kelusa

Hi everyone!
I'm really starting to panic now - two weeks to go today!!!I'm not sure at all what on earth I should be doing. I guess I'm lucky in that I'm not selling my house or shipping anything over.
I need some advice on what to do about money. I've set up an account with Nationwide as I have a mortgage with them and it can be managed online. I'm going to leave a lump sum of money in that account to pay my mortgage for two years. I guess I'm confused about how to take my money over to Oz - it'll only be £2000 but would you get it changed over here/there? American Travellers cheques? I do have a Nationwide credit card - but if I just used that to purchase everything would that mean it ends up costing more? Oooh its all so confusing.
I did a search on here earlier and I read that it is hard to manage your money from Oz? Has anyone else managed their money using their Nationwide online service? I do have a HSBC account over here, I've heard that they have branches in Oz - would you suggest that I open one with them before I go?
Sorry for all the questions but I just can't sleep tonight.
Any advice would be much appreciated.
Thanks,
Kel

CadburysFingers

To get the best value for your money, you need to use a currency broker (it can all be done over the phone) but better done online. I would use HIFX (www.hifx.co.uk) Using your credit card will dramatically reduce the exchange rate you receive for your money.

spalen

Most banks will charge you the international banking rates - these are very good. But most banks also then put a surcharge on - so your credit card is likely to be 2.75% like barclaycard. You should ask them.

If you are just bringing over 2k as initial spending money etc then I would bring some cash for incidentals but use your visa/debit card from your bank account in UK .

You can open an account with an aussie bank in about 15 minutes flat. Ours (bank of queensland) gave us eftpos cards immediately over the counter which is kinda strange but its easy!.

There are other options which might be overcomplicating matters for 2K, you are only going to be a few quid out either way. You will probably find your bank will give you a better rate using your debit card than if you go to a Travelex exchange bureau. Travellers cheques are not widely used here you'd have to go somewhere to cash them.

here's another post I did for someone else on the same subject.

Nationwide bank in UK , open a UK account, leave hte money in it, and use a Nationwide card in Aus. NAtionwide use the global visa rate which is VERY close to the inter-bank trading rates and they do not charge a surcharge. Barclaycard for example charges 2.75% surcharge on the currency rate.

HIFX.COM are big and reputable - to trade with them you have to register in UK and again in Aus if you want to trade after you arrive, you phone them up, get a quote, they buy the money, you send them your money wihtin 3 days, and you get your money in your account 2 days later here in Aus.
www.hifx.com. GIve them a ring and talk to them they are very helpful. They are better for big amounts - its a big kerfuffle to change the money over for such a small amount.

Tranzfers.com are also good, they charge 7pounds per transaction but are good for smaller transactions, I havent checked their rate for big deals. You register with them , its all online trading so its convenient and easy. You setup a trade online by clicking on a few things, they email you to confirm you really want to do it, you confirm, you send them the money, 24-48hrs later the money is in your account in Aus. You dont need to re-register when you get to Aus and they are totally online so you dont have to phnoe them. You can with them just 'lodge' the money and then decide later when to convert it. I use them a lot - if you're going to use them be nice and register with my referral id ! they do loyalty points (!). Again ring them they're helpful onthe phone. They'll talk you through the whole thing & you get a call from them anyway when you first register to make sure you are ok with it all.
http://www.tranzfers.com/refer.asp?r=ijcollins

Remember when leaving money in a UK bank that you need to check how much you can move around and get access to over the internet. For example my UK barclays account has a 2k per day limit on transfers - so if you want to move 10k pounds over it will take you 5 days and 5 trades.

And opening a bank account here can take 15 minutes. Seriously - we had our eftpos cards in our hands 15 minutes after first walking into a branch. Passport, UK Drivers licence, UK Visa/Credit card, Lease Agreement on flat/rental unit (even short term), and you are in.

Finally - Dont trust the rates these guys publish on their websites, the only rate that you can compare is one that they tell you on the phone or one that you get when you get a 'trade' quote inside the tranzfers website. They all put different rates on their front-pages which wont vary compared to how much you are trading - but in real life if you trade 1m$ you get a better rate than if you trade 10$ of course...
Good luck.

Wol

That's right: Nationwide don't charge the 2.75% surcharge that almost all the others do, on credit card transactions. In fact, you can use it in Oz - or anywhere else for that matter - at a better rate than you would get transferring cash across and using it from your Oz bank.

kelusa

Thats really great advice guys - thanks so much. Glad I opened my Nationwide account now!

ali south

so will my mum be able to open an account when staying for a year on a tourist visa?
Tara

lesleys

Yes. You don't need to live here to have an account.

ali south

THANKS