Best places for best currency exchange rates
 

I am preparing for our 1 month trip to Australia. We will be in Sydney, Melbourne, Adelaide and Perth and take tours from these cities. Any advise re. money exchange places (US $s to AU$s) that offer the best rates? Thanks.

The easiest and best way to obtain AUD is to use your ATM card to make withdrawals from ATMs. The exchange rates will be official bank exchange rates which will be the best, i.e. much better than those charged by currency exchange booths. You will be charged a conversion fee, probably between 0% and 3%, by your financial institution. You should find out what this amount will be before you leave and you may have time to get an ATM card from a financial institution that charges a low amount. (Credit unions are good for this. Our credit union charges only 1%).

Also, be sure to let your financial institution and your credit card issuer know the dates that you will be out of the country so that your accounts are not flagged for possible fraudulent activity.

Thanks, longhorn.

Do be aware that some banks in Australia will charge you a fee for using their ATMS if you don't have an account with them. The ATM will notify you of the charge when you insert your card. It seems to range from $3-$5.

Ditto what longhorn says about US credit unions. We use our US credit union issued ATM card when we travel - worldwide - and only pay the 1% conversion fee.

FYI - If asked by an Australian business if you want to be charged in US dollars instead of Australian dollars on your credit card - say no - they'll use the rate set by their bank (usually a poorer rate of exchange) AND you'll still be charged a conversion fee by your bank on top of it. Best to have the charge made in Australian dollars and let your bank determine the rate.

This applies throughout the world, not just Australia.

Welcome to the wide world of Dynamic Currency Conversion.

I appreciate the helpful advice.