Exchanging money
 

I'm sure this question pops up on this webiste all the time, but where is the best place to exchange money? Have people found that it is better to exchange in the US or in Australia? And if in the States, where's the best place to do it? I know that credit cards give the best rates, but I'm mostly concerned about exchanging cash. Any suggestions?

My family just came to visit, and exchanged only a bit of $ in the US before coming over. The rest was done via ATM's. The rate is same as banks, and easily accessible everywhere - all hrs. If for some reason you don't have an ATM card, I would exchange cash at either banks or Amex offices, but I believe there might be a service charge. Avoid exchanging at hotels - rates are awful.

Brian, <BR>We have just returned and did the following, which was for us a reasonable way of exchanging money. <BR>We bought AUD$ travellers cheques in the UK and got a good rate. <BR>The hotels in Australia do not charge for exchanging AUD$ cheques to cash, so you get whatever rate you obtained in your home country. <BR>We used our credit card for the more expensive things, car hire, hotels etc and exhanged cash as and when we needed . <BR>

We have found that you get the best rates at home. We think its because the local currency exchange wants to get rid of their foreign currency more than the banks in your destination want to buy US dollars. It may be only work in big cities or tourist destinations, but I've found this method to be the cheapest for European, South American, Japanese and Australian currencies bought in Honoluulu. Friends from LA also noticed it. If you can't buy it at home, use your credit cards where you can and ATMs to get cash so you'll be getting wholesale exchange rates.

Take a little cash to get you from the airport to the hotel if you need it but by all means, use ATM machines while there. While I was down there in May, my dad sent me a message from a CNN article advising travellers to avoid "currency exchange" booths in any country because they take off fees and don't tell you about it. Sure enough, when I checked my receipt and did the math, I lost about $20AU on a $200US exchange. <BR> <BR>Stick with ATM's always.