where best to exchange GBP cash in australia?
 

just as the title says, i have a bit of GBP cash and wondered where the best place to walk into is to exchange to $$

Re: where best to exchange GBP cash in australia?
 

51 views ?? can no one recommend a good bank that has a decent exhange?

Re: where best to exchange GBP cash in australia?
 

Any of the big four will give you the rate as of "now" over the net
but by tomorrow it will have changed.
The larger amounts get a better rate because you can get the "fee"
waived if you press them.
A$ is strengthening with the new iron ore contracts!!!!

Re: where best to exchange GBP cash in australia?
 

CBA 50.46 pence for 1A$
WBC 50.54
ANZ 50.64
NAB 50.78

current rate 24.06.08

Even thou NAB was the worst when we changed it worked out
the best because because of the nil fee factor

Re: where best to exchange GBP cash in australia?
 

Those are almost certainly rates for BUYing GBP.
Selling GBP you'll get around 47.5c

Re: where best to exchange GBP cash in australia?
 

NAB buy rate
1 UK₤ = A$1.9683
Which is the same as .5078₤

This is a tourist rate which isn't the same as T/T or chq.

Re: where best to exchange GBP cash in australia?
 

Oh yes I see what you're saying. Its an odd way to quote rates.

Re: where best to exchange GBP cash in australia?
 

Just to let you know that the CBA was the best rate by far even with the $8 charge to change it. So all sorted.

Still cant get over all the charges here to do with banks just to sneeze!

Re: where best to exchange GBP cash in australia?
 

A guy i was speaking to over here (UK) told me that if you take GBP cash, if you take it to a travel agent who does money exchange (like