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Withdrawal money while overseas and get the best exchange rate? (Australian citizen)
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Lovinglife Offline
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Withdrawal money while overseas and get the best exchange rate? (Australian citizen)
I did a search on the forum and found most of the information are for US citizens.

I spend a lot of time in SEA these days where I'm an Australian Citizen. I usually go through my cash within 2-3 months and then I'm forced to use my bank to take money out. I was using a Westpac Global Currency card where the fees are crazy. They take about $30 in fees per $500AU. 3% per $100, $5 ATM fee, foreign ATM fee ($2-$3) and they were giving me 0.5 cent less for an exchange rate (Thailand).

I started using Transferwise ($4 instead of $30) this year where it's not easy to open a local bank account up most SEA countries. I had my Thai girl open an account up under her name which I'm using. I'm heading to KL and Manila next where a friend of mine told me about International banks such HSBC. I was going get a local to open up an account for me cause the banks won't open one up under my name.

I want to know what other Aussies that have to travel a bit are doing with their money when they need to make a withdrawal. What option will give me the best exchange rates?
(This post was last modified: 06-09-2019 04:32 AM by Lovinglife.)
06-09-2019 04:25 AM
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lookslikeit Offline
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Post: #2
RE: Withdrawal money while overseas and get the best exchange rate? (Australian citizen)
I think KL/Malaysia has good/reasonable rates if I recall correctly.For Manila, if you are intro crypto there is an exchange that will give you a good rate and hand you cash in hands.
06-09-2019 04:29 AM
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Lovinglife Offline
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RE: Withdrawal money while overseas and get the best exchange rate? (Australian citizen)
HSBC doesn't charge an ATM fee or % per $100. I'm guessing they make their money by lowering the exchange rate that they give their customers.

Does anyone here have a HSBC account and can advise me of the currency rate from AUD to baht. They don't show it on their website unless you have an account.
https://www.hsbc.com.au/accounts/product...ay-global/

I hear Citibank has a better rate than HSBC...
https://www1.citibank.com.au/banking/ban...cy-account

Here's another I found
Citbank Plus Transaction Account
https://whirlpool.net.au/wiki/citibank_p...on_account

Not sure which is best...
(This post was last modified: 06-09-2019 06:41 AM by Lovinglife.)
06-09-2019 06:03 AM
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Que enspastic Offline
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RE: Withdrawal money while overseas and get the best exchange rate? (Australian citizen)
Why don’t you just use Revolut like normal people do

You get 99% of the market exchange value and no ATM fees
06-09-2019 09:30 AM
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Lovinglife Offline
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RE: Withdrawal money while overseas and get the best exchange rate? (Australian citizen)
(06-09-2019 09:30 AM)Que enspastic Wrote:  Why don’t you just use Revolut like normal people do

You get 99% of the market exchange value and no ATM fees

Can't setup an account!

"Sorry, Revolut is currently only available to residents of the European Economic Area. We're expanding globally very soon!"
(This post was last modified: 06-09-2019 10:44 AM by Lovinglife.)
06-09-2019 10:44 AM
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Que enspastic Offline
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RE: Withdrawal money while overseas and get the best exchange rate? (Australian citizen)
Wow Australian banks still get to live it up like 1999 with no competition
06-09-2019 10:58 AM
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KnjazMihailo
Koolman Offline
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RE: Withdrawal money while overseas and get the best exchange rate? (Australian citizen)
try Skrill
06-09-2019 11:05 AM
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Lovinglife Offline
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RE: Withdrawal money while overseas and get the best exchange rate? (Australian citizen)
Gold!!!
https://forums.whirlpool.net.au/archive/2727931

Looks like ING doesn't charge any ATM fees on any international ATM and has the best conversion rate! The only catch is that you have to deposit $1000 a month and make 5+ transactions.

Runners up is Citibank & Macquarie. Ubank is also good.
06-09-2019 01:20 PM
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KnjazMihailo
Poseidon Offline
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RE: Withdrawal money while overseas and get the best exchange rate?
@Lovinglife

There's always the option of WorldRemit. It's almost identical to Transferwise, but you don't need a bank account to pick up cash.
Very slightly higher fees than Transferwise.

