Australian dollar... May have to rethink the budget :(

[mellyB]

We are also concerned with the dropping rate. We will be on a fairly firm budget so anything we loose with the falling exchange rate means less shopping money!
When people say they are going to lock in some now are they referring to putting money on a travelcard?
DH and I havent been overseas since having kids (10yrs) so are pretty uneducated about the best way to use money.
We have considered changing a large chunk now onto a travelcard but as we dont travel until Sept next year that seems a long time for it to change and it could go either way?? We would be devastated though if it just steadily declines.

I think it will go down over the next 12 months rather than up. We are travelling in sept next year as well and we are planning on putting some money onto a travel card asap, that way the exchange rate is locked in.

 

[minneylovesmicky]

[QUOTE=travelwith4kids;52430554]We are also concerned with the dropping rate. We will be on a fairly firm budget so anything we loose with the falling exchange rate means less shopping money!
When people say they are going to lock in some now are they referring to putting money on a travelcard?

Yes, that is it, i put the bulk of my cash onto a travel card in US money, got 0.89, not a wonderful rate but it is 0.84 now, so i did good in the end. i was just going to use my debit card, but got a nagging feeling in my head that the aussie dollar was going to plummet and i would not have anywhere near as much spending money as i thought i would. I also changed some for physical cash to, so have that on hand for small purchases and tipping.


DH and I havent been overseas since having kids (10yrs) so are pretty uneducated about the best way to use money.
We have considered changing a large chunk now onto a travelcard but as we dont travel until Sept next year that seems a long time for it to change and it could go either way?? We would be devastated though if it just steadily declines.[/QUOTE]

Sept 15 is a fair way off and anything could happen, it is scary not knowing what to do, damned if you do and damned if you don't.

My father gave me a hard time, after i changed my cash over as he said i changed it too early and it could go up and as it is only spending money, it wont matter if i lose out on the rate. Easy for him to say not his cash, but since i changed it, but it has only gone down. he hasn't said a word since, it is a difference of about $500 in what i got then and what i would have gotten with todays rate.

My bank told me i should have changed my cash a few yrs back, as the AUS $ was worth $1.04 US...i told him i had no intention of travelling to the US a few yrs back, it was not something that has ever been on the radar. hindsight is a wonderful thing.

If it was me, i would lock in some now, just in case it goes lower and keep an eye on the rate, if it goes up change some more over then too. least if you do some now and it goes down again, you will get a bit higher a rate. but like i said - damned if you do damned if you don't.

 

[LivingforDisney]

My main problem is I won't be paying for anything until next year, so if it keeps dropping, when I pay as I will be booking everything myself, when the bank converts it , it's going to cost so much more for everything, if it keeps dropping.
I already have converted some for spending money, but won't be much good if I can't afford to book accommodation, cruise ect, ect . Lol.

 

[minneylovesmicky]

My main problem is I won't be paying for anything until next year, so if it keeps dropping, when I pay as I will be booking everything myself, when the bank converts it , it's going to cost so much more for everything, if it keeps dropping.
I already have converted some for spending money, but won't be much good if I can't afford to book accommodation, cruise ect, ect . Lol.

are you in a position to put your money on a travel card now? you could lock in the going rate now and it may be a higher rate than next yr, you could then use the travel card to book your trip when you are ready

 

[LivingforDisney]

What card do you suggest getting to do this, so I can pay stuff on line, ect?

 

[LisaAJ]

I use the Commbank travel card. I've paid hotels, DCL and WDW with it without any issues.

 

[minneylovesmicky]

What card do you suggest getting to do this, so I can pay stuff on line, ect?

i have a comm bank travel card, cost $15.00 for the card, when you first put cash on it is free. I have used this card to make a purchase in US dollars online and it worked well, i had no issues with it

this is the link for it - https://www.commbank.com.au/personal/travel/travel-money-card.html

is easy to setup in branch and only took 45 minutes for cash to load to the card, you can also set up a balance alert each day, so you can keep track of your spending, whilst away

 

[marvel]

Another good option is the Qantas Cash card linked to your frequent flyer account. Also the card is free, depositing money is free.

The conversion rate is as good as the others and you also get Freq Flyer points when you spend the money during your trip, so double bonus.

 

[minneylovesmicky]

Another good option is the Qantas Cash card linked to your frequent flyer account. Also the card is free, depositing money is free.

