chugo101

We are bringing about £3000GBP with us in cash. Just wanted to know is it best to change it here in UK to $AUD first or will we get a better exchange rate over in Australia? Can't really do it via Ozforex etc. as need it to hand for putting down on a rental etc.

Hutch

You'll end up paying a lot more if you just change it to AUD in the UK. I strongly suggest you convert some of it, for the afore-mentioned early day expenses, and then do the bulk via OzForex. You can set up an Australian bank account from here, pop into a bank on arrival, and they'll give you your cards, cheque book etc.

ianandhelena

open a UK nationwide a/c and you can use their visa debit card as a credit card-n/wide don't charge any transaction fees, and you can withdraw up to $1000 per day from atms-but remember to advise them you'll be using the card here or they'll freeze the a/c.

Hutch

Yea - we have that card - god-send. Someone was saying that FirstDirect's Gold card doesn't charge for foreign transactions either.

saoghalbeag

you might have to declare the money and pay some sort of tax on it when you arrive in Australia if you change it all before you come??? not too sure on the amounts tho but remember it was one of the boxes on the customs form???

Wendy

We brought over $11,500 between two of us. You only need to declare amounts over $10,000 or equivalent in other currency. Even if you bring over $10k you shouldn't pay tax on it but they will want to know why you are carrying so much money.

ianandhelena

you only pay tax on money you earn, not on money you already own.