ernie24

Hello one and all,

I have tried to search for the answer to this one but can't seem to find it.

Should I exchange a lump sum of money before I travel to Oz or am I better off putting it in a bank when I get there and withdrawing it as necessary? I want to know which option is better financially.

I am going over on a whv but will be applying for a partner visa when I am over there.

Many thanks

mehrafarin

You generally get pretty bad exchange rates if you withdraw money from an ATM using your credit/Debit card.
I think taking physical australian currecy is the best option financially. But it kinda dependa on how much you will be taking with you. according to Australian customs regulation you must declare any amount more than 10,000 AUD or equivilant at the airport. I don't know how much of a hassel declaring would involve but I think a really good option that you have is transferring the money to an australian bank account. to your partners account maybe. This way you get decent exchange rates and you don't have be worried about carrying around a lot of cash.

furkew

It depends on how much you need and how quickly.

The best method is to set up an account in Australia and transfer using a currency specialist like HiFx or Ozforex. They give better rates on larger amounts, with in most cases no cost. The exchange rate has slowly improved over the last few days but is still a lot lower than a few months ago.

You might want to wait for a better rate, and then exchange a lump sum. There will hopefully be a few out there with a better view on what the rates "might" do in the near future. I tend to follow the euro more, so not totally in touch with sterling any more.

greghal

I'm afraid it does depend on a few variables, if it is a large amount then you should use a broker, feel free to PM me for a recommendation.

I think that withdrawing cash is probbaly not the best way to go as the rate will be poor and bank charges will start to add up.

In terms of the rate it is expected to stay between 2.00-2.07 for a little while, but it we can always be surprised, i suppose it depends on how long you have to wait for it to go up!!

ernie24

Thank you for all your replies.

Any suggestions on the best bank account to open in Oz?

Sarah

furkew

again all different. I bank with the commonwealth bank and have no problems. You dont have to stay with a bank anyway. Open an account with whoever is offering the best interest at the time, then look at your options once settled. It only has to be temporary to park your funds on arrival if you are unhappy, you just move.

greghal

I agree, i think whilst you are in the UK its a case of opening an account with whoever is easiest then doing more research in oz when you have more options available