Using Money Overseas (1 Viewer)

[MonkEE]

Heyzzz

I was wondering what is the best way to use money overseas. All I know is that there is 3 methods which is cash, Visa cards and travellers cheque. It is recommended to use a combination of these because each has it's own advantages. But yeah I have a few question.

How/where do you go to convert money with the lowest rate?
Where do you buy traveller's cheques? whats the rate? Cheque amounts?
Should you create an bank account in the US?

I am going US btw

 

[Jachie]

I don't reccommend travellers cheques - they're a real inconvenience, I've found. Maybe they're perfect for others, but yeah, not for me or the people I was travelling with.

Just convert your money, it's not that hard. It shouldn't be necessary to create a US bank account if your current account allows EFTPOS.

 

[katrea]

Travelling for holidays, cheques are reasonable considering it's a one off thing. However if you're staying long term, you might consider a debit card. I know a friend who did open an account in the US when he studied there however the opening procedure is a bit shady considering he was a US citizen already. Travellers Cheques can be bought at the local Australia Post - it's actually the best way since they do not take commission plus you can cash them in the US free in certain areas.

 

[mr_shittles]

I'm heading to the US too for exchange, and I spoke to somone who went there earlier this year. He told me that he opened a US bank account and just used a debit card to withdraw cash or pay for purchases.

I think if you use your Australian credit card/debit card, they charge you a fee per transaction (its like 2% or $2, whichever is greater) . . . at least my bank does something like that, so if you do a withdrawal twice a week, you'll get killed on fees.

I'm hoping a bank account can't be that hard to open in the US. Might be wrong though.

 

[velox]

where are you going mr shittles?

 

[§eraphim]

I'm guessing Wharton?

 

[mr_shittles]

I'm guessing Wharton?

Hahaa, well I actually did put Wharton down, but unfortunately I didn't get it. Clearly I wasn't good enough!

In fact, I don't know anyone in IB that got their first picks for exchange . . . they must just dislike us.

 

[mr_shittles]

where are you going mr shittles?

UCLA

 

[stazi]

more like UCLgAy. banks charge 2% (or less) for international transactions on credit cards. I used my credit card to pay for everything. In the US, you won't need much cash, which makes it easier. Every place accepts eftpos.

 

[mr_shittles]

UCLgAy . . . where did that come from?

 

[stazi]

they changed their name to that last year, I believe

 

[Jachie]

My friend goes to UCLA. And I'm deeply jealous of her, because she knows famous people. (They're not all necessarily cool, but still. The closest person to a celebrity I know is Simon from Play School. Or a couple of contestants from fucking Big Brother )

EDIT: NO! I just remembered that I know the guy who originally wrote "What About Me" and who is currently loving life thanks to Shannon Noll (royalties are a niiiice thing) so that's got to trump all, right? yeah. suck on that, loserzzz