Senior Member
Is it better to change US $to NZ$ in US or NZ?
Leaving for our 3 week reccie trip in 1 week and not sure whether it would be better to change all our US$ before we go or take some on a travel card and then change rest when we get there. I have already opened an acct for huuby and I and we were planning on leaving some money (if any left) in our NZ acct at end of 3 weeks.
Any thoughts?
Thanks.
Administrator
I don't know about 'better'... It's all a bit of a gamble.
What I did before our recent visit was to change some cash to take it with us, and to have a credit card which didn't make any charges for use abroad at points of sale. I'd been watching the rate of exchange, and decided to take quite a lot of cash, hoping to buffer ourselves in case the NZD dropped still further. In the event, while we were there the rate stayed fairly steady, only changing just after we came home, so that the remaining $$ bought me about £20 less when changed back than they cost me!
Member
I'm not sure how the transaction works in the US, but the ones I went to in Auckland CBD charge a commission fee around 10%. Some places offer no commission charges but when you read closely at the fine print it says "*For transactions more than NZ$500".
Where I came from all we worry about is the exchange rate and nothing else. In Auckland CBD you need to check what the commission rate is first I suppose.
Senior Member
ASB do commission free exchange (but obviously the rate you get reflects this).Originally Posted by fye
Personally I just use a credit card that doesn't charge for foreign transactions and don't worry about it. For the vast majority of holiday spending the difference is only a few dollars and the hassle outweighs the benefits!
Serial procrastinator and general busybody
Who is your US bank account with? When we came out on our recce, we just withdrew cash from Westpac ATMs as Bank of America have an agreement with them that means you don't get charged a fee for using them. In my experience, (I've travelled a fair bit with previous jobs) ATM withdrawals offer the best exchange rate as you get close to the actual market rate and then no fees to boot!
Senior Member
Our bank is B of A also and we opened acct with Westpac.
Cannot find NZ$ here except airport and that rate was a rip off. Will try AAA store whilst we are in LA.
Thanks
Administrator
Won't banks or bureaux de change in the US order in foreign currencies for you? Here in the UK, you let them know with a bit of notice, then collect when arranged.
Serial procrastinator and general busybody
As you're with BoA, wait until you're here and just withdraw money from ATMs. That's exactly what we did. No carrying loads of cash around, just get it when you need it and no charges or crap exchange rates. Money comes straight out of your checking account like you were withdrawing it in the US. Just make sure you've got the money in your checking account before leaving or have internet banking set up so you can transfer it while on the road.
Honestly, don't bother changing money beforehand! Westpac ATMs are all over so you'll always find one. I think changing currency is a rip-off.
Junior Member
And be sure to let your bank know that you'll be out of the country. Otherwise they may view it as a suspicious transaction and shut access down to your account. At least that's what my bank told me to do. Have fun!
Senior Member
Agree with CarolinaGirl. BofA does this to me all the time if I forget to arrange in advance. Make sure you let them know for both your ATM card and credit card. They do have a toll free number you can call from here, but you still will end up paying the mobile phone rate, so better to do that before you leave.
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