Best way to change currency when traveling

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TheGuy

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For all the seasoned travelers.

What is the best and cheapest way to exchange currency?

I know you can go the bank and exchange some money to the destination currency but what do you do afterwards. Are the Visa prepaid currency card worthwhile to use afterwards.

Another option is to use my Cheque card but I think they are going to kill you with bank charges.
 
Cheque card ftw. I never exchange currency, go to ATM and withdraw cash. Fee is not that much.
 
So they say the price is:

R22.00*

+ This

International ATM Cash Withdrawal (International Commission and Conversion Fee of 2.75% of the transaction value applies)

That Sounds like a lot.
 
dj_jyno said:
+1

Remember... debit/cheque card fees - cardholder pays, credit card fees - merchant pays.
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I've not been charged to use my cheque card. In most cases they've moved the fees over to the merchant as with a credit card.

TheGuy said:
So they say the price is:

R22.00*

+ This

International ATM Cash Withdrawal (International Commission and Conversion Fee of 2.75% of the transaction value applies)

That Sounds like a lot.
Click to expand...
With FNB it is included in the free transactions on some plans. Otherwise you can use a Virgin Card which has a fixed fee that I recall was fairly reasonable. Credit card is the best option, but for small purchases you'll have to use cash - less than €5/£5/US$10. You'll pay the 2.75% on credit card transactions as well. Still likely to be cheaper than having someone exchange cash for you.
 
I always use credit card and draw at the ATM there was a thread on the best credit card to use seemed to be virgin
but do your self a favor take two different credit cards standard bank blocked mine in December when i was in china for suspected fraud mas a mission to get it unblocked . I always take forex to $1000 you take a hiding getting forex . Bidvest bank i think is the cheapest place to buy forex
NB. make sure you tell the bank you will be overseas
 
Last edited:
Go to Rennies (Bidvest Bank). You pay e.g. $2 for ATM withdraw (sometimes $3-5 extra depends on bank/ATM), but if you swipe it is free.
 
Get some hard currency in your hand eg for nitty gritty crap and some emergency funds. Rest use you Credit Card. :)
 
I am going to Thailand soon; deciding on forex options.
There aren't any Travel Passport cards that are denominated in Thai Baht, so if I choose this option I would be paying fees and commission (R55 plus 1.875% per deposit into the card) to get my Rands converted in to Dollars.
Then I would be hit with additional commission to turn my Dollars into Baht (via ATM withdrawal or swipe). Any idea how much is this second commission charge?
 
AlphaJohn said:
Best way is to use a Cash Passport card. If you get mugged you can simply apply for a replacement, something that is a real pain if you use other bank cards(if possible), Esp when your stranded in a foreign country where almost no one speaks English.

See http://www.cashpassport.com/1/en/za/ for more details and benefits.
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You didn't really answer OPs question which was:
TheGuy said:
For all the seasoned travelers.

What is the best and cheapest way to exchange currency?
Click to expand...


EDIT: And you managed to kill of my thread resurrection to get an answer on commission costs of the Cash Passport card
 
Definitely Credit Card for purchases. As mentioned, go to Bidvest or Rennies for withdrawals unless your bank has a branch in the area you are going to.
 
If you use your credit card/cheque card, let your bank know you are going overseas or you will probably get blocked after your first swipe.
 
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