Is the bank the best and quickest place to get foreign currency?

[FearoftheNight]

I need $500 New Zealand dollars. Is going to my bank the best way to go about this? Is there a fee and how long does it take?

 

[olds]

New Zealand doesn't use money. They trade seashells and Koala bears.

 

[JMapleton]

Fly to New Zealand.

 

[Cristatus]

It's immediate if they have the currency. I don't know what would happen if they don't have it, but if they do, it's immediate.

Other places to try are travel agents. Sometimes they'll have promotional offers going on that may offer a larger discount for a certain amount of currency.

Also, in England at least, the post office would do currency exchanges at no commission, whereas the above outlined places would (usually) charge commission.

(C)

 

[wwswimming]

Originally posted by: FearoftheNight
I need $500 New Zealand dollars. Is going to my bank the best way to go about this? Is there a fee and how long does it take?

an American bank in 2008 was charging about 6% each way for the
transaction.

a Canadian bank in 2004 charged me 2% in each direction for the
transaction.

it pays to shop around. maybe looking for a "Forex" outlet near you,
you might need to give them your SSN to do the transaction.

 

[Born2bwire]

If they've got it, it's the fastest. Before I went to Germany I hit up three banks for Euros but none of them had any on hand. I ended up drawing cash via my ATM and/or credit card as needed. But if you want it before you go I think the most expedient way is at a Forex.

 

[Jumpem]

No. I live less than 100 miles from the Canadian border and none of the banks around here even offer Canadian currency.

 

[txrandom]

This is what I did to withdraw Euros in France and Germany and Pounds in England for free:

1. Go to your local Bank of America.
2. Open an checking account. I did student checking thus it was free. Other people may have to pay a small fee or meet minimum balance requirements.
3. Put 500 NZ worth of dollars plus a good buffer into the checking account.
4. Fly to New Zealand and withdraw from any Westpac ATM for free.
5. On return remove extra funds and close account. (I kept mine open since it's free and may be traveling again.)

When I did this in Caen during the summer, I got very close to the actual market rate. I compared the value in my statement with Yahoo! currency exchange graphs.

From Bank of America:

Traveling Internationally?

Use your ATM card or check card within our Global ATM Alliance in the countries shown with no fees.

* Barclays (United Kingdom)
* BNP Paribas (France)
* China Construction Bank (China)
* Deutsche Bank (Germany)
* Santander Serfin (Mexico)
* Scotiabank (Canada)
* Westpac (Australia and New Zealand)

 

[heymrdj]

Can"t the US Post OFfice do currency exchanges with their money orders? I couldn't remember...

 

[runzwithsizorz]

I just go to my AAA office. If you are a member, the fees are reasonable.

 

[Pepsei]

just use atm, also, when i was in taiwan 4-5 years ago, i used my credit cards, and the exchange rate was quite good with no fees.

 

[ahartman]

Originally posted by: Pepsei
just use atm, also, when i was in taiwan 4-5 years ago, i used my credit cards, and the exchange rate was quite good with no fees.

Don't fool yourself - any fees are baked into the exchange rate you're getting.

 

[xanis]

Originally posted by: runzwithsizorz
I just go to my AAA office. If you are a member, the fees are reasonable.

This. I got Euros ($300 worth) from AAA for my Spain trip back in 2007. I don't remember the fee being that high.

 

[fstime]

Yup, no need to travel to other countries with large amounts of cash, just use a VISA or Mastercard ATM card and withdraw.

You still need to bring a small amount <1000 for when you arrive and may need some funds for taxis, luggage carts, or whatever you need to do before you reach an ATM.

 

[Farang]

Originally posted by: BouZouki
Yup, no need to travel to other countries with large amounts of cash, just use a VISA or Mastercard ATM card and withdraw.

You still need to bring a small amount <1000 for when you arrive and may need some funds for taxis, luggage carts, or whatever you need to do before you reach an ATM.

There are usually ATMs at the airport. And if you have U.S. money there are exchange booths at the airport. I don't see why anyone would try to track down currency for the country they are going to before they get there.

