The rate the bank will give you is usually dependent on the amount of cash you are changing. If you don't ask, they will give you the crappy "daily rate" that everyone with £5 to change gets - this even applies to businesses with significant amounts to change, so don't be shy. It also applies to electronic transfers, so if you transfer Sterling down to a bank in Oz, if the account in Oz is in Dollars they will change it as it goes into the account using the daily rate unless you pre-agree something. They should be able to show you what rates they do for what amounts. And shop around - talk to every bank and building society if it's worthwhile. They all work off either one daily rate which they strike in the morning, or the dealers work on the actual rate at the time plus their points margin, again the points depend on how much you're changing. You can check the actual rate at the time when you are talking to them if you're on the web and on the phone to them - I'm sure someone on the web does a live FX feed (or changed every 5 minutes approx) for Sterling/Oz Dollar, but I've never needed to use this, so best ask one of the Aussies or Brits on the forum. Some banks are better than others because they specialise in Foreign Exchange, again I can't comment on which Brit or Oz ones do this. Oh, and don't forget foerign exchange restrictions if there are any, and the inadvisability of carrying a large wedge of cash around with you.