Hello. Am I best doing my money conversion in Australia or waiting till I am in Malaysia and if wait where is safe there?
Convert the Minimum Amount allowable in Australia, usually $A250, and then do the rest in Malaysia. You will get a much better exchange rate. Use licenced money changers.
possibly can advise,here is the going exchange rates for AUD in Malaysia
i) from licensed money changer in KL:- AUD1.00 buys you RM2.80
ii). from a commercial bank BDC - AUD1.00 buys you RM2.6920
iii). from another commercial bank BDC- AUD1 buys you RM2.7090. Kuwait finance house, BDC in KLIA2 if you are coming in with AAX (D7).
Back home, you should be seeing like your AUD1 buying around RM2.5821 to RM2.6076.
Be careful,if you intend to change with money changer back home, their rates that they advertise entice you first,but only when transaction is done, there is compliance fees + service charge.
To complement ,suggest getting a ATM debit card ,though check first beforehand on associated fees and charges for ATM overseas withdrawal,and that it is activated for overseas withdrawal.
Similar to above,if using credit card also, do please inform issuing bank of your travel dates in Malaysia,and when using credit card, ensure transaction is done in RM,and not AUD (DCC matter).Edited: 12 February 2015, 13:29
I've never exchanged money prior to arriving in Malaysia (or any other country). First stop is an ATM at the airport where I use my Citibank VISA Debit (linked to the no international fee Citibank Plus account) to pull an initial amount of cash (about 500RM) - with that I get my SIM, top-up my MyPass a bite to eat and transport into the city. Exchange rates this way is basically bang-on the inter-bank rates shown on www.xe.com/ucc. Money changer rates can sometimes be better, but other times my bank rate is better.
Hi Krystle, in Penang over the Christmas period I changed cash twice, once at 2.79 and once at 2.80. Also withdrew 300RM at the airport ATM which I calculated to be just over 2.6 after taking all bank fees into account. Was only slightly higher than the airport money changers' rates, not enough to worry about with a small amount. Obviously if I'd withdrawn more the rate would have been a little higher again as the ATM fees would have been the same. The airport in Melbourne was only offering 2.5XX and I'd seen it at a ridiculous 2.4XX at a money changer in my local shopping centre a few days earlier.
Best not to change anything until you get to Malaysia.
A fee-free card is a must if relying upon ATMs for cash otherwise say goodbye to 2.5-4.5% of every withdrawal. (Based on most Australian cards)Edited: 14 February 2015, 17:16
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