The conversion rate is as good as the others and you also get Freq Flyer points when you spend the money during your trip, so double bonus.

have read some really bad reviews on the QANTAS FB site about that card, so many users are stuck with no money, as the card often fails them. those reviews is why i went with the comm bank one

 

[travelwith4kids]

The Comm Bank card looks good! Thanks for the recommendation. I have been looking at Cash Passport travel card and although it has fee free atm withdrawals it is 1.1% to load. So to put a large sum on would definitely be more then paying the $2.50 for ATM withdrawals, would just need to withdraw enough for a few days or more to reduce the fee. We have decided to put most of our savings so far onto a travel card when it starts (fingerscrossed) to look even a tiny bit better. Every time I look it just looks worse we prob just need to do it now.

 

[LivingforDisney]

Thanks for the info, I will go down to the Commonwealth Bank and have a look, as I have the money in my account.
So I put a chunk of my money on that and then when I have to start paying for my hotels, ect I can do it .
Thinking about just taking cash

 

[Luisa]

The Comm Bank card looks good! Thanks for the recommendation. I have been looking at Cash Passport travel card and although it has fee free atm withdrawals it is 1.1% to load. So to put a large sum on would definitely be more then paying the $2.50 for ATM withdrawals, would just need to withdraw enough for a few days or more to reduce the fee. We have decided to put most of our savings so far onto a travel card when it starts (fingerscrossed) to look even a tiny bit better. Every time I look it just looks worse we prob just need to do it now.

There is no reload fee at Aus Post stores, I got one a year or so back and just keep reloading it, no fee to buy it either (although this may have changed since I got it).

Edit to add: just checked the Australia post website, no commission when bought or reloaded in store.

 

[minneylovesmicky]

The Comm Bank card looks good! Thanks for the recommendation. I have been looking at Cash Passport travel card and although it has fee free atm withdrawals it is 1.1% to load. So to put a large sum on would definitely be more then paying the $2.50 for ATM withdrawals, would just need to withdraw enough for a few days or more to reduce the fee. We have decided to put most of our savings so far onto a travel card when it starts (fingerscrossed) to look even a tiny bit better. Every time I look it just looks worse we prob just need to do it now.

Glad to help you out. The fees for that cash passport was what put me of getting it too, As for putting cash on now or later, I think you will be damned if you do and damned it you don't. A crystal ball would be great

 

[minneylovesmicky]

Thanks for the info, I will go down to the Commonwealth Bank and have a look, as I have the money in my account
So I put a chunk of my money on that and then when I have to start paying for my hotels, ect I can do it.
Thinking about just taking cash

No worries, it is easy to set up and use for purchases

we are taking a mix of cash and the travel card, have it all changed over already, for small purchases and tips.

 

[LivingforDisney]

I thought the post office one was to use over there to withdraw money out?
I want one where I can pay on line for hotels ect. before I go.
Last 2 times I have been to states in September, and it seems both time the dollar went down in Sept, and then went back up, but this time it might keep going down.
Anyhow will see how we go

 

[Luisa]

The one from the post office is the cash passport MasterCard, so you can use it for hotels etc. when I'm not travelling I use mine for online shopping. There was a story in the money section of the Age the other day about the dollar- while most think it will stay down, a couple of the finance guys think it will be back around 90c by the end of next year.

 

[travelwith4kids]

Am I understanding right (or is it not that simple ) that if we put a big chunk of money on a travelcard right now with no purchase or load fees and the aussie dollar went way up we could redraw the balance of our card (assume there would be a fee for that?), have more money then we started with and just make another card... we more $ ???
HA HA, sounds so good in writing!

 

[travelwith4kids]

Right DH just explained I'm back to front.
Never mind my crappy math skills

 

[minneylovesmicky]

I thought the post office one was to use over there to withdraw money out?
I want one where I can pay on line for hotels ect. before I go.
Last 2 times I have been to states in September, and it seems both time the dollar went down in Sept, and then went back up, but this time it might keep going down.
Anyhow will see how we go

the comm bank one, you use it like a credit card, press credit when using in stores or ATM, and you get a pin number too. you can use it online as you would a credit card too, it has the numbers on the front, expiry date and the ccv number on the back,

 

[ssour]

I thought the post office one was to use over there to withdraw money out? I want one where I can pay on line for hotels ect. before I go. Last 2 times I have been to states in September, and it seems both time the dollar went down in Sept, and then went back up, but this time it might keep going down. Anyhow will see how we go

The Load & Go Travel Card is a Visa card with a pin, so it can be used wherever they accept Visa