The $

[PrincessInOz]

Last week when the $ was at about .82 the rate to buy cash or travellers cheques at the banks and post office was .80.

Now the $ is at .84 and I checked their rates again thinking it would be about .82 and no.... it's .80 The rate has gone up, just a little, but the rate they will exchange has not changed Why is that?

Is this the PO exchange rate? I can only speculate....but it would depend on whether they have a department that would be monitoring the x-rate and adjusting their sell rate on a daily basis like the banks and money changers do. Given what you've found, I would imagine that they don't and that they set a rate, and then keep it there for a couple of weeks.

I checked the CommBank x-rate this morning and they are selling at a rate of 80.9 cents. The CommBank may adjust their exchange rate later in the day. I know they issue updates to their exchange rate online twice a day. Once at around 7.30 am and the second at around midday (or earlier).

 

[ehsmum]

It confuses me too. I ordered some cash yesterday because the rate was supposedly 84c, but I only got 80c

 

[BecBennett]

You need to keep in mind the rate we see when you look at places like xe.com is for big money - like in the millions, the rate for much lower amounts like what we exchange is always going to be less.

You need to check with the bank or whoever for what they will do the exchange for.

 

[aussietravellers]

What I am about is that last week, when the rate on say xe was .82 at the banks and post office it was .80 (+a couple more numbers). I get that the rate is always lower when you actually come to exhange money.

But.... today the rate is .84 and the banks and post office are still at .80 (plus a couple more number, the same as last week when it was lower)

So official rate (rounding the third and forth number) and bank rate for the two weeks.
.82 - Banks & PO are .80 (last week)
.84 - Banks & PO are .80 (this week)

So the official rate has gone up by .02 why has the bank and PO's rate not gone up by .02 also, they would still be roughly .02 below the official rate which we expect, but if the rate rises, then why does the banks and PO rate not rise also.

That's my confusion (it's not hard to confuse me) I was just excited the rate went up, but it's made no difference to the rate the banks sell at.

 

[BecBennett]

Really they can sell and buy it for whatever they want, it's like petrol, just because oil goes down, it doesn't mean petrol automatically will.

 

[aussietravellers]

Really they can sell and buy it for whatever they want, it's like petrol, just because oil goes down, it doesn't mean petrol automatically will.

Yes this is true But I don't like it

 

[BecBennett]

yeah, sucks hey!

 

[1rocky]

When i asked at the post office this afternoon their rate was just a shade under 82 cents. the singapore dollar was good to at 112 cents for an aussie dollar.

 

[shan08]

Hey Aussietravellers

I dont get it either!!! I exchanged some cash last saturday at the post office for .829, when the rate was just under .85 and all the banks were .815 & .82.
I just hope it goes up by sept!!!

 

[BecBennett]

Commbank is 81c today

 

[GrazingGoat1966]

Update- Friday 4th June -Official Rate 85, ANZ offered 81.4, Aus Post offered 82.3 at my local Northern suburbs Perth shopping centre

 

[BecBennett]

Has anyone seen what it is now? It's saying 85c on my desktop, but that doesn't mean too much.

 

[PrincessInOz]

x-rate is 85.4 cents at the moment. I would imagine that the retail market will be selling the $ for around 82 cents.

Recent rise is on the back of strong resource and equity demand out of Asia/China.

85.5 - 85.7 is traditionally the top support/resistance in this price range (the bottom end is around 82 cents). So, if you're thinking of locking some in, the $ is sitting at about the top end of the range.

If it pushes above this mark, it may then hover around 86 - 87 cents.

 

[shaz105]

I exchange some money on Saturday at .82561 which was the best i could find.

What I am going to do it exchange $500 at a time each week and find the best deal.

All the money I save up now is spending money as I have paid of my package at WDW last week.

 

[DizOz]

Paid for our DCL yesterday with NAB Amex and got 86.6. Rate was so good decided to pay the rest of the trip as well.

Hopefully rate should be even higher.

 

[aussietravellers]

$ is at .83.. this morning. Anybody know what it's expected to do at the moment?

 

[darren123]

Good News for the AUD

http://au.us.biz.yahoo.com/fxcm/100708/172260612.html?.v=1

 

[heidispidi]

I like it! Still, anything can happen in the 5 months, 30 days till I leave

 

[GrazingGoat1966]

Picked up USD$1700 on Thursday from ANZ at my Perth Northern suburbs local branch for under $AUD2000 at a bit over 85.3. Could have got 86.99 from Bankwest but would have required a drive into the city.....and the inconvenience for $30 just wasn't worth it.

Same day I was quoted 83.3 from Travelex. What a rort!

 

[shaz105]

Just got $500 USD today at 84 i think this is pretty good i am hoping to exchange some more tommorrow.

two weeks to go before we are off i am so excited