#90322 - 06/21/11 12:22 PM
Best place to get money?
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stanw
Member
Registered: 06/16/11
Posts: 40
Loc: LA
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I'm sure I can get money at the airport or at the hotel when I get there, though I'm guessing the exchange rate will not be great. Is there somewhere else recommended before leaving to get a better exchange rate?
Thanks.
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#90327 - 06/21/11 01:01 PM
Re: Best place to get money?
[Re: stanw]
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DenverJoe
Expert Advisor
Registered: 09/10/02
Posts: 1878
Loc: Denver, Co.
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Try this.
https://www.wellsfargo.com/foreignexchange/products
_________________________
Nothing better than a Hinano in hand and toes in the sand.
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#90328 - 06/21/11 01:04 PM
Re: Best place to get money?
[Re: stanw]
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Patti.
Expert Advisor
Registered: 03/28/04
Posts: 2460
Loc: Las Vegas, NV
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If you can get some before you leave, do it. You can order it from Wells Fargo online....they offer a decent rate.
DO NOT exchnage at LAX, the rate will be horrible!!!!
You can use the ATM at the airport when you arrive in PPT, or just wait until you get to your hotel. You won't be able to get a lot at the hotel, probably only a couple hundred dollars. But you probably won't need a lot either. Use your credit card when ever possible, you will get the best exchange rate that way. And if you happen to have a credit card that doesn't have a foreign exchange fee (like Capital One) that's even better!
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#90346 - 06/21/11 05:17 PM
Re: Best place to get money?
[Re: Patti.]
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BarbiJKM
Supreme Advisor
Registered: 02/14/07
Posts: 6150
Loc: Mesa, AZ
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Many of us are now recommending order XPF from Wells Fargo before you leave home, because their rate is comparable to what you would get exchanging cash in FP, their delivery is quick (2-3 days), their flat fee is reasonable, and the Tahiti airport no longer has a reliable source of currency. The airport bank offices will no longer do currency exchange, and the ATMs are unreliable, often running out of money, especially near the weekend (Thursday to Monday). You don't have to be a WF customer to order currency from them, and it can be done online or by phone, delivered to your door. The LAX exchange booths are the WORST way to get currency.
You will always get the best rate using your credit card, especially if it's a Chase or Capital One card with no forex fee. AmEx Platinum now has no exchange fees either.
You can use any remaining Tahitian currency to pay down incidentals on your hotel bill the last day.
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#90364 - 06/22/11 01:20 PM
Re: Best place to get money?
[Re: BarbiJKM]
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stanw
Member
Registered: 06/16/11
Posts: 40
Loc: LA
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1.) I was at a bank and they told me that xpf is the same as cfp franc, so they were trying to sell me the cfp, though everything I have read shows Tahiti using xpf.
2.) How do I know what a good rate is? Any tips?
Thanks!
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#90365 - 06/22/11 01:32 PM
Re: Best place to get money?
[Re: stanw]
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Patti.
Expert Advisor
Registered: 03/28/04
Posts: 2460
Loc: Las Vegas, NV
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xpf and cpf are exactly the same thing.
Today the exchange rate looks to be 83.35xpf for $1US...that is the bank to bank rate. You will NEVER get that. Although you will get something close to that when you pay with credit over there.
For a cash exchnage....expect no better than 5 points less than that 83 as the best you will be able to do....so that's around 78....that's what you would probably get at a bank in FP....but then you have to pay a flat exchange fee...probably around $15.
Around 75 or 76 is probably what you will get from Wells Fargo.
Your hotel desk will also probably be in the 75 to 78 range.
The exchange booths at LAX will the be worse by far.
Again, your best bet is to use a credit card as much as possible...preferably one without an foreign exchnage fee. Only exchange a small amount of cash...maybe $200...for the things you can't use a credit card for.
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#90366 - 06/22/11 01:44 PM
Re: Best place to get money?
[Re: Patti.]
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stanw
Member
Registered: 06/16/11
Posts: 40
Loc: LA
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I was quoted .01358 cfp franc by Chase, though I have no idea what that means. Any idea?
Thanks for your help!
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#90367 - 06/22/11 02:07 PM
Re: Best place to get money?
[Re: stanw]
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stanw
Member
Registered: 06/16/11
Posts: 40
Loc: LA
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And, I just found out that amex charges a 2% transaction fee. Any idea how widely amex is accepted there?
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#90368 - 06/22/11 02:27 PM
Re: Best place to get money?
[Re: stanw]
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Patti.
Expert Advisor
Registered: 03/28/04
Posts: 2460
Loc: Las Vegas, NV
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I suck at math...but some quick adding...I think that comes out to around 84xpf for $1....which is pretty close to that 83.35 I quoted. Is that their credit card rate or is that a cash rate they offered? It sounds about right for the credit card rate...that is the bank to bank rate. That is why you should use your credit cards as much as possible. Even if your card has a 2 or 3 or 5% exchange rate...you will STILL do better than using cash....as the cash exchnage rate is always at least 5 points less than the bank to bank rate.
As for American Express....yes, most of the major hotels should take it...probably some of the pearl shops...but not so much for other establishments (restaurants, etc)....some might, but many won't. Visa and MC are most widely accepted.
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#90370 - 06/22/11 02:37 PM
Re: Best place to get money?
[Re: Patti.]
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holte
Expert Advisor
Registered: 11/19/04
Posts: 2417
Loc: Duluth, Minnesota
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I think that Am Ex has the highest rate that the vendor has to pay. So lots of establishments do not take Am Ex because it costs them too much
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