Currency conversion

[Beretta391]

When it comes to currency conversion, the only thing your local bank is missing is the mask and gun.

I thought it was pretty high!!

 

[Hogpatrol]

We converted cash at the airport in ATL, and it didn't seem like a huge rip off (maybe $30 for $300 turned into rands, and trust me I've wasted $30 on a lot stupider stuff), and you can convert any left over money back for free as long as you have the receipt when you fly back through.
I think you can do it online and have the rands shipped to your home if that is something you are interested in.

You are paying a LOT of money for that amount. Legal robbery.

 

[barbells.and.arrows]

@Hogpatrol it could have been less. In all honesty, I don't remember. And if it is highway robbery, we'll claim it as a stupid tax. I wanted to get rands sent to our house (pretty sure it was fairly cheap), and my husband claimed we wouldn't need them, and then changed his mind like the day before we flew out after talking to a coworker. So stupid tax it is.


Also looked at the website and if you order it you don't pay a fee besides shipping, so we may not have paid a fee since it was the same company.

 

[Areaonereal]

Normal bank spread between dollar and Rand is about 8.5 per cent spread between Forex market on the Rand and what you will receive for exchange....so if the exchange is 14 Rand to the dollar , you will receive m/l 12.8 Rand to the dollar, that is the norm for my local central Illinois banks.

 

[DonPablo]

Are ATMs still the best way to go?

 

[fourfive8]

Are ATMs still the best way to go?

Maybe. I think it can work out better or not. Depends on where and under what circumstances you need the local currency. I know I don't like the added stress of searching for ATMs or usable banks when traveling to unknown locations. I would rather plan for and take the proper or at least the estimated amount needed of local currency before I leave. One less worry.

I think most times for larger sums and known receivers, like tips on safari, regular USD in $20s or appropriate bills works as well as any. I've never found anyone in Africa turn down USD cash. But for convenience and random, small purchases while traveling, like convenience stores, roadside vendors, souvenir shops etc., some local currency is handy.

As an example if I were gong to RSA and wanting Rand, I just checked the ZAR to USD conversion online and currently it looks like about 18.6 ZAR to 1 USD. I also checked my bank and I can get Rand delivered to my bank for me to pick up in about 5 days for 17.5 ZAR to 1 USD. If my math is close, that is about a 6% charge.

 

[JimP]

Are ATMs still the best way to go?

It depends on if your bank has a foreign exchange transaction fee. That along with if the ATM owner gives you the rate that rand is being exchange for that day or if they charge a service fee.

I just figure what I'll need and then just take it over with me. I get my bank to exchange it for me.

 

[Hogpatrol]

Got hosed by my local bank ONE time, never again. Here's the rates at the airport, way better than a U.S. bank. 18.58 rand to the dollar is today's rate.

May be a better way: https://wise.com/?clickref=1011lwR3V9Lu&partnerID=1101l22083&adref=&partnerizecampaignID=1100l645

Johannesburg O.R. Tambo Airport (JNB) Currency Exchange, Banks & ATMs

See a list of banks, ATMs and currency exchange in Johannesburg O.R. Tambo Airport (JNB). Get info on how to find them, check opening times and phone numbers.

airportbanking.com