19th Jul 2005, 13:17
Am travelling to Australia soon and wish to convert a fairly significant amount of Euros and British Pounds to Australian Dollars ie, Cash. Can anyone suggest where I will get the best conversion rates eg the banks here in the UK or in Oz or somewhere else.
19th Jul 2005, 14:31
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.
19th Jul 2005, 16:09
In my experience, you're better off taking GBP travellers cheques and exchanging them once over there.. although I cannot comment on Australia specifically, it tends to be successful in most parts of the world i've been to.:ok:
19th Jul 2005, 16:52
This site can sort out your Currency Conversion (http://au.finance.yahoo.com/m5?a=1&s=GBP&t=AUD&c=0) .
It also gives historical graphs, but not trends :( , and converts every other currency you can think of.
The rates are negotiable with your bank depending on the amount being exchanged. I have always found buying the destination currency before I leave gives the best rate, had a bad experience exchanging pounds in Brisbane, they really did not want them, whereas your High Street Bank in Blighty is only too pleased to get rid of Oz $'s.
not wishing to advertise but ..... a well known forex company whose logo is currently emblazened on a certain national cricket team's whites are excellent value if you buy online via their website and collect an the airport in the UK. I reckon they give a much more preferrable rate than a high street bank or travel agents.
24th Jul 2005, 22:54
Ahem... I would have to agree with the above post. Unnamed forex company sponsoring unnamed cricket team, will undoubtably give you the best deal. As it is they who supply most of the major banks and travel agents, going through them is a bit like cutting out the middle man. Website also gives a best price promise. :ok: