Converting Euros to Yen and AUD

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heavenlywild

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#303422 9-Feb-2023 08:16

Hi all,

Keen to convert 3k of Euros to Yen and AUD. What's the best way to do this to get the best rate?

I would like to use the Wise card but obviously I can't deposit cash into it.

Any help would be appreciated!

wellygary

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#3033812 9-Feb-2023 08:53

Are the Euros currently in Cash?

heavenlywild

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#3033828 9-Feb-2023 09:42

That's correct.

wellygary

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#3033840 9-Feb-2023 10:11

If you have got cash you are a bit stuffed,

To use wise or other fintel to get a good transfer rate requires the funds to be in the "Banking system"...

And to get the funds into the system will require a Foreign currency account in NZ (and Even then I only think Westpac will accept foreign cash deposits with a 2% fee)

it might simply be easiest to wander into a travelex or hole in wall money changer and see what their rate to take Euro Cash is and get them to give you Yen and AUD ...

heavenlywild

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#3033842 9-Feb-2023 10:12

Would it be better to exchange cash when in Aus and Japan vs exchanging it here from a rates perspective?

andysh

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#3033849 9-Feb-2023 10:22

When in Europe I normally found rates were better when transferring into the local currency. But ymmv.

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Scott3

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#3033879 9-Feb-2023 10:59

heavenlywild: Would it be better to exchange cash when in Aus and Japan vs exchanging it here from a rates perspective?

Likely.

I changed a bunch of USD to NZD a few weeks back.

Kiwibank (my regular bank) doesn't buy forex anymore. They told me this was the case for all the banks.

Then went to Westpac (where I have a USD account). I could deposit the USD cash to my USD account (hence allowing me to use somebody like XE with good rated to do the forex), but the cash handling fee was large. Also checked their buy rate for USD, but is was worse than the queen street hole in the wall place. (clearly kiwibank was wrong about all the banks stopping buying forex).

Ultimately just went to the hole in the wall place, changed to NZD cash, then deposited the NZD cash to my bank account.

Buy / Sell spread was more compared to what I had experienced in Asia (Philippines / South Korea), and my amount (substantially lower than OP's) triggered AML requirements, which took about 20mins to complete (I was warned about this and asked if I wanted to change a smaller amount).

There is also a risk that you will get hit by a spread twice if you change EUR to AUD or yen in NZ. i.e. they will insist to change the money into NZD, then change the NZD into offshore currency.

A reminder that to do forex cash transactions, in much of the world, you need to bring your passport with you.

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engedib

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#3033887 9-Feb-2023 11:16

I would try to find someone who needs the EUR in cash locally and exchange it to NZD at middle rates.

Then put the NZD into the bank account, send it to Wise, then convert it to AUD/JPY

Scott3

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#3034339 10-Feb-2023 09:40

Example of the buy, sell spread on the day I sold my USD. Queen street hole-in-the-wall place.

heavenlywild

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#3034342 10-Feb-2023 09:42

Thank you.

Does anyone know if Travelex offers decent rates in general?