Best way to avoid currency conversion rates?

[KnickNut3]

Hello. I'm studying in Australia next semester and I'd like to know the best way to avoid currency conversion charges. If I use my current credit card abroad 3% is tacked on to the charge (1% by Mastercard, 2% by the bank). I also don't want to have to carry around a bunch of cash.

For the more immediate need, I need to pay a deposit to the university of AUD$500, and the options are a bank draft in AUD, an overseas wire transfer (probably way too expensive), and credit card.

Anyone have experience in the best way to go about this? I've never traveled abroad.

 

[konichiwa]

Traveller's checks? Or if you're going to be in AU for a while get an AU bank account, convert your USD into AUD and deposit it in AUD in your bank account...

 

[Colt45]

When I was in europe I could take cash out of an ATM, using my normal bank card.

Although some ATM's didnt work - check the logos on the back of your card and find a bank that supports it..

0% or near to it, way cheaper and handier than travellers cheques.

 

[radioouman]

Why do you want to avoid currency conversions? I can understand not wanting to pay the surcharge (although I've never heard of it), but why not just convert your currency?>

 

[KnickNut3]

Originally posted by: radioouman
Why do you want to avoid currency conversions? I can understand not wanting to pay the surcharge (although I've never heard of it), but why not just convert your currency?>

Originally posted by: KnickNut3
I'd like to know the best way to avoid currency conversion charges.

There are charges and additional fees, like the 3% one I just mentioned.

For my more immediate fees, what's the easiest way to pay my tuition without paying these fees?

 

[KnickNut3]

...

 

[phillc]

You could try paying with small pieces of gold and silver...

 

[Kipper]

Originally posted by: phillc
You could try paying with small pieces of gold and silver...

Or bits of string.

 

[axelfox]

Originally posted by: MadCowDisease

Originally posted by: phillc
You could try paying with small pieces of gold and silver...

Or bits of string.

Didn't you see the sign? They don't take bits of string

Make sure that AU ATM pins take the same number of digits as the US. In Europe, its 4 pin numbers instead of 5. You might have to go to the bank and change it.

 

[FoBoT]

the best rates are usually through CC's and ATM's
i used to use AMex for everything when traveling in europe

 

[ThePresence]

Just change money on the black market dude.

 

[KnickNut3]

Hmm, just charged my deposit and there were no conversion fees... hmmmm.... Maybe because it was a special charge put through--would be different retail?