Stu Ward

Hi


I'm trying to help a friend out here who's son is going on a working holiday to the UK
He needs to convert $$ into Sterling before being able to set up a UK bank account and would like to know what is the most economic way to do so


Thanks


Stu

rammygirl

Depends how much you are talking about. He could load a currency card to start with then transfer the rest once the UK account is open. Or even just use his Aus cards to get cash from machines in UK, although he needs to check the fees for this as usually a currency card works out cheaper.

We usually fly into a country with no local currency and go to the ATM at the airport never had an issue yet, although I always have two cards that will work just in case.......

Stu Ward

Thanks Rammy
We do the same when we go back to the UK. This is a little different though as he is going to be there for around 6 months.
The Currency card might work, at least until he gets an account going
Nice one !!!

bcworld

Currency cards offer poor exchange rates at the time of loading funds...although they do offer a way to buy currency and lock in rates...with the current volatility of the Pound that may or may not be a good thing!

If he was to open a Citibank Plus account here it has no fees and you can withdraw cash from UK bank ATMs with no fee and a very good exchange rate, essentially very little 'fat' built in to the rate they give you. Obviously this helps with cash, but not so much with transfers etc. within the UK.

alipally

Citibank plus account, definitely the best way!

commonwealth

or if you're smart about using credit cards, I like the 28 Degrees MasterCard - uses wholesale exchange rates, no fees/commissions, just set up a direct debit to pay full balance on due date.

for hard cash, I like the Travelex BPay - better than the TravelCards, and better than the over-the-counter Travelex.