thanks.

[jagoffee]

Thanks again for all the input. It is probably amazing, but I have never had or used an ATM card. Never thought that I had a need for one. Based on this input, I should get one as least for traveling.

 

Good input on using a charge card and the variance fees compared to the exchange rate. It is all making a lot more sense to me, now.

[mochuck]

Thanks again for all the input. It is probably amazing, but I have never had or used an ATM card. Never thought that I had a need for one. Based on this input, I should get one as least for traveling.

 

Good input on using a charge card and the variance fees compared to the exchange rate. It is all making a lot more sense to me, now.

Wow, thats amazing. How do you get cash? Do you go to a bank or use EFTPOS?

[jagoffee]

Yes, I am starting to realize how amazing it is. I guess I am spoiled because my wife has a small business at home supporting other small business owners. As a result she goes to the bank at least once a week. She just gives me cash each week. Since my paycheck was automaticly deposited, I never go to the bank. I usually do not need much cash, I use my charge card whenever I can, so that can earn airline miles. On the other hand, I carry around too much cash.

 

This discussion about currency exchange has lead to me thinking about getting one. I am going to get one ASAP especially since I am now retired.

 

Perhaps I have broken a record of being the first person to take early retirement that never had an ATM card. I have always been caution of extra cost and never thought it was worth it. Now, I realize the error in my thinking.