Exchanging $ prior to departure
 

I will be departing next week for Cambodia, Thailand, Singapore and Indonesia. My bank (Bank of America) will exchange US dollars for Singapore, Thai and Indonesia money without a charge.

Thou I have not been to the bank and don't know what their rate is, do you think it is a better deal to exchange here versus ATMs, bank and airports?

Or do most places take US dollars?

Thanks!!!

The only place you'll use US dollars in SE Asia is in Cambodia. Otherwise, you'll use the local money.

It's always a better idea to get your local cash once you get there. Banks or airport kiosks in other countries charge a large premium (via poor exchange rates) for foreign currency. I've seen premiums as high as 25-30%.

It's good to know I don't need to exchange for Cambodia.

If I don't get it here at my bank in California; when I arrive to the country, where else would I go but to the bank and/or kiosks? Are you saying get it there,at the same time are you saying the rates are higher there? Sorry for my confusion.

Sorry, I wasn't clear. If you get foreign money in the US, whether at your bank or at an airport kiosk, you'll pay much more for your foreign currency. Also, if you are, say, at the airport in Tokyo, don't bother to get Thai baht or Indonesian rupiahs there, as you won't get a good exchange rate. Always get the cash for each country in that country. In SE Asia, you'll find that banks, ATMs and exchange windows all offer similar exchange rates. Hotels offer worse exchange rates.

Or to rephrase Kathie's good advice...Get your money in teh country where you will be using it. There are ATMs in the airports, and pretty much everywhere now in Asia. Best way to go!

Your bank might not charge a separate fee, but will likely give you a terrible exchange rate.

I will have to say though, that I get good Yen prices in Honolulu. Probably because we have so many Japanese tourists and the banks herewould rather sell it to me than send it back to Japan.

Thank you to both of you. As I move throughout the countries, I will exchange there and not at my bank here.

I think I saw a posting a couple of weeks ago, something to do about currency, that they prefer newer bills (not torn or written on), but did I read something about going with a higer currency like 100.00 bills as opposed to 20.00 bills. Can either onne of you clarify?

You get the best exchange rate on 100 bills, but yes, some exchanges won't take old ones. Make sure you have the latest series.

In Indonesia, it's best to avoid using exchanges at the airport if at all possible. In Bali last week, I noticed the airport rate was nearly 10% less than the rate on the street. Indonesia is one of the few places where you should shop around a little before exchanging money, although the variance is usually less than 100 Rupiah.

Thanks, I will be in Bali (Ubud) as well and will take the time to shop around. Every little bit helps...

Just curious, what about $50.00 bills, I have those now, but have no problem exchanging them for 100.00s.

In some places, $50 bills will get a lower rate than $100s. In Indonesia for example, you 50 to 100 RP less per dollar.

But in Thailand, where almost all exchanges are run by banks, there's usually no differentiation. Of course, rates are almost exactly the same everywhere as well.

Take along some smaller bills,too. you might be at the end of your stay in a country, but almost out of money, but won't want to exchange a whole $100. bill when maybe a couple of 20s might be all you need to exchange.
What I do, before I leave for a trip, is to figure out exactly how much cash I will need to take and then I write down the total amount of cash and break it down into how many 1s,5,10s,20,50, and 100s I need.
I Then write it all down on an index card and then go into my bank, hand the card to the teller, and have her get the bills in order for me. I always tell her that they have to be newish bills, and with no tears.
I have a seat, read a magazine, and wait until she's gotten it all together.
I get my money, in an envelope, take the card home and file it back into my index card file box and have it for the next trip. I have many cards like this in the file box since it depends on what country I'm traveling to and the duration of the vacation. It makes trip planning a lot easier doing it this way. Happy Travels!

guen, it seems like you've "gotten it all together". :-)

You have received some good advice! The only thing I would add is that it's nice to have a little bit of the local currency once you arrive for transportation from the airport or water, etc, then you don't have to wait in line. If you're first arriving in Cambodia, I guess US dollars will be fine, but if it were Thailand or Singapore, you might want to have about 100 USD worth of the local currency just in case. Thailand and Singapore will of course take US credit cards as well, but you may need cash for the taxi, for example.

You can easily get local currency upon arrival. Bangkok and Singapore have ATMs readily available as well as exchange windows that give good rates. There is absolutely no reason to get baht or Singapore dollars before you get to Thailand or Singapore (and pay a ridiculous premium).

Have to agree with Kathie on this. I don't ever exchange currency before I arrive. I always have a $100 bill in my wallet for cases where there's no ATM. Otherwise, these days I tend to rely on the ATMs and credit cards.

Almost guaranteed that the BofA exchange is a ripoff. No charge? No handling fee or convenience fee or conversion fee? Then they will get you on the exchange rate.

You could find out what the current rates are (I use http://www.oanda.com/convert/classic ) and then find out what rate BofA gives.

I'd hit the ATM on arrival or exchange some $ at the arrival airport.

B of A gives you a good exchange rate, but they charge me $5 + commission to use the ATM overseas. I avoid using my card in ATM machines unless my Kasikornbank ATM is refused.

Thanks for all of this great information!!!!

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