 

[Brainonska511]

Originally posted by: Farang

Originally posted by: BouZouki
Yup, no need to travel to other countries with large amounts of cash, just use a VISA or Mastercard ATM card and withdraw.

You still need to bring a small amount <1000 for when you arrive and may need some funds for taxis, luggage carts, or whatever you need to do before you reach an ATM.

There are usually ATMs at the airport. And if you have U.S. money there are exchange booths at the airport. I don't see why anyone would try to track down currency for the country they are going to before they get there.

Currency exchange at an airport is a HUGE ripoff.

If you're bank is somewhat international, see if there are ATMs in the other country that you can use fee-free.

And if you have an account at certain banks in the US, they'll most likely do the currency exchange for free or a very low fee.

 

[GodlessAstronomer]

Originally posted by: oldsmoboat
New Zealand doesn't use money. They trade seashells and Koala bears.

There are no koalas here. We trade sheep, or kiwis if that's not convenient.

 

[thomsbrain]

Originally posted by: GodlessAstronomer

Originally posted by: oldsmoboat
New Zealand doesn't use money. They trade seashells and Koala bears.

There are no koalas here. We trade sheep, or kiwis if that's not convenient.

What about hobbits?

 

[Farang]

Originally posted by: Brainonska511

Originally posted by: Farang

Originally posted by: BouZouki
Yup, no need to travel to other countries with large amounts of cash, just use a VISA or Mastercard ATM card and withdraw.

You still need to bring a small amount <1000 for when you arrive and may need some funds for taxis, luggage carts, or whatever you need to do before you reach an ATM.

There are usually ATMs at the airport. And if you have U.S. money there are exchange booths at the airport. I don't see why anyone would try to track down currency for the country they are going to before they get there.

Currency exchange at an airport is a HUGE ripoff.

If you're bank is somewhat international, see if there are ATMs in the other country that you can use fee-free.

And if you have an account at certain banks in the US, they'll most likely do the currency exchange for free or a very low fee.

Not in my experience. I think people here are being way too paranoid, generally from what I've seen in many airports throughout the word have fair rates, and even if they didn't all you're doing is getting cab/bus fare. And even if they didn't nearly all of them have ATMs, which charge a set rate by the bank.

I have been overseas the better part of the past couple of years and I get charged 1% by my credit union to take out money from foreign ATMs, and there is no secret exchange rate ripoff because by all indications I can find they use the current exchange rate.

So basically you're going through this hassle to find foreign currency in the U.S. to save a few percentage points discrepancy on cab fare, which I would dispute exists anyway.

 

[aesthetics]

Originally posted by: oldsmoboat
New Zealand doesn't use money. They trade seashells and Koala bears.

OMG I love koala bears...

 

[Demo24]

I went the BOA route in order to get various amounts of money out when I wanted it in Germany. There were no fee's, it was simply the exchange rate. You can believe it or not but thats how it worked. Just like there are no fees for pulling out 20 bucks at your local bank's atm.

I also had BOA give me some Euro's before I went over. I think the fee was very minimal if there even was one. I do know that the local bank did not have them so they called to a headquarters of sorts and it was shipping in. The shipping may have been the only payment I had to make. Either way you can get different currencies from the bank, they just may have to have it shipped from somewhere. Only took a couple days for me.

 

[GodlessAstronomer]

Originally posted by: thomsbrain

Originally posted by: GodlessAstronomer

Originally posted by: oldsmoboat
New Zealand doesn't use money. They trade seashells and Koala bears.

There are no koalas here. We trade sheep, or kiwis if that's not convenient.

What about hobbits?

Hobbits are valuable, but they're skittish and difficult to catch. That's why I'm hoarding all of mine in the basement.

 

[her209]

Where does one get a $1 trillion Zimbabwe note?

 

[rudder]

Originally posted by: FearoftheNight
I need $500 New Zealand dollars. Is going to my bank the best way to go about this? Is there a fee and how long does it take?

Are you going to new zealand? If so, just do it at the airport. If not then... hell I don't know.

 

[FearoftheNight]

i am but i'm gona be there for over 4 mo so maybe the boa/westpac might be a better solution?