currency exchange

Hello,

I have been told but cannot remember where, that on Sea Princess, a currency exchange person comes onboard so we can change to the various asian currencies needed. Can anybody clarify if this is correct please?

Thanking you.:confused:

My question would be, is the rate any good compared to just using ATMs.

My question would be, is the rate any good compared to just using ATMs.

The answer to that would almost certainly be no.

Hello,

I have been told but cannot remember where, that on Sea Princess, a currency exchange person comes onboard so we can change to the various asian currencies needed. Can anybody clarify if this is correct please?

Thanking you.:confused:

Here's what happens when you purchase foreign currency in a "convenient" way, something most of us have done, either out of necessity, stress, fatigue or it was just convenient - we pay MORE to get the currency than we needed to. Sort of like buying milk or bread at a convenience store rather than at a supermarket.

But, getting foreign currency whilst in port or anywhere overseas these days is even easier than getting the milk at a supermarket; all one needs to do is find an ATM once in port, plus an ATM card or in many cases, a credit card (though be wary of cash advance fees and finance charges) and voila, you have local currency in an instant.

Here's the "expense" in obtaining local currency onboard: a "markup" occurs by the provider, by way of an exchange rate that is different than what you'll generally get from the ATM/bank...the provider keeps the profit for providing the convenience. The customer has to spend more of their own money to receive less in value of the local money. Here is an example:

Using the Japanese Yen, last market rate close at about 104 Yen for USD$1

(no one but banks/institutions ever gets market rate)

I found a good rate at about Y96 to USD$1

I found an OK rate at about Y92 to USD$1

I found a dreadful rate at Y89 to USD$1

The currency dealer on the ship would be offering the Yen at the dreadful rate of Y89 for every $1 converted. If you use an ATM once in port at a bank ATM, you're likely to get a rate somewhere in the mid 90s and thus receive many more Yen to the Dollar, leaving you with a much better exchange/value and more to shop, dine, sightsee with whilst visiting.

Multiply this effect over several currencies and it really starts to add up! :eek: It might seem like trouble or a hassle to get currency in port but, in many cases, you may not even need much currency at all as your debit/credit cards will suffice much of the time. Also, in many ports you'll find banks quite easy to locate too.

Are there other items/expenses like transport that you are worried about incurring in port immediately upon arrival that you are concerned about which might require having local currency on hand? Perhaps posting questions regarding those issues might help you resolve those matters and get around the currency issue with ease.

We wish you a wonderful holiday :)

Here's what happens when you purchase foreign currency in a "convenient" way, something most of us have done, either out of necessity, stress, fatigue or it was just convenient - we pay MORE to get the currency than we needed to. Sort of like buying milk or bread at a convenience store rather than at a supermarket.

 

But, getting foreign currency whilst in port or anywhere overseas these days is even easier than getting the milk at a supermarket; all one needs to do is find an ATM once in port, plus an ATM card or in many cases, a credit card (though be wary of cash advance fees and finance charges) and voila, you have local currency in an instant.

 

Here's the "expense" in obtaining local currency onboard: a "markup" occurs by the provider, by way of an exchange rate that is different than what you'll generally get from the ATM/bank...the provider keeps the profit for providing the convenience. The customer has to spend more of their own money to receive less in value of the local money. Here is an example:

 

Using the Japanese Yen, last market rate close at about 104 Yen for USD$1

(no one but banks/institutions ever gets market rate)

 

I found a good rate at about Y96 to USD$1

I found an OK rate at about Y92 to USD$1

I found a dreadful rate at Y89 to USD$1

 

The currency dealer on the ship would be offering the Yen at the dreadful rate of Y89 for every $1 converted. If you use an ATM once in port at a bank ATM, you're likely to get a rate somewhere in the mid 90s and thus receive many more Yen to the Dollar, leaving you with a much better exchange/value and more to shop, dine, sightsee with whilst visiting.

 

Multiply this effect over several currencies and it really starts to add up! :eek: It might seem like trouble or a hassle to get currency in port but, in many cases, you may not even need much currency at all as your debit/credit cards will suffice much of the time. Also, in many ports you'll find banks quite easy to locate too.

 

Are there other items/expenses like transport that you are worried about incurring in port immediately upon arrival that you are concerned about which might require having local currency on hand? Perhaps posting questions regarding those issues might help you resolve those matters and get around the currency issue with ease.

 

We wish you a wonderful holiday :)

Unfortunately not all ports have ATM's - Phu My in Vietnam (port for most bigger ships visiting Saigon) is one example. But other than that the advice given is helpful and valid.

Sometimes though - when you only need say $50-$100 in local currency to get you through the day for a meal and a couple of drinks and entry fees (Saigon again comes to mind) - I would be inclined to change say $50 with the vendors that come aboard the ship (Both Diamond and Saphire provided this service in Phu My) and see how you go for there. Once in town many will now accept cards for payment etc.

You do not want to be left with some currencies (ie Vietnam Dong or Cambodian money) as that is only good for wallpapering your toilet when you get home.

Best rates available to tourists are always those given by your debit or credit card.

Don't know about Princess, but yes local exchange bureaux often send staff aboard.

The rates are horrible, in my experience far worse than even Host Bonjour's example - mebbe 15 to 20% worse than from an ATM. :eek:

But they have their place.

Convenient, no worries, no wasted time, generally no commission or minimum quantity, & very occasionally buy-back unused currency at the same rate.

For a small sum, up to say $50, if you're not confident about the availability of local currency (like Bpos' example) you may consider it a price worth paying.

