How to get the best foreign exchange rate in Canberra?

I recommend the redrate exchange in dickson, they have really good rate for Euros

I just got back from the USA, found Suncorp had the best exchange rate by far at the time

What is this, the 18th century?

There are multiple financial institutions who will give you a Visa/Mastercard with no international transaction fees (including ATMs) and currency conversion within 0.5% of the interbank cash rate. Just withdraw what you need on an as-needed basis.

I’ve found Australia Post to be the best so far – cheaper than banks or the travel chains.
Efficient to – go and order your cash and it’s there the next day.

I use my Visa debit overseas. There is no way I would want to travel with that much cash on me. I had bad experiences in Barcelone with pick pockets (that was on my first overseas trip alone with a friend when I was 20 – made me street smart quicksmart!) and when I was overseas last April, my mother’s wallet got stolen from her handbag in a shopping street in Antwerp. And she’s a local…

I never even checked the fees my bank charged for my overseas transactions, but whatever it was, it was worth it for my peace of mind. Not all ATMs overseas were willing to give me cash out and I couldn’t use EFTPOS in shops, but I could pay anywhere with Visa.

One other bonus for me was getting the Visa exchange rate, not the NAB one, which was a few cents apart (in my favor).
Unsure if that is still policy, though…

Take some AUD with you, you’ll be needing airport cash anyway.

If you’re normally below their funds deposit threshold for a Gold transaction account, its $10/month .
One of the good features is free overseas withdrawal on atms that are part of the PLUS network but rival networks will hit you with fees for use, and no % commission for currency conversion.
In addition to getting Visa Zero Liability for being their branded card and being able to charge to it as if it were credit card (so long as you have funds), it comes with bonus travel insurance if you read fine print.
It also quickly gets replaced, even in Cambodia… 😐

Upgrade before you leave, downgrade when you get back, and carry as minimal cash as possible.
(Just watch out for gypsies when you’re carrying cash.)

All Australian banks are notorious for ripping off consumers when it comes to retail currency exchange. Most banks charge around 4-5% margin on the real Forex exchange rate.

For example, today’s exchange rate is AUD$1 to USD$1.0748. But ANZ (http://www.anz.com/aus/RateFee/fxrates/fxpopup.asp) will give you USD $1.0341. That’s 4c for every dollar. Doesn’t sound like much, but you go on a vacation and spend $10,000 and that’s $400. That’s not including all of the other banks and ATM charges that you will need to spend.

I recommend getting the 28degrees card (28degreescard.com.au). It’s a credit card with no annual fee, I’ve used it to buy online and their exchange rate is pretty close to the Forex exchange rate. Plus they don’t charge ATM fees and all of that stuff.

It’s a credit card so you have to pay interest on it. The trick though is either to pay it back straight away or to just credit your card with thousands of dollars before you leave and then the card just becomes a debit card.

It’s awesome, I thoroughly recommend it.

Classified said :

Use ATMs when you get there – the exchange rate will be better, and often you won’t even get charged a fee. I get foreign currency when traveling to the US, but use ATMs when I arrive for Europe and Asia.

Which bank are you with? Never heard of any in Australia not charging a fee. Normally it is a minimum of $4 plus 1-2% foreign currency transaction. But do agree with the sentiment that ATM’s are a lot cheaper than taking cash from home. As others have said use local exchange places to get a few hundred dollars worth of local and then ATM the rest.

I never carry cash with me when travelling overseas unless it is to a country without good ATM facilities.

I use the NAB Gold Visa Debit card. The account fee is $10 a month but it is waived if you deposit more than $5000 a month into your account (this can be as simple as transfering the money into your account one day and back out the next).

The NAB Gold Visa Debit card has a 0% margin on foreign exchange and no overseas ATM fees. There is also no foreign transaction fee.

I have recently done some USD transactions on the card and the rate I have recevied has been pretty much spot on with what xe.com tells me the mid-market rate is. The only downside is the lack of an ability to earn frequent flyer points like I would with my credit card.