Exchanging €8,500 into AU$? Where to go for best rates?

Hey all. I'm heading to Australia and am looking to exchange about €8,500 I have in a current account into Australian dollars. Just wondering where I should go for the best rate?

The lazy approach would of course be to change it in the bank where I have the account (Ulster bank) when I withdraw it, but I'm thinking there must be better rates available elsewhere.

I'm also wondering whether I should change this money into Travelers' Cheques, or leave it in the account and withdraw over there (not recommended by anybody I've talked to) or alternatively put it in one of those temporary credit card accounts. The first option seems safest to me.

Any suggestions?

Temporary credit card accounts??? What are they Ed2?

Mimi

Mimi - usually used for shopping online without a credit card, but can be used offline as I understand it, though I could be wrong. Basically you pre-pay and then make your purchase. See www.3v.ie for an example.

As an aside, just in case anybody finds this query in a future search, I've discovered that the best way of carrying money abroad in the manner I describe above is to transfer money into your credit card before going abroad.

Depending on your credit card provider, the charges are much lower than exchanging or withdrawing cash.

I know about 3V but I never thought you could load it with such a high figure. I would never put €8,500 on one of those disposable vouchers. They don't last more than a few weeks at the most and that's only if you load it at the begining of the month.

Mimi

Yep, that's what I discovered...

I just thought that you were talking about something completely different to 3V. I wish Ireland would introduce those "American Express Travellers Cards" as well as those "Visa/Mastercard Debit Cards".

Mimi

mimi, you can get a prepaid credit card over the internet. i am not sure about the american express travellers card though. prepaid cards are a lot safer than a standard credit card but getting one can take a while longer. it is a handy tool as not everywhere takes laser over the phone/internet and it will keep you from running up a large bill.

Alex.

There has been some discussion in previous threads as to whether cash paid into a credit card will be refunded in the event of fraudulent use and even if they do it might not be refunded immediately leaving you stuck for cashflow, so it might not be wise to put your whole E8,500 on in one go.

An alternative might be to put about E500-1000 on at a time and then when it runs low transfer from your bank account using online or telephone banking to top it up again.

The absolute best way is to open an account in Australia and get an Australian ATM card. Whether you can do this will of course depend on whether you will have sufficient proof of address etc. to satisfy an Australian bank's AML procedures although [broken link removed]from here before you leave.

When my daughter was in Australia yr before last she said you could open a bank a/c (with ANZ anyway ) as long as you did so within the first 3 wks of arriving in the country. ANZ are good if you hope to do New Zealand also.
I would agree with dam099. Get your a/c's online & dripfeed money into your cr card as you need it.
If Cr Card is in credit (ie.owing you money) then there is no charge for ATM withdrawals anywhere in the world. With the exception of some privately owned ATM's located in pubs, shops etc but they will warn you before you finish transaction. This is so with BOI cr cards anyway.

Also if you opt for this be sure you write down the emergency contact phone no in case your card is lost/stolen. It's written on the card but you need it elsewhere. If notified immediately then you are not liable for any transaction after the time you notify.

BTW Definitely don't change it into Travellers Chqs. You pay commission on buying & you pay commission on cashing. To me they're a rip off.
Don't use your Cirrus card either if you have one. Charges of 3.5% per tx for use outside the Eurozone.
Ask your banks advice...... We do give good info at times
After all that.....have a great trip

Tesco Credit Cards say they don't guarantee money over and above the credit limit. For example if the limit is 1000 and you want to make a single purchase of 1500... you have to lodge an extra 500 to make 1500 available to fund the single 1500 payment... in this situation the extra 500 is at your own risk as far as fraudalent activity goes...

Travellers Cheques? Aren't they something that James Bond and his ilk used to use? Do people still buy these anachronistic instruments?

Are you planning on coming back from Australia? If so, I'd just leave it in the bank and withdraw using your regular ATM card. Will save you the hassle of opening a new account when you return. Also gives you the option of sending money home easily if you strike it rich.

Or else, as suggested, load up the Visa card.