Your USD cash can be used for most purchases in a lot of places in Asia (Vietnam, for example), you won't get ATM rates but (how are your haggling skills? ;))you'll probably do better than the rate on the ship. And although some cards charge a foreign transaction fee you can use your credit card for larger purchases - rates similar to ATMs. Be sure to resist offers to charge your card in USD, leave it in local currency or you'll be screwed a lousy exchange rate.

Each to their own - choose convenience or value.

JB :)

On the Diamond and Saphire stops at Phu My the currency exchange was very reasonable considering they had a captive audience so to speak

I did not change any as I had Dong from previous visits but I remember commenting to my wife what a very good exchange rate they were offering.

Wife and I are going to southeast Asia in October this year. Ordered money from my local Bank of America on line, while setting up a travel alert so we can use cards, ATM and Credit cards while traveling, very important. Exchange rate was OK as per the international exchange rate web sites. Very easy and no shipping fee if ordering greater than $1,000.00USD. Could not purchase Vietnamese money through bank, which is OK as all prices are stated in both Vietnamese and US dollars anyway in Vietnam. Our tour guilds in Vietnam requested US Dollars for payment, so again no big deal. Going to Cambodia also and they are the same way, requesting US Dollars instead of Cambodian Dollars. Like the idea of having local money on hand upon arrival without having to find a bank or currency exchange in each port. It is a vacation after all. Contact your local bank and see if they offer foreign money and check the rate. Chances are it will be pretty decent and is much more convenient. If using US Dollars in Vietnam or Cambodia make sure the bills are in good shape as they will not except torn or worn out bills. Just remember that most Banks charge a fee for getting money from a foreign ATM machine, so get enough each time as those fees can add up, like $5.00 per Bank of America each transaction.

Happy Planning,

Capt. Ron

Wife and I are going to southeast Asia in October this year. Ordered money from my local Bank of America on line, while setting up a travel alert so we can use cards, ATM and Credit cards while traveling, very important. Exchange rate was OK as per the international exchange rate web sites. Very easy and no shipping fee if ordering greater than $1,000.00USD. Could not purchase Vietnamese money through bank, which is OK as all prices are stated in both Vietnamese and US dollars anyway in Vietnam. Our tour guilds in Vietnam requested US Dollars for payment, so again no big deal. Going to Cambodia also and they are the same way, requesting US Dollars instead of Cambodian Dollars. Like the idea of having local money on hand upon arrival without having to find a bank or currency exchange in each port. It is a vacation after all. Contact your local bank and see if they offer foreign money and check the rate. Chances are it will be pretty decent and is much more convenient. If using US Dollars in Vietnam or Cambodia make sure the bills are in good shape as they will not except torn or worn out bills. Just remember that most Banks charge a fee for getting money from a foreign ATM machine, so get enough each time as those fees can add up, like $5.00 per Bank of America each transaction.

Happy Planning,

Capt. Ron

Good advice Captain, but also consider the following.

If you get a large amount of Viet Dong your wallet will probably bulge so much that it will not fit in your pocket. While fees can add up using ATMs - they are a much safer way of carrying cash and the pickpockets in both Vietnam and Cambodia are experts, world class almost. You might rack up $30 in bank fees for a couple of weeks away - not a bad expense for the safety involved.

I can remember changing $100 in 1989 when the largest note was 50,000 dong and I ended up with a brick of notes about 3 inches thick. Obviously they now have larger notes but you can still end up with a wad full.

Yes in Cambodia USD is king, even the ATM's there give out USD but if you pay for an item that is say $4.50 and you give a $5 note, your change will be given in Cambodian money. It can add up after a while so get rid of it as soon as you can. You need small USD notes in Cambodia as often important things like beer can be had for 75 cents or even 50 cents.

In Vietnam it is best to use Dong as you will do better for pricing and actually save - this is only really applicable if doing a land tour and not just one or two days on a cruise visit.

When I visit these two countries - I take about $500 in Australian currency (no point in changing to USD and taking a double hit on currency exchanges) - to change at money changers or hotels to get me through the first couple of weeks and use ATMs as required. If from USA take USD, for the UK take GBP - most currencies can be exchanged in Vietnam or swapped for USD in Cambodia as required,

We are on Diamond Princess in November and I have taken the advice of others on Cruise Critic and got a Citi Bank Debit Card and 28 Degrees Credit Card. With the Citi Bank debit card you can withdraw cash world wide at any ATM in local currency with a good exchange rate and no ATM fees. 28 Degrees also have a good exchange rate and don't charge foreign exchange fees.

Search CC and you'll find what others have to say and look at the Citi Bank and 28 Degrees websites. Applications for both are online and you have the cards in a couple of weeks.

We are on Diamond Princess in November and I have taken the advice of others on Cruise Critic and got a Citi Bank Debit Card and 28 Degrees Credit Card. With the Citi Bank debit card you can withdraw cash world wide at any ATM in local currency with a good exchange rate and no ATM fees. 28 Degrees also have a good exchange rate and don't charge foreign exchange fees.

Search CC and you'll find what others have to say and look at the Citi Bank and 28 Degrees websites. Applications for both are online and you have the cards in a couple of weeks.

I understand that the 28 Degrees card changed its conditions in recent times to now include foreign exchange fees eetc.

I actually got a card from them about two years ago - but then had a terrible time trying to contact them by telephone and I had not even left home.

Google Complaints 28 Degrees Card and see what others are saying.

I did and cut up the card.

I have a Capital One money market acct we use just for our vacation savings & because there's no ATM fee. My husband and I both also have a CapOne credit card that doesn't charge an annual fee or forex fees that we use when we travel. There are options around that are great for frequent travelers and we all have different needs.