We noticed that you're using an unsupported browser. The TripAdvisor website may not display properly.We support the following browsers:
Windows: Internet Explorer, Mozilla Firefox, Google Chrome. Mac: Safari.

Currency Exchange-CAD-AUD

Which Sydney hotels are on sale?
dd/mm/yyyy dd/mm/yyyy
See hotels
montreal
Level Contributor
515 posts
27 reviews
Save Topic
Currency Exchange-CAD-AUD

Since I'm spending a full week in Sydney both before & after my cruise-am I better off exchanging and getting Australian currency before leaving to Sydney or just bringing some cash & exchanging it in Sydney? Also I will need just a very small amount of the Balinese currency before going on my ship. Again am I better off getting that in Sydney?

Who has the best rates in Sydney-that would be good to know anyway??

many thanks

Sydney
Level Contributor
2,456 posts
26 reviews
Save Reply
1. Re: Currency Exchange-CAD-AUD

This topic is widely discussed in other threads. In Sydney, at specialised retailers, you'll get close to 1.5% from the mid-range if you change large amounts of currency. Most banks charge around 5% from the mid-rate, and in tourist areas and at the airport you'll even pay in excess of 10%.

If you can get a debit card/credit card with no withdrawal fees from you're bank, and joined in a program with an Australian bank, you'll pay less than 1% on ATM withdrawals. Even if you get charged a couple of percent points on your card, you'll be no worse off than changing money at a bank here. There are ATMs on every block in Sydney, and most places accept credit cards.

You will definately not be better off changing money from CAD in to Indonesian Rupiah in Sydney. Two third party currencies is not going to get you the best exchange from your average retailer.

Brisbane, Australia
Destination Expert
for Brisbane
Level Contributor
10,476 posts
95 reviews
Save Reply
2. Re: Currency Exchange-CAD-AUD

Be extremely careful in Bali when exchanging currency ... you should be very wary of the touts on the street who offer extremely good rates ... they are probably going to scam you. You are on a ship so I can't comment but when arriving by plane you have to pay a visa fee ... if you pay with a AU$50 note they will give you change in local currency.

montreal
Level Contributor
515 posts
27 reviews
Save Reply
3. Re: Currency Exchange-CAD-AUD

Thank you-I can change money right here in Canada-that might be the best idea of all.

By the way which specialized retailers to exchange money??

thank you

Brisbane, Australia
Destination Expert
for Brisbane
Level Contributor
10,476 posts
95 reviews
Save Reply
4. Re: Currency Exchange-CAD-AUD

There are hundreds of threads on the Bali forums about this ...

tripadvisor.com.au/ShowForum-g294226-i7220-B…

Edited: 18 August 2014, 02:11
Sydney, Australia
Destination Expert
for Train Travel
Level Contributor
84,697 posts
13 reviews
Save Reply
5. Re: Currency Exchange-CAD-AUD

It is a very bad idea to carry large amounts of cash. If you loose it or it gets stolen, your holiday is ruined. Use a debit card in ATMs to get money as you need it.

Arlington, Virginia
Level Contributor
12,193 posts
111 reviews
Save Reply
6. Re: Currency Exchange-CAD-AUD

I totally agree with Sydneynick.

If obtaining foreign currency in Canada is similar to what it is like in the U.S., it's an expensive and generally inconvenient process. There are ATMs all over Australia. Since you are starting out in Sydney, just go to one of the ATMs in the airport when you arrive and get some walking-around money. Use that money for small purchases and use your credit card for larger purchases (such as hotel bills, etc.) You might pay some sort of ATM charge, depending on your home bank, and you will likely pay a currency conversion fee (but you'd pay that no matter how you obtained your money.) But, using ATMs are cheaper and easier than trying to convert Canadian dollars into Australian dollars at a bank or a currency exchange booth. It's also safer than carrying large amounts of money from Canada.

If you are really uncomfortable arriving in Australia without some Australian dollars (as some people are), then go ahead and get a little bit in Canada. But then use ATMs and your credit card for the rest of your money needs.

Sydney, Australia
Level Contributor
5,726 posts
29 reviews
Save Reply
7. Re: Currency Exchange-CAD-AUD

And under no circumstances allow any one to "charge you in Canadian $" ( dynamic conversion ) or use that option if it is offered at an ATM.

You will pay through the nose on their conversion rates.

montreal
Level Contributor
515 posts
27 reviews
Save Reply
8. Re: Currency Exchange-CAD-AUD

Thanks Bokhara-will do

Longhorn-it is actually easier to change in Canada then in the US-very simple ,if I use the ATM-I incur NO charges-so I should do that then-thank you

Sydney
Level Contributor
2,456 posts
26 reviews
Save Reply
9. Re: Currency Exchange-CAD-AUD

It's impossible to change currency without *someone* charging you *something*.

Charges come in the form of per transaction charges: ATM use fees by ATM provider, your card issuer. Fixed commission by a currency exchanger.

Currency fees also come built into the exchange rate by your card issuer and the card provider. They also can get charged as a percentage fee on top of the exchange by your card issuer. They also get built into the exchange by currency exchangers.

You can avoid most of the fees built into the exchange by choosing a card issuer that doesn't charge overseas transaction fees and overseas ATM use fees. You then need to find an ATM in Australia that has a parnership with your card issuer that won't charge ATM fees.

All you are then left with is the wholesale rate provided by the card provider. This tends to be about 1%, and is the best you can do.

Sydney/Melbourne
Level Contributor
18,046 posts
74 reviews
Save Reply
10. Re: Currency Exchange-CAD-AUD

ScotiaBank is part of the Global ATM Alliance. If you have one of their cards, you won't be charged any ATM fees at Westpac ATMs.