Travel & Holidays Currency exchange for travel

Hi,

Just wondering what people do to get the best exchange rate for getting foreign currency in cash before you leave Australia to travel overseas?

I have generally used Citibank debit card to withdraw the local currency in cash at the ATM when I arrive at the destination. Gives very competitive exchange rate and often no (if Citibank ATM) or minimal ATM withdrawal fee. For larger amounts or at restaurants, I use my credit card (as I don't want to carry around too much cash).

We are going to Egypt next month, and they apparently accept a lot in USD.
Since the AUD is doing relatively well atm, I want to get some extra USD in cash before we depart.

What is the best way to get major foreign currency (USD, Euros) in cash within Australia? Does Citibank branches (not many around) do currency exchange?

 

I do the same as you - I use an airport ATM on arrival. I take out large amounts each time - stash what I don’t need in the hotel safe (or somewhere reasonably secure in the place I’m staying) and keep what I need for the day.

Are there issues with using an ATM in Egypt? Or is it because you specifically want USD?

Cheers

Jamie

 

Yes, because I want to get USD in cash in addition to the local currency. Not just for the upcoming Egypt trip, but given the strength of the AUD, I think not a bad time to get some extra USD in cash (always will find use for them in the future). The above method works fine for getting local currency out and I do the same as you - ie. take large amounts of cash each time.

 

I've used these guys before. Their AUDUSD rates is about 3% different to market rates. Need to be a little organised as I had to order it online and then pick it up when ready.

RedRate Exchange - Currency Exchange, Foreign Currency, Red Rate Exchange

 

Thanks for the advice. Any reason why you wouldn't use airport ATM?
Is this specific to Egypt?

Looking forward to Egypt - one of those destinations on the bucket list. I have been somewhat nervous though about it though given political instability and terror attacks in recent times. We have booked a private guided tour, so hopefully it will make it a bit more safer.

 

Use a travel card and buy your currencies when they are cheap.
I use Velocity Global Wallet. Around 3% comm.
For ready cash just go to a local ATM or even pay direct with the card.
Been buying currencies for a couple years now at great rates in readiness for up coming trips.
Velocity Global Wallet | Site Requirements

 

Yes, that was my interpretation of your comment I agree, always better to use the local currency. I will only carry USD as a back up but often the exchange rate conversion would not be in our favour compared to paying with the local currency.

 

Thanks - that is reassuring to hear. And the reality of the world that we live in now is that "attacks" can happen just about anywhere now, and probably Egypt may be safer than Paris or London in some ways.
Our itinerary is for 10 days: Aswan/Abu Simbel/4 day Nile Cruise (valley of the kings, etc)/Cairo for the pyramids, sphinx, Egyptian museum.

 

Been to Egypt and Sudan three times, I just used the local ATMs, or Euros or Swiss francs for exchange. Euros more common since Europeans are the main tourists, and US dollar is slowly losing prominence around the world. Have some USD for airport fees though, strangely was same in eur or usd, a few years ago though.

Also it's one of the few Muslim countries you can enter mosques as a non Muslim, highly recommend, some of them are quite spectacular inside and you can climb up the minarets. Small donation usually. Also the unknown pyramids like the red and bent pyramids, hardly any tourists.

 

I don't like double conversion as you tend to lose at each conversion.
Even if they say they accept USD they are still converting to local currency and giving themselves a cut.
I get a small amount of the country currency from an Australian foreign exchange (never the airport) and then use local ATMs to withdraw local currency cash.
I sometimes use a travel card (Qantas Cash) but it doesn't do some currencies so then I just use ATMs.

 

How much are we talking about? I understand wanting to get a good rate but is it really going to make a big difference if it's just a few hundred?

I'd follow the Indians - they're very shrewd. If you see them at a local currency exchange booth it's likely to have competitive rates.

 

As with the other comments above, ATMs are common and give pretty good rates. Stay away from changing currency at your hotel, rates are always much lower.
If you are heading to any of the major attractions, always keep a few pounds spare as the toilets/toilet paper will cost you - found that out the hard way at Abu Simbal. Also, any of the local "guides" will ask for a baksheesh (tip) if any information is offered - feel free to refuse. A police officer asked us for a baksheesh at the pyramids too (after taking our photo) - he was carrying a gun, so I was pretty happy to hand over a few pounds. It was a bloody good photo though!!
Tourist numbers will be well down, expect to be swamped by touts - on the flip side of this, there were only a very small number of tourists around when we visited the Valley of the Kings, and we were easily able to walk around the tombs and go from one to the next without lining up.

As mentioned earlier, 5 star hotels are extremely well priced! You can live like a Pharaoh (see what I did there?) for $150AUD a night.

We walked around the museum by ourselves on the first visit, then hired a tour guide the second time we visited. It was nice to have the commentary, but I think I discovered more just exploring/perusing.

I loved Egypt, we had 2 weeks there and I could have stayed for 2 months. My fiancee was ready to go home after 2 days. I think when I was only offered 15 camels for her, she was a little offended - she thought she was worth at least 20 camels...

Biggest surprise was staying in Hurgada - seaside resort town, Russian tourists everywhere, really relaxing and pretty good diving/fishing. Half completed complexes/dwellings everywhere - something to do with taxes apparently.

Have a great trip!

 

Thanks for all your advice and tips. Looking forward to the trip !