Withdrawal money while overseas and get the best exchange rate? (Australian citizen)

[organicman]

I spend a lot of time in SEA these days where I'm an Australian Citizen. I usually go through my cash within 2-3 months and then I'm forced to use my bank to take money out. I was using a Westpac Global Currency card where the fees are crazy. They take about $30 in fees per $500AU. 3% per $100, $5 ATM fee, foreign ATM fee ($2-$3) and they were giving me 0.5 cent less for an exchange rate (Thailand). 

I started using Transferwise ($4 instead of $30) this year where it's not easy to open a local bank account up most SEA countries. I had my Thai girl open an account up under her name which I'm using. I'm heading to KL and Manila next where a friend of mine told me about International banks such HSBC. I was going get a local to open up an account for me cause the banks won't open one up under my name.

I want to know what other Aussies that have to travel a bit are doing with their money when they need to make a withdrawal. What option will give me the best exchange rates?

Edited June 9, 2019 by organicman

[organicman]

HSBC doesn't charge an ATM fee or % per $100. I'm guessing they make their money by lowering the exchange rate that they give their customers. 

Does anyone here have a HSBC account and can advise me of the currency rate from AUD to baht. They don't show it on their website unless you have an account.
https://www.hsbc.com.au/accounts/products/everyday-global/

I hear Citibank has a better rate than HSBC...

https://www1.citibank.com.au/banking/bank-accounts/global-currency-account

 

Here's another I found
Citbank Plus Transaction Account
https://whirlpool.net.au/wiki/citibank_plus_transaction_account
 

Not sure which is best...

Edited June 9, 2019 by organicman

[JamJar]

HSBC mention card scheme in their T&C, which would normally mean the Mastercard or VISA rate.

But you would need to confirm that with them.

[Cats4ever]

Citibank do not have ATM feesand their rate of exchange seems comparable. Check how many ATMs are in the places you are going.

[TigerandDog]

3 hours ago, Cats4ever said:

Citibank do not have ATM feesand their rate of exchange seems comparable. Check how many ATMs are in the places you are going.

Don't touch Citibank. Their rates are not comparable with HSBC, they skim the rate big time.

 

Here's today's AUD _ THB rates

OANDA & RBA ( Official bank rate ) 21.78

Citibank   21.46

HSBC  21.76

 

Can't make any recommendations, but for god's sake give Citibank a wide berth.

[Lacessit]

I transfer from an Australian account to a Thai bank account - enough for a year's expenses. $30 by telegraphic transfer. Thai banks are not as rapacious as Aussie banks when it comes to conversion. I ALWAYS transfer in AUD. You can then get a debit card to use at the bank ATM for a small fee, ATM use is free.

The other option is to carry cash in AUD with you. Money exchangers in Thailand are quite competitive.

I would only use my Australian Visa card at an ATM in an emergency. Fees here and in Oz are quite stiff.

[emptypockets]

I just use the ATM both here and Myanmar.

No matter what you do you will lose something. I pay for convenience.

[aussiebrian]

2 hours ago, TigerandDog said:

Don't touch Citibank. Their rates are not comparable with HSBC, they skim the rate big time.

 

Here's today's AUD _ THB rates

OANDA & RBA ( Official bank rate ) 21.78

Citibank   21.46

HSBC  21.76

 

Can't make any recommendations, but for god's sake give Citibank a wide berth.

I use Citibank and it is the best way to transfer. You need to get a debit card in Australia. In Melbourne, only 1 branch in the city where you can get your card. Transfer money into your account when needed. You get no interest. 

At ATM make sure you press second option that says to withdraw without conversion. Huge difference in rate. It was showing with conversion 21.45 and then I got 21.85 yesterday without conversion. Ok, you still have Thai ATM fee but no fees from Australia. 

Even better, use the Citibank to pay for everything you can, like fuel, restaurants (if they have MasterCard facilities). Then no fees, and a great rate. 

I have tried many ways, and not only is it very convenient, but best rate. 

I use it in all countries, always best rate.

In India, some banks ATMs charge a fee, others don't.

Cambodia ATM fee is $5, with best rate. 

If you have a problem, you can call them 24 hrs free on Skype, (if you have a Skype account, and money in your account), using their 1800 number. Always been extremely helpful.

No, I don't work for them.

 

[bluejets]

Have you looked at Paypal as a way to transfer from your Aussie bank to your G/f account?

 

We use it sometimes.

[organicman]

3 hours ago, bluejets said:

Have you looked at Paypal as a way to transfer from your Aussie bank to your G/f account?

 

We use it sometimes.

Paypal has a very bad exchange rate. I use Transferwise which has the best rate! 

 

Gold!!! 
https://forums.whirlpool.net.au/archive/2727931

Looks like ING doesn't charge any ATM fees on any international ATM and has the best conversion rate! The only catch is that you have to deposit $1000 a month and make 5+ transactions. 

Runners up is Citibank & Macquarie. Ubank is also good.

Edited June 10, 2019 by organicman

[Blackheart1916]

Tranferwise for online, or ingdirect for ATMs. No fees or overseas charge. For cash, check the exchanges on the very bottom floor at BKK.