Exchange rates and fees for NZD to USD?

Does anyone know where the best place to convert our NZ dollars to USD? The exchange rates on xe.com etc as of this minute say one thing but the banks are over a cent lower plus they have 1% fees. Can I only do it through the bank or is there somewhere else to do it? Does it work out better to wait til we get to the States to exchange the bulk of the money? Are travellers cheques worth while? Help.....

Exchange rates and fees for NZD to USD?auto loan

the rates you see are the wholesale rates...used between banks....consumers will rarely get those actual rates...unless you have a brokerage account and are a very good client. the rates consumers get are always worse than this....someone has to pay for the bank staff and other added %26#039;extra%26#039; fees for the banks.

travelers checks are good because if you lose them, you can always get reinbursed for them. but you do have to pay yet another fee for them. but in terms of using them, when you travel abroad, youre going have to exchange them anyways. if you want the extra peace of mind, then go ahead and use them.

your best bet is to use your credit card when traveling abroad. check with your credit card company, but almost all use the wholesale rate (that you see online, in newspapers...etc) to convert your charges back to your home currency. i use my credit cards for all my major expenses when traveling because my bank uses the offical exchange rate that is printed in the wall street journal every day...you cant get a better rate than that.

also, if youre going to use cash, the best thing would be to convert a little of it at the airport (to pay for your taxi, and any other little expenses you have when first arriving)....but shop around, when i last visited eurrope, i saved 3% by walking around the airport and finding a cheaper money exchange place. (the first one you see when leaving the airport gate is ALWAYS the most expensive). then when youre situated at your hotel, find a real commercial bank, not those money exchange places (who always rip people off). banks will always have better exchange rates.

good luck and enjoy your trip.

Exchange rates and fees for NZD to USD?

loan

Rates you see on-line are indicative rates. Actual rate of exchange will apply at point of exchange. I suggest you exchange some US$ and sell your NZ$ on a as-and-when required basis when in the US. Travellers cheques would be better option versus cash.