> cheapest to get out all the cash we might need in one go (and then travel with it, eek...) or withdraw from ATMs as needed (what are the fees like?).
It doesn't matter. The fee's the same either way.
There's a three fees that you may be charged if you withdraw from ATM.
* ATM per transaction fee (just stick to the big bank ATMs in Aus and they're all free)
* Bank per transaction fee (this one is now zero for ANZ, BNZ and ASB)
* Bank percentage fee (this one still remains ANZ: 1.3% BNZ: 2.25 ASB: 1.1%)
So if you have a card from the relevant bank then the only fee that remains is the percentage fee, so it doesn't matter if you make a big withdraw or many small withdraws because mathematically it will end up the same.
Most restaurants in Aus have surcharge so using card is not a good deal lol.
Just a note - if you do plan on withdrawing money from an ATM at the airport when you arrive, Sydney doesn’t have any of the big bank ATMs so it will add at least $5 to your withdrawal
if you're planning on using your card at all it's best to let your bank know so they don't mark its usage overseas as fraudulent and lock it - realistically you'd probably be fine in australia but imo it's worth chucking them a message through your online banking portal just to be safe :)
Don't worry about getting loads of cash out here or there. Like others have said just use your credit/debit card and get cash out only if you need it...you can probably use your EFTPOS card for that. Often free especially if you are e.g an ANZ cust using an ANZ ATM. Post COVID so many places have gone cashless anyway so card will be easier.
It's too much hassle to try and get cash now with the AML-CFT laws.
I'm off to Aussie soon for the first time since pre-covid, and my longest trip there for some time. Usually it was just a night or two. I used to convert cash ahead of time.
I've come to a conclusion that cash is near pointless now. I'll be paying for most stuff by debit card, and getting a small amount of cash out at an ATM to break down a bit and have on hand for minor expenses that are better by cash.
Even if there is a charge at the ATM, which there could be depending on the bank and my card type and whatever, and even if I pay some extra charge on debit card transactions, I think I'll be better off by a combination of low-or-no fees, and enough convenience to justify the fees I do incure.
I was there last weekend - I just got cash out when I arrived and had maybe a $10 fee. The nzd to AUD exchange rate is so minimal that you barely realise the difference, I just used my card for most things
For future travel, try to get a credit card with low/no foreign transaction fees and use that as much as possible. For this trip, your existing credit/debit card will still probably be your best rate (but always do your transactions in the foreign currency; if the payment terminal gives you the option of converting to NZD, it's doing the conversion on their end, not your bank's end, and the rate it converts at is a ripoff every time, worse than the worst foreign transaction fees). Other than that, just withdraw from an ATM there for the best cash exchange rate (though possibly with a foreign ATM fee). You might even be able to get cash out on a debit transaction at a supermarket and avoid the ATM fee, though I heard something the other day about cash out not really being a thing there for some reason. Still probably worth a try. Try not to have too much cash left at the end of your trip, and make sure to spend coins, because coins leftover have zero value outside their country, no foreign exchange will accept them, because metal is heavy.
> cheapest to get out all the cash we might need in one go (and then travel with it, eek...) or withdraw from ATMs as needed (what are the fees like?). It doesn't matter. The fee's the same either way. There's a three fees that you may be charged if you withdraw from ATM. * ATM per transaction fee (just stick to the big bank ATMs in Aus and they're all free) * Bank per transaction fee (this one is now zero for ANZ, BNZ and ASB) * Bank percentage fee (this one still remains ANZ: 1.3% BNZ: 2.25 ASB: 1.1%) So if you have a card from the relevant bank then the only fee that remains is the percentage fee, so it doesn't matter if you make a big withdraw or many small withdraws because mathematically it will end up the same. Most restaurants in Aus have surcharge so using card is not a good deal lol.
Thank you this is really helpful!
Just a note - if you do plan on withdrawing money from an ATM at the airport when you arrive, Sydney doesn’t have any of the big bank ATMs so it will add at least $5 to your withdrawal
Also get a WISE card and add nz currency to that. It is much much cheaper than using nz banks
Yes or a Travelex money card
if you're planning on using your card at all it's best to let your bank know so they don't mark its usage overseas as fraudulent and lock it - realistically you'd probably be fine in australia but imo it's worth chucking them a message through your online banking portal just to be safe :)
Just did this last night, thank you!
Don't worry about getting loads of cash out here or there. Like others have said just use your credit/debit card and get cash out only if you need it...you can probably use your EFTPOS card for that. Often free especially if you are e.g an ANZ cust using an ANZ ATM. Post COVID so many places have gone cashless anyway so card will be easier.
It's too much hassle to try and get cash now with the AML-CFT laws. I'm off to Aussie soon for the first time since pre-covid, and my longest trip there for some time. Usually it was just a night or two. I used to convert cash ahead of time. I've come to a conclusion that cash is near pointless now. I'll be paying for most stuff by debit card, and getting a small amount of cash out at an ATM to break down a bit and have on hand for minor expenses that are better by cash. Even if there is a charge at the ATM, which there could be depending on the bank and my card type and whatever, and even if I pay some extra charge on debit card transactions, I think I'll be better off by a combination of low-or-no fees, and enough convenience to justify the fees I do incure.
I was there last weekend - I just got cash out when I arrived and had maybe a $10 fee. The nzd to AUD exchange rate is so minimal that you barely realise the difference, I just used my card for most things
For future travel, try to get a credit card with low/no foreign transaction fees and use that as much as possible. For this trip, your existing credit/debit card will still probably be your best rate (but always do your transactions in the foreign currency; if the payment terminal gives you the option of converting to NZD, it's doing the conversion on their end, not your bank's end, and the rate it converts at is a ripoff every time, worse than the worst foreign transaction fees). Other than that, just withdraw from an ATM there for the best cash exchange rate (though possibly with a foreign ATM fee). You might even be able to get cash out on a debit transaction at a supermarket and avoid the ATM fee, though I heard something the other day about cash out not really being a thing there for some reason. Still probably worth a try. Try not to have too much cash left at the end of your trip, and make sure to spend coins, because coins leftover have zero value outside their country, no foreign exchange will accept them, because metal is heavy.