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Check rate before changing money

Sydney, Australia
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Check rate before changing money

I changed $600 at the money desk just as you leave the louvre yesterday. I was so tired after an all dayer at the Louvrev, I didn't notice the 13 percent commission plus a lousy exchange rate. It cost me $100 to change $600. So make sure you check the rate before you agree to exchange

Tampa, Florida
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1. Re: Check rate before changing money

This is why you should take an ATM card and use any of the plentiful and accessible ATM machines anywhere in Paris.

You receive an exchange rate at or near the official rate, and only a nominal service charge from your bank, if any fee at all. (French banks don't charge a service fee, but your own bank might)

Faster, cheaper, more convenient, and you're not left carrying large amounts of cash that are more susceptible to loss, or theft.

Not trying to kick you while you're down - -pointing out the easier way for next time.

London, United...
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2. Re: Check rate before changing money

> So make sure you check the rate before you agree to exchange

That's good advice for anyone, anywhere.

Brisbane, Australia
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for Brisbane
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3. Re: Check rate before changing money

Kgari ... obviously too late now but Crown Exchange will do you the best deals on cash before leaving Australia. Last month we got .84 euros to the dollar and no fees. That was only 3 cents difference to the exchange rate. Commonwealth bank will charge a set fee and a percentage for all OS transactions, way too expensive. As far as I know there are no Australian banks who do a fee free OS withdrawal.

Saratoga Springs, NY
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4. Re: Check rate before changing money

Sunshine is absolutely correct. There is no reason to use a money exchanger.

Sydney, Australia
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5. Re: Check rate before changing money

Thanks for the responses. I also got one of those new cards that are issued by the banks in euros(or whatever currency you want) You can withdraw from ATM , use as a normal credit card etc but you do not pay an exchange fee on each transaction. Travelex issue them through most banks and charge 1 percent. It is working fine. I got caught out by the money changer after a 22 hour flight from Australia and then 6 mindblowing hours at the Louvre. I can see why Jesus throw the money changers out of the temple. Thanks for the input

Tampa, Florida
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36,628 posts
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6. Re: Check rate before changing money

A preloaded credit card is the equivalent of wrapping your money in pretty paper and having it delivered on a silver platter to Travelex. (you might not be paying an exchange fee, but they're giving you a lousy exchange rate, I'm certain).

Really, truly -- just an ordinary ATM card.

London, United...
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7. Re: Check rate before changing money

> A preloaded credit card

In the UK these cards typically carry a 2.75% load with no further fees for purchases and a nominal fee for cash withdrawals. That compares very favourably with most debit cards and it has the advantage of not compromising your 'main' account if it's lost or stolen.

Perhaps Australia has similar deals?

Saratoga Springs, NY
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8. Re: Check rate before changing money

I think Travelex is a bad deal. Even 2.75% is a lot more than my bank charges. I would rather travel with my regular credit card plus an empty backup credit card (in my case, Amex) than spend the fees on Travelex.

Edited: 18 September 2012, 19:50
Paris, France
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9. Re: Check rate before changing money

The Travelex Card, may offer a better rate than than the currency exchange counter you used, but you're stll payng more than necessary.

I regular bank-issued ATM or debit card is the best way to go.

Think of all the money you will save on your next trip.

Brisbane, Australia
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10. Re: Check rate before changing money

A regular bank issued debit card is not the best deal. Possibly for other countries but certainly not from Australia, unless you are happy to hand over a fee and percentage everytime you use the card. If you consider that everytime you withdraw there is a 3-5 dollar fee plus a percentage ... on say 4 thousand dollars and that's a few separate transactions that's quite a lot in fees. The travelex or amex travel cards are the best of a bad deal. If happy to carry cash that is the very best exchange rate but obviously security is the issue. Just make sure to use all the euros on your card before leaving Europe because trying to cash it in back home also has a high cost. ausbt.com.au/review-best-travel-money-cards-…

We always just buy cash before leaving home. We get the best rate and are charged no fees. Just be careful who/where you buy your currency and shop around for the best deal.

Edited: 18 September 2012, 22:23