Foreign Currency - DOING THE TOTAL MATH!

[dickinson]

We have traveled internationally 2x and bought our euros and pounds from Wells Fargo. We have a no fee checking account with them and found they have the smallest mark up.

[iancal]

Our first trip after retiring was six months. We spent some time understanding how to manage our finances remotely and our travel costs.

 

Read lots,got some great advice from seasoned travellers. Bottom line is that we shaved about 20 point off our travel expenses by understanding currency and understanding that travel product pricing for identical items can vary significantly depending on the country in which it is purchased and how the purchase is paid for.

[ccrain]

Decision made....

 

After creating another one of those obsessive compulsive excel spreadsheets, I have decided to bite the bullet and open an account at Wells Fargo and use their currency exchange services. The savings, over the local Travelex (airport Travelexs are higher), over the next 4 cruises in the next 2 years is over 5.5%, which is not a bad ROI considering today's interest rates. Savings over BoA is a little less, about 3.5% because of their flat $7.50 per currency fee and their slightly higher exchange rate.

 

Thanks for all the inputs!

[John Bull]

We never use the FX at any airport.

 

.

 

I always stop by at airport FX desks to see the rates offered. :eek:

And the differences between their buying and selling prices. :eek: :eek:

 

Then I walk on by feeling very smug :D

 

JB :)

[SRF]

ATM's are all over the place,

 

Maybe.

 

First time I traveled to Japan, I expected to hit an ATM upon arrival. Hmm, none in the airport. None at the hotel. Found out, at the time, there were 6 locations in the entire Greater Tokyo area with ATMs, 4x Citibank offices, and 2x Amex offices. OOOPS.

 

But I agree, that in most places there are plenty, and just hit one as you walk by.

 

Or charge things.

 

And I keep left over currency for the major ones I might use again. Obviously Euro, UK pounds, and Canadian dollars. I also hold Yuan (China), Yen (Japan), Rand (South Africa), Baht (Thai), Hong Kong Dollars. Those are major travel hubs, so I know I will be back again.

Edited August 20, 2017 by SRF

[SRF]

So I notice that some of you are SE Asia based and have mentioned Vietnam. Upcoming cruises are stopping in Nha Trang, Phu My, Halong Bay and Chan May. Only Travelex sells VND, Wells Fargo does not. So what is the ATM situation in those ports? I do not remember seeing one ATM while running around Vung Tau in 2012.

 

I was just in Vietnam last month. ATMs EVERYWHERE. But most do charge a fee for use. Quite small, but there was a fee.

 

This was work travel, so I use my work Citibank card, even for cash (employer rules, they pay any fees), and found the Citibank machines to not charge a fee. Not sure if that is just for Citibank card though.

 

BUT, any tourist area, they will take dollars. And they are probably happier in dollars.

[SRF]

In others, such as Vietnam, there is a fairly low limit on how much you can get from an ATM per transaction. Most are about $150, a few banks are slightly higher.

 

I did not find this to be true last month. I normally took out 6 million VND, or about $280 per ATM visit.

[iancal]

We use CAD. But the exchange may have varied. Seems to me that most banks were abut 4mil, but the Argricultiure band (red signs) was 6mil. The Australian bank was supposed to have higher limits but our card would never seem to work.

[buggins0402]

I always stop by at airport FX desks to see the rates offered. :eek:

And the differences between their buying and selling prices. :eek: :eek:

 

Then I walk on by feeling very smug :D

 

JB :)

 

Yep, my airport exchange in Poland was bad. But, I saw even worse in the tourist areas. The rail station in Warsaw had a good rate however.