All you need to do is process it as a "cash pick up" to yourself, and go to the designated bank or pick up location.
I've used it many times in different countries in SEA, South America etc.

This is a screenshot of what a transaction in your mentioned scenario looks like. So 500 AUD being sent to the Philippines, for cash pick up.
Total fees of $6.99.

https://pasteboard.co/IiFl61I.png

Other things to note. Depending on how your bank handles foreign processed transactions, you might want to use a VPN when processing transactions there.
(This post was last modified: 06-09-2019 03:48 PM by Poseidon.)
06-09-2019 03:41 PM
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Lovinglife Offline
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RE: Withdrawal money while overseas and get the best exchange rate? (Australian citizen)
(06-09-2019 03:41 PM)Poseidon Wrote:  @Lovinglife

There's always the option of WorldRemit. It's almost identical to Transferwise, but you don't need a bank account to pick up cash.
Very slightly higher fees than Transferwise.

The exchange rate is very low
AUD to THD today
WorldRemit = 21.16590
Transferwise = 21.88160
Skrill = 21.8843

I'm setting up an ING Direct account and going to use Citibank for backup. I'm having a friend setting up a no fee Malaysian bank account today for me where I'll get the best exchange rate with Transferwise. I hear that ING Direct and Citibank use Visa/Mastercard exchange rate which give an excellent rate as well. When I get both my cards, I'll test them against Transferwise and let you guys know!
(This post was last modified: 06-09-2019 11:56 PM by Lovinglife.)
06-09-2019 11:45 PM
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Lovinglife Offline
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RE: Withdrawal money while overseas and get the best exchange rate? (Australian citizen)
(06-09-2019 11:05 AM)Koolman Wrote:  try Skrill

Has better rates than Transferwise but it's coming up as a scam site!

https://au.trustpilot.com/review/skrill.com
06-09-2019 11:47 PM
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The Beast1 Offline
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Post: #12
RE: Withdrawal money while overseas and get the best exchange rate? (Australian citizen)
Xi.com is good if you're Thai girlfriend will let you use the account to pull cash .

Just trust the girl to not up and run!

Shalom Alechem!
(This post was last modified: 06-10-2019 12:57 AM by The Beast1.)
06-10-2019 12:56 AM
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fourhorsemen Offline
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RE: Withdrawal money while overseas and get the best exchange rate? (Australian citizen)
ING direct is the best value for Australian bank account overseas. Setup PAYID to transfer money instantly from your other Australian bank account
06-21-2019 01:00 PM
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LATAMnomad Offline
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RE: Withdrawal money while overseas and get the best exchange rate? (Australian citizen)
(06-09-2019 06:03 AM)Lovinglife Wrote:  HSBC doesn't charge an ATM fee or % per $100. I'm guessing they make their money by lowering the exchange rate that they give their customers.

Does anyone here have a HSBC account and can advise me of the currency rate from AUD to baht. They don't show it on their website unless you have an account.
https://www.hsbc.com.au/accounts/product...ay-global/

I hear Citibank has a better rate than HSBC...
https://www1.citibank.com.au/banking/ban...cy-account

Here's another I found
Citbank Plus Transaction Account
https://whirlpool.net.au/wiki/citibank_p...on_account

Not sure which is best...

In the Philippines, for me it is strictly HSBC. All the Philippine bank atms are a ripoff. It is very evident when you withdraw 40K pesos. Choosing BDO and metro bank appears to rob you of 3 to 4 thousand pesos more(at least quadruple the monthly averaged amount of what you spend on your visa extentions). If you are a few hours outside a city that has HSBC, it is still worth it to take a trip just to get an HSBC atm if your budget is tight. That is how severe the difference is.
(This post was last modified: 06-21-2019 09:31 PM by LATAMnomad.)
06-21-2019 09:16 PM
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