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mercurial

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Oct 9, 2006
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Hi guys,

Just a quick question - heading to Europe in just over a week, and I just wanted to get some input on when is the best time to buy currency. I had read that there will be a better exchange rate if I was simply to withdraw from an ATM when I am over there (have an NAB Visa Debit Gold - i.e no transaction fees or currency conversion charges from my own financial institution) but I was also recently advised that it would be beneficial to initially buy currency from a bank here (probably going to be about 1k to start). I have looked for information online but it has been difficult to get any decent information from an Australian source. Oh and won't need cash to get out of the airport either, so that's not an issue.

Any advice, or experiences? Much appreciated.

PS Apologies Mods is this is supposed to be in the Money forum.
 
My advice, as both a banker and frequent overseas traveller, is just have an initial amount to cover any possible incidental expenses (equivalent of A$100 for possibly taxi, bus or train etc) and then find an ATM on the first day your there. I was in Europe in 2007 and had no problems with ATMs.

The Visa Debit Gold will ensure you don't get charged fees and the rate of exchange is better than using those rip off merchants at airports and I wouldn't go to Travelex either.
 
Yeah your bank will probably give you a better rate than most exchange places (Western Union for example are horrible). I just used ATMs as I went, except for the few countries I was in for a couple of days that had a different currency like Switzerland, Poland, Hungary etc where I changed some Euros - and had no problem - but my advice would be don't withdraw too often, as you'll get hit with horrible bank fees, so get out a fair bit at a time and just look after it.
 

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whilst this is good advice, u need a plan B. (as i have learnt the hard way).

Take a bit of extra cash with you on top of what you need for immediate expenses, and keep the rest locked away in your hotel safe. if u lose your credit card it's a ball breaker. best to keep a secondary credit card in your hotel safe also.

you'll find yourself living off western union cash advances for the rest of your trip.
 
Good idea to have a backup plan incase you lose your cash card or it doesn't work for some reason etc. Suggest you double check the fees for your current card and ask for it in writing.

Don't do your FX at the airport- rates are rubbish.

Check out the travel cash cards aswell available at some travel agencies and banks and compare.
 
For my South African adventure last year (and likely this year) I made sure I had a decent amount of cash but never kept it all with me on hand. I often paid for what I needed via EFT in shops as they didn't have PayPass and as it turned out I had more than enough to get a few nice items (and early Christmas presents) at the airport on the way home.
 
Don’t want to hijack the thread, but has anyone moved overseas and thus had to transfer a large portion of money into another currency?

What’s the best way to go about it?


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