The rate for AU$ directly to another (currency) is always garbage no matter where you go while the exchange rate between US$ to (currency) directly is better (you get more). For example: US$1 = ¥159 vs AU$1 = ¥113, so putting that into perspective - US$2,000 gives you ¥318,546 (AU$2,794) but AU$2,000 equates to ¥227,989 (US$1,431) when in Japan.

Whenever you travel abroad, it feels like you’re being ripped off when exchanging AU$ directly since you have to pay more to get the same quota as the greenback. Don’t even talk about cash withdrawals, even with Revolut or Wise: the ATM still incurs fees for foreign cards, but much worse when using a bank’s card directly for conducting the transaction whilst abroad.

  • slazer2au@lemmy.worldEnglish
    1·
    3 hours ago

    So using xe for conversions so not actual street rates and rounding to the closed hundred in Yen

    AUD 2000 -> JPY 228,300
    USD 2000 -> JPY 318,500

    AUD 2000 -> USD 1433 -> JPY 228,200

    Doesn’t really make sense to go via USD.

  • thatKamGuy@sh.itjust.worksEnglish
    3·
    6 hours ago

    Whether you take 1000 AUD to Japan and convert to Yen, or covert 1000 AUD here to USD and then convert that in Japan to Yen, you will end up with the same amount (barring any USD/AUD fluctuations while you travel).

    International currency markets are so interlinked that arbitrage opportunities are few and far between.

    FWIW, I actually liked the AUD-JPY conversion rate when I went there because it made mental conversion super simple: ¥1000 ~= $10 AUD; their prices are basically just in cents!

  • Hanrahan@slrpnk.netEnglish
    5·
    8 hours ago

    Dude, cross rates, we’re a pimple at the bottom of the world and the USD is still the worlds reserve.

    if you only have AUD get a fee free international credit card

    1. Bendigo Bank (has free travel insurance if you spend $500 AUD on travel expenses before you go)
    2. Bankwest
    3. Macquarie Bank (has fees but points and free travel insurance and is fee free if you have a mortgage with them)

    those three spring to mind as I use them but there are others.

    when you’re in a foreign country always answer “local currency” when paying with credit card if the machine asks. Flights, accomodation, accommodation deposits etc.

    Use an international fee free Aussie debit card for ATM withdrawls in the local country if you need cash and check the Whirlpool Fee Free ATM spreadsheet to see if those ATMs are convenient for you to use, transfer cash into the debit card as needed and fucks sake don’t use your accomodations wifi unless you VPN as well.

    Bankwest and Macquarie spring to mind for debit cards, Wise sucks for this, so don’t use it for cash wathdrawls, only as a debit card.

    Always let your banks know (when and where) before you travel, usualy done in the bank app.

    If you don’t need those cards back in Aus, LOCK them down via your banks app when you return, this protects against BIN attacks and helps with fraud protection. Hell, I even Iock them down and turn them back on while I travel.

    Have Visa and MC if possible and have backup cards, you will get caight out one day if you don’t!

    If you exchange AUD, do it in the country you travel to, shop around and watch for forex fraud eg dropped notes etc.

    If you have any income in a foreign currency as well, that strategy changes (I do in USD)