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Money Changer

Perth-Australia
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26 posts
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Money Changer

Never ever buy foreign money from the Money changer @ Piccadilly Arcade (Hay Street Mall end)

My friend purchased some Malaysian Rigit - advertised M$2.66 bought M$500.00 - COST A$199.75 which equalls to about M$ 2.50.

Charged Service fee A$8.00 + complience A$3.95

Internet exchange converter showes M$2.86152.

Just a warning to travellers going to Malaysia.

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1. Re: Money Changer

Thanks for this post- just the info I was looking for! I was trying to find out the fees and charges associated with Money Changer- walked past it the other day and rates seemed pretty good... at least to convert AU to US, it was slightly better than Nationwide. But after your post, I think it's not worth going with Money Changer since Nationwide does not charge for commission etc. We normally use Nationwide anyway; the two are located pretty close to each other.

Reading quickly through your post, I had the impression that Money Changer gave you a lower rate than their advertised RM$2.66 and on top of that, slugged you with service and compliance fees. Just to clarify for others reading this, the given rate was indeed RM$2.66, which would mean you pay ~AU$188 to get RM$500 total, but because of the fees totalling $12, you pay a final total of ~AU$200. So I guess, as long as you were made aware of the fees charged, Money Changer hasn't done anything wrong.

Lastly, foreign exchange agencies always give us lower rates than the actual rate (ie. as indicated on internet rate sites such as xe.com)- they have costs too and would otherwise never make a profit.

Adelaide
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153 posts
3 reviews
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2. Re: Money Changer

Hi Islandboy

I have found the only safe place to exchange foreign currency is at the Airport currency exchanges. They vary slightly between different financial institutions but generally are fair.

John

Sydney, Australia
Destination Expert
for Train Travel
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86,983 posts
13 reviews
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3. Re: Money Changer

It is usually better to use a debit card to get money from ATMs.

Western Australia...
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18 posts
57 reviews
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4. Re: Money Changer

Hi Sydneynick, are the conversion rates generally better using debit cards at ATMs? or would one have to still shop around depending on the currencies? I'm sure there'll be ATM charges and conversion fees etc- does it really work out cheaper by this option?

More specifically, do you happen to know what kinda rate I'd get for US dollars currently? Cheers.

Perth
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2 posts
8 reviews
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5. Re: Money Changer

This is absolutely true. The customer is never advised as to what commission they are going to pay AND when the receipt is put in front of the customer the agent puts his finger over the line on the receipt which details the amount of commission. I paid him $120 commission unknowingly for a large exchange of yen; however I went back and demanded the transaction be cancelled or I would report him to the financial trading body under which he operates. Now my daughter who is 14, just changed a small amount (but not for her) and was charged the 8 dollars without being informed. They wouldnt cancel the transaction. I feel a letter comming on to the consumer affairs about these rogues.

I have always had very good rates and service from the Nationwide people.

6. Re: Money Changer

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