Hey Guys, Heading overseas to Thailand and Philippines in January. Would like to exchange around $2k Aud, split 50/50 into THB & PHP. I assume due to our labor being quite high, the rates in Australia are worse. I have option to buy in Singapore/Thailand/Philippines. The only advantage through NAB, is if i buy at bank, pre-loaded on travel card, i carry less money at a time. Security vs Better rates. What would you guys reccommend, what would you do? Cheers. *Not sure if this is the right forum, feel free to relocate*
Pre loaded travel card you lose about 4 % in currrency conversion. For $2 k I would just take cash and convert it over there. If you don't want to carry cash all the time just withdraw it direct from an ATM when overseas , then no need to convert currency. If you withdraw overseas it will cost you $10 in bank charges, $5 for the foreign bank and $5 from Aussie bank. Seem to get a fair rate of currency conversion when pulling out from the ATMs. You will get around 3 or 4 % higher rate if you change your cash when you get there rather than in Australia. Get travel insurance they cover you for cash loss up to certain amounts. For Thailand I always use travellers cheques. I buy them commission free in Australia. Then in Thailand they charge you around $1 to cash it in. So I go for the $200 AUD denomination cheques, and when I exchange I get a slightly better rate than for cash, and it costs me just $1 per $200 exchanged. Stay away from those preloaded cards, they are a rort. That is why the banks and Australia Post are pushing them as for every 100 you spend they are taking 4, not to mention the sneaky little fees these things have that you will only find out about if you read the fine print.
Hi Based on the amount and countries being visited take cash in A$. Travel cards don't typically have PHP and THB. Conversion 3% on travel cards but if you don't have the currency you want then another 3% over there plus fees. Get a no international fee credit card. There are 2 around that I know of. Use this for hotels etc. Converts back to $A at bank internal rate which will be approx the same as taking cash. Avoid using standard credit cards as the fees will hurt. PE
I would personally load some AUD onto a 28 Degrees Mastercard and withdraw cash when I'm there. Travel cards are a scam. The 28Deg card doesn't have fees so long as you don't go into debit (which is what they are preying on), aside from the odd $1 or $2 ATM fee, but that isn't the card charging you. Exchange rates are pretty damn good too!
