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banks

Manhattan, Montana
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18 posts
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banks

I believe there are 2 banks on Aitutaki, WestPac & ?

Will they exchange US$ for NZ$?

Is there a Western Union office on Aitutaki?

Aitutaki, Cook...
Destination Expert
for Aitutaki
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1,852 posts
40 reviews
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1. Re: banks

Hi Froze, there are actually 3 banks on Aitutaki. In addition to Westpac there is ANZ and BCI. They will all exchange US$ for NZ$ but you get your best international exchange rate by using a credit card whenever you can. Both the Westpac and ANZ banks have ATMs where you can use your credit or debit card to get cash. The local post office on Aitutaki does Western Union money transfers but I don't believe they exchange money so it's not a Western Union office as such. There is a Western Union office on Rarotonga.

Hope you are surviving the northern winter.

Manhattan, Montana
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18 posts
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2. Re: banks

Koa Orano P-T,

I understand about the credit card usage. Did that last March. Have some cash I would like to use for part of this trip & our US banks are ripping off close to 20%. The current exchange rate is between 29 - 30%(at least a couple of days ago) & our banks are giving 9 - 10%. There used to be something that was called usury that you could go to jail for.

Will not have time in Rarotonga as plane arrives at 7 am & I leave to Aitutaki on the 8 am flight, so whatever $ transaction will have to occur on Aitutaki.

Gulfport...
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209 posts
17 reviews
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3. Re: banks

Hi Frozen one,

Current exchange rates are 1.28 to 1.30 for U.S. Dollars to New Zealand Dollars. As stated, the exchange rate is higher if you use credit cards vs cash. You will pay a fee, but nothing out of the ordinary. Enjoy your trip, I am a former Montana resident and it is indeed a long winter.

Papa Mike

Manhattan, Montana
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18 posts
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4. Re: banks

PM,

I checked directly with WeatPac, Aitutaki branch) yesterday. The exchange rate was 1.29%(approx.) WesttPac would have given me nearly 1.23. One heck of a lot better than our US banks who rip off 20%!!!

Gulfport...
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209 posts
17 reviews
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5. Re: banks

Not sure which US Bank you are dealing with, I found only about 4% difference in dealing with Wells Fargo foreign exchange. NZ$200.00 would cost US$155.00 with Westpac and $163.56 from Wells Fargo, which is fairly reasonable when you consider they have to deal with a middle man in the transaction. 20% is quite high if your bank is charging that much. Enjoy your trip.

Papa Mike

Fkp
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86 posts
126 reviews
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6. Re: banks

You may also check your cards. If I use my credit card I get charged about NZ$8 in the ATM. But if I use my debit card (which is directly withdrawing from my bank account) I am not charged any fee at all.

Of course this depends on your card and bank but might be worth checking.

7. Re: banks

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