jdt3000

Hey guys,

Not sure which forum or sub-forum this belongs in, but I will put it here and if it needs moving, so be it...

I am going back to the UK in the next few weeks, and am unsure what to take in terms of spending money. Do I:

1. Change AUD into GBP while in Australia, and take it with me?
2. Change AUD into GBP once I have arrived in the UK?
3. Get some sort of preloaded travel VISA/Mastercard cash card (if so, where is the best place to get one of these from?)?
4. Just take my Australian VISA debit card and use that (take money out of UK ATMs, pay on card in places etc)?

Really not sure what to do, would appreciate some advice on what you all think is best. Thanks guys.

Jamie

spuddyo

I just use my Eftpos card to draw out cash ( works on the PLUS network in UK ) and Visa card for other stuff. Simples. This is for convenience rather than exchange rates by the way. I am sure someone will have an opinion based on the best quid for your buck.

Bermudashorts

For the UK as I still have a bank account there with money in I just use those and send some extra over to top up if needed.

But if I did not have that bank account, I would do what I do for anywhere else, just use my Australian cards, for ATM and also for paying by visa. Unless you are planning on spending significant amounts of money on your holiday, I don't think there are any substantial savings to be had.

Alfresco

I would just take my normal cards if going to the UK. I did take Commbank Travel Money Cards with me when I went to South Africa as I was a bit paranoid about security and the risk over there.

They worked great and I could leave my Oz bank cards here in the safe.

You can transfer/top up online etc...

Pollyana

I still have a UK account and have cash in that which I transfer here each month, but I also just use my Asusie visa and mastercards in shops and to get cash out. Most retailers here now have machines that take Aussie card pin numbers too, thats come on a lot in the last 3/4 years, I haven't had to sign for anything here for ages.

Alfresco

That's really good to know.

bcworld

This is the best solution, unless you are looking to lock in / hedge an exchange rate before you go. For option 4, this card is by far the best option:

Everyday Accounts - Citibank Australia

You won't pay any ATM withdrawal fees and the exchange rates you get are virtually the same as the mid-market rates you'd see on xe.com, there is no hidden fee built in to the exchange rate...which can't be said for travel money cards on loading.

Swerv-o

Yes, I agree with that The Citibank network is excellent, and the exchange rates are very very close to the interbank rate. Also, if travelling in the US, Citi withdrawals are fee free at Citi ATMs, even if it is an overseas account.


S

bcworld

Same with Thailand where all the other ATMs will charge a fee of $5-6 per withdrawal...although the Citbank ATMs are few and far between there.

Just to be clear for the OP though, in the UK you don't have to use a Citi ATM for it to be free. It's great...it means if 10 quid is all you need, that's all you have to take out...no need to guess how much you might need for the rest of the trip to minimise fees.

Pulaski

Option 4 all the way. The "retail" exchange rate on buying foreign bank notes is scandalous, and you'll likely have some left of.at the end of your holiday which isn't worth changing back so is wasted, unless you take it back and put it in your sock draw for next time, in which case you will probably lose it!

Even allowing for any bank charges, the exchange rate on using your Visa card isn't actually too bad, and allows you to draw/ exchange only what you need. In fact most places in the UK take credit cards, and recently (or soon?) London buses even stopped accepting cash! It is perfectly possible that you could survive for two weeks in the UK with only £50 cash for "incidentals".

The only warning I have is if your bank charges an add-on fixed fee for every foreign transaction, as I hear some do, so buying an icecream for £3 and paying an additional A$3 fee on top of the cost would be a bit much to bear.

northernbird

Not sure if other people do this but I always just let my bank know if I am going overseas. It stops them cancelling cards if they think it's being used fraudulently. Got stung once, never again.

Bermudashorts

Yes it is a good idea. I like to see fraud presentation in play, but it can be annoying when it is you!

Pulaski

Always!

astera

ATM for cash, I wouldn't use any of the local foreign currency conversion places in the UK as they are just rip-off central.

An HSBC account would be ideal as they give very good rates for conversions between AUD and other currencies ("Get Rate"), and if you happen to have an HSBC account in the UK as well then you could even send the funds over beforehand and then withdraw with a local ATM card...

paddyo

The last two occasions I have gone to the UK for pleasure, that is not business, I take a pre-loaded Debit Card from my bank which has the currency amount I have agreed and the rate already exchanged. Makes it very easy to use and also limits my spending.