Australian Currency Conversion Rates

[Ruffy2791]

My gal-frand and I will become pilgrims on the Camino by end May / early June. We have read volumes of blogs and threads and watched YouTube clips and DVDs. We feel we are overly prepared - we just want to get down to just doin' it.

Is there any Aussies out there who can tell what the A$ buys in € please. To load my Traveller Card with € they quote me €0.5535. By my reckoning this rate is where they are making huge profits (maybe I'm wrong). The question: to load my card with € or A$...?

To all you future, current and past pilgrims out there, we just love the feedback, tips, blogs, posts and questions - it's priceless.

Thanks RuffLex (Russell and Lexey)

 

[koilife]

Welcome to the forum, and well wishes to your first camino.

Have you by chance searched threads for "currency exchange"? This is a frequently discussed topic with lots of different strategies for minimizing the exchange rate differences, including the cost to withdraw money. As much of Spain along the camino is mostly cash economy, you will likely withdraw cash far more than you swipe a card, and those fees and exchange rates ought to be part of your calculus as well.

 

[FrenchWay]

Get an ING Direct account and use that card. I get 0.58€ per AUD at the ATMs and ING Direct reemburse the Owner ATM fee. Some hoops to jump through to get the commission-free FX rate and ATM fee reimbursement ($1000 into account and 5 debit card transactions in the calendar month before the trip).

 

[Saint Mike II]

My gal-frand and I will become pilgrims on the Camino by end May / early June. We have read volumes of blogs and threads and watched YouTube clips and DVDs. We feel we are overly prepared - we just want to get down to just doin' it.

Is there any Aussies out there who can tell what the A$ buys in € please. To load my Traveller Card with € they quote me €0.5535. By my reckoning this rate is where they are making huge profits (maybe I'm wrong). The question: to load my card with € or A$...?

To all you future, current and past pilgrims out there, we just love the feedback, tips, blogs, posts and questions - it's priceless.

Thanks RuffLex (Russell and Lexey)

G'Day mate that rate looks about right. The CH7 (Syd) news quoted an average rate of 57.5 euro cents. You have to take into account trading fees - where they sell at the lower price and buy back at a higher price. I do agree there appears to be a bit of a "rip off" but if you want the money on a travel card as opposed to cash, then that is the price you pay.
Just in case you are wondering I was in Paris and Ireland back in 2008 when the Aussie went to 0.45 euro cents. A coffee in Paris was 4.00 Euro (almost $10) and in Dublin a pint of guiness was $11.50. Food in rural Spain should not be overly expensive but your pilgrim meal at E10 will be closer to $20 AUD. You might look into buy basics and doing some cooking in those albergues that have kitchens.

Maybe you should have bought the money 4 or so weeks ago. Cheers

 

[dougfitz]

xe.com is currently showing the AUD buying 0.576119EUR, so the rate you have been quoted does appear a little low.

My own approach is to withdraw local currency once I am in country. On the other hand, if the AUD is strong, my wife will pre-load the foreign currency before departure, and top up in country if required. The AUD isn't strong right now!

 

[jungleboy]

Wow, I didn't realise the rate had gone down that much from the .63-ish cents that it's been hovering around for a while. Good news for me going the other way as I live in the euro zone and am going to Australia next week. An AUD$17 smashed avocado on toast is a lot more palatable now!

 

[OzAnnie]

Is there any Aussies out there who can tell what the A$ buys in € please. To load my Traveller Card with € they quote me €0.5535. By my reckoning this rate is where they are making huge profits (maybe I'm wrong). The question: to load my card with € or A$...?

Hi Ruffy
It’s the gamble. Doing it right now - it may be at the bottom of the fall and it may not.
I hung back a little too long myself before I left Oz on march1 - I did mine a week before I left. I’m in spain now.
I had mine topped up with euros at o.59 but buying the euros (cash notes) at a Travelex or one of the better rate places around. (NOT at the airport !!! Wow bad rate there); you get a better rate than on your card. Problem is you don’t want to be carrying too much cash.
I could have done a lot better a few weeks earlier too but lived in hope. It seems it has dropped further since.

May/June is still a bit down the track and anything could happen. You might even change your mind about going. I would hang out a bit longer and go with @dougfitz strategy and load $au .
But it’s a gamble. No one knows.
Best idea is when aust $ is strong to get yourself some euros.

Btw. When my debit card was loaded recently the rate is not as good as that showing on my XE currency app.
The banks scrape as much as they can.
Also as mentioned ; when you hit the machine here in spain most times the machine charges a fee. There is a thread in this forum about the fees charged by different banks.

Good luck
Annie

 

[Ruffy2791]

Thanks for your well-considered response Annie. I am inclined to load my card with AUS$ then withdraw cash at ATM's at whatever the prevailing rate is. The NAB make a song and dance about their fee-free card but clobber you with poor ex-rates (smoke and mirrors).
Buon Camino Annie.

 

[Ruffy2791]

xe.com is currently showing the AUD buying 0.576119EUR, so the rate you have been quoted does appear a little low.

My own approach is to withdraw local currency once I am in country. On the other hand, if the AUD is strong, my wife will pre-load the foreign currency before departure, and top up in country if required. The AUD isn't strong right now!

Sound advice dougfitz - thanks for your input.... (BTW - I read allot of your input on these Threads. You've provided some good stuff - thanks.

 

[brian560]

My gal-frand and I will become pilgrims on the Camino by end May / early June. We have read volumes of blogs and threads and watched YouTube clips and DVDs. We feel we are overly prepared - we just want to get down to just doin' it.

Is there any Aussies out there who can tell what the A$ buys in € please. To load my Traveller Card with € they quote me €0.5535. By my reckoning this rate is where they are making huge profits (maybe I'm wrong). The question: to load my card with € or A$...?

To all you future, current and past pilgrims out there, we just love the feedback, tips, blogs, posts and questions - it's priceless.

Thanks RuffLex (Russell and Lexey)

Don't use any big 4 travel cards. Their rates aren't good. Look at HSBC. Rates are much better.

 

[brian560]

Thanks for your well-considered response Annie. I am inclined to load my card with AUS$ then withdraw cash at ATM's at whatever the prevailing rate is. The NAB make a song and dance about their fee-free card but clobber you with poor ex-rates (smoke and mirrors).
Buon Camino Annie.

The word rip off springs to mind

 

[Kanga]

Yes, the banks are making profits on their travel money cards. And as the $Aus has plummeted today we’ll all be living very poor in Europe!

After using a bank currency card and several credit cards (that convert into $Aus at the point-of-purchase at the daily MasterCard or Visa rate - ie very competitive) I have found the easiest and most economical is an ING debit account card mentioned above by @FrenchWay.

The best thing about it is the refund of all ATM fees (in Australia and abroad). So I withdraw at any ATM in Spain, and the exchange rate is the daily Mastercard rate, so very competitive. Do not let the ATM do the conversion - withdraw in Euros.