Given dismal exchange rates
 

Does anyone have any suggestions re banking - if I wanted to close my UK a/c but keep some money in sterling?

Nationwide now charging for debit card withdrawals so any suggestions would be great.

Thanks

Re: Given dismal exchange rates
 

Not sure exactly what you want to acheive but my banking with LloydsTSB in the U.K. is still free. Not sure about new customers though and there is talk of bank charges coming back in.

Re: Given dismal exchange rates
 

Hi Alistair

Several years ago some friends of mine moved from Oz to Ireland and the exchange rate for them was dismal so they were able to keep their dollars in dollars until rate improved so was just wondering if there was a way of doing that in Oz?

Re: Given dismal exchange rates
 

I'm sure there will be. Regretably, I can't answer it but I'm sure there's someone on here who can. :)

Re: Given dismal exchange rates
 

Why close the account? Leave the money in the UK and don't move it till you need to.

Re: Given dismal exchange rates
 

Interest rates in the Uk do not exist anymore. We've put a lot of our money into premium bonds.

Re: Given dismal exchange rates
 

I don't have enough cash for interest rates to be of much concern to me.

Re: Given dismal exchange rates
 

We have an NAB Stirling and AUD account all here in Oz to get around that issue with poor rates

Re: Given dismal exchange rates
 

Don't premium bonds base their payouts on the prevailing interest rate?

Re: Given dismal exchange rates
 

They are yes but someone still wins a million every month and with interest rates being so low in the banks you don't lose much if you don't win.

Re: Given dismal exchange rates
 

UK premium bonds?

Re: Given dismal exchange rates
 

We have the same problem. I just sold my house in the UK and the with abysimal exchange rate and interest in UK, need to move my money to Oz. What I will do is to move small amount, say 5 k everyday, so on average, hopefully, I won't loose to much if the exchange improve.

How about this Stirling account in NAB, do you just move your sterling to the account in Oz? How much interest will you get for that in Oz if you put your money in the high savers account in the bank, or even term deposit.

regards
wijaya

Re: Given dismal exchange rates
 

They pay close to 0% on a sterling account.

Re: Given dismal exchange rates
 

By the way, I closed my NAB USD and GBP accounts and instead opened them up with the commonwealth since they are absolutely no fee. They offer 0% interest or near to it as well of course. But free is free and I hold no other accounts with them.

Re: Given dismal exchange rates
 

But of course if you are resident in Australia yo will pay tax on any Bond winnings :thumbdown: