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Buy at June/July 2008Hi all,
I'm heading overseas in the middle of the year and need to buy US dollars. Wondering if people could recommend whether to buy now/soon or wait til just before I leave (June)?
Thanks.
There's no way of knowing, it's not too bad right now is it? Last time I checked our dollar was worth about 70 cents in the US so that could be your best bet.
Good time to get on now, cracked 80 cents today
I have never been overseas before but am looking to maybe end of this year.
Can someone tell me sometimes I see 'Foreign Exchange' stores. Can we exchange money for Australian dollars? (Based on the current market exchange rate) And also is there a fee involved?
In my experience changing money in Australia is bloody expensive relative to the costs in other places, although Europe certainly isnt.
There are 2 ways in which the Foreign Currency dealers make money form you, they sell you money at different rates to what they buy it back AND they sometimes charge a flat fee per transaction as well - which can be a major percentage cost if you are changing small amounts.
The "buy" "sell" prices are often massively uncompetitive in Australia and just a fee gouge, they are generally bad in international airports wherever you are.
The current exchange rate between the $A and the $US is 81 cents. If I went in to buy US dollars at Travelex, I would currently (right this minute) pay 87 cents (Aussie) per dollar (travelexs US site)... and in reverse, I would get 78 cents for every US$.... thats how they make money.
In my experience, the rate I get is more competitive just by using cash advances on my Visa card but you need to check the bank fees attached.
I bought at 0.94 and went to the US for 6 weeks last year.
And I'm considering going back in October. 80-85c would be good.
www.xe.com reports the AUD at 82.16
Gone up 15 cents since I got back from the US, ****! Same thing happened the time before, I returned at it went up to .98!
Someone advised me a cheap way, is to go to major banks in overseas countries to get the best rate. Agree with that? whats your advice