Best way to exchange US dollars for Australian and NZ dollars
Feb 1st, 2017, 04:18 PM
#1
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Best way to exchange US dollars for Australian and NZ dollars
I've heard that the cheapest way to get NZ dollars is to just withdraw cash from an ATM once I arrive in New Zealand. Is that true? Does anyone know what banks in NZ charge for ATM withdrawals? Same questions applies also to Australian dollars as we will be visiting both countries.
Feb 1st, 2017, 05:36 PM
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Yes, you typically get the best rates just withdrawing money from an ATM (not at the airport) with your bank card. Make sure to take the local currency rather than accept dynamic conversion. The fees will depend on your bank and the relationships it has with the banks on the ground.
Feb 1st, 2017, 08:47 PM
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We find it much easier to withdraw from an ATM than buying currency in advance and carrying it. Ask your bank if there are banks in NZ and Australia that will allow you to withdraw without charges. For example, our Australian bank has a reciprocal arrangement with Bank of America.
Feb 2nd, 2017, 11:12 AM
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<<Yes, you typically get the best rates just withdrawing money from an ATM (not at the airport) with your bank card.>>
Hopefully "not at the airport" means not exchanging cash at the airport Travel Exchange desk. ATMs don't vary on exchange rates.
That said, be aware of 2 issues: (1) Some Aussie ATMs charge a withdrawal fee. This is usually modest (like 1-2 Aussie dollars) and really diddly compared to what US banks charge; (2) Aussie ATMs often ask if you want to be charged in your own currency for the exchange and YOU MUST ALWAYS DECLINE or you're losing money. Just do a straight withdrawal of Aussie cash.
Don't know if the Kiwis have the same charges or tricks.
Hopefully "not at the airport" means not exchanging cash at the airport Travel Exchange desk. ATMs don't vary on exchange rates.
That said, be aware of 2 issues: (1) Some Aussie ATMs charge a withdrawal fee. This is usually modest (like 1-2 Aussie dollars) and really diddly compared to what US banks charge; (2) Aussie ATMs often ask if you want to be charged in your own currency for the exchange and YOU MUST ALWAYS DECLINE or you're losing money. Just do a straight withdrawal of Aussie cash.
Don't know if the Kiwis have the same charges or tricks.
Feb 6th, 2017, 05:39 PM
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This practice is called dynamic currency conversion. It was invented in Ireland in the mid-1990s. Unfortunately it's practice has now spread around the world.Best advice is to always ask to be charged in local currency only.
Feb 28th, 2017, 11:37 AM
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<<ATM at the airport is the same exchange rate at any of their ATMs. No need to avoid them.>>
It will save ypu money if you go to an Aussie bank that has a reciprocal relationship with a bank in the States.
If you dont you will be charged higher fees.
Marg's advice is what I recommend as well.
It will save ypu money if you go to an Aussie bank that has a reciprocal relationship with a bank in the States.
If you dont you will be charged higher fees.
Marg's advice is what I recommend as well.
