i like to travel a lot overseas when i can afford it and i always run into one problem before i go. Where should i exchange my australian dollars to the currency of where i am going. I have come to a way i like to do it and i thought i would share it here in case anyone else ever needs to exchange their money ( in Sydney ).
One of the main reason i am posting this is because time after time i walk past places in the city that do exchanges and the rates they do are absolutely terrible. they keep putting up signs saying stuff like “We can’t be beaten” , “Best exchange rate guaranteed” etc.
but the simple fact is they are terrible and you should NEVER go to them as you can always save your money and into the hundreds when you go somewhere else. i have seen them put over a 0.10 difference on the real exchange rate, which may not seem like much but when your doing into the 1000’s you are losing some serious money. enough of my rant.
So if your ever in sydney and you need some currency exchanged rather quickly i highly suggest going to a place at 2 Park street ( across the road from the Town Hall ) which is the Citi Group tower. The Place is called KVB Kunlum on level 18. They do all the major currencies and will often be at or below a 0.02 cent different to the real exchange rate.
Now this other method i sometimes use to exchange money i use for when i travel to Canada as i do a fair bit.
But you require a canadian bank account and it can take a few days.
Head over to xe.com and setup an account, which you can get setup and running in just a few days. You can call them to try get it done faster. And once all setup you can do a transfer from australia to your canadian bank account often at a 0.01 cent or below difference to the real exchange rate at the time. They are super quick at doing it all and helping you out and i highly recommend them as i have been using them for a few years now and done well over $10,000 in aus to can exchanges and back again.
If all else fails usually the best place to exchange money is actually in the place where you are going and not doing it before you leave as they can tend to give you a better rate when selling their own currency.
One other thing i have been recommended to try is a GE Money credit card, which is a prepaid one you load up before you go, and it does seem very good. But i am yet to try it out and test exchange rate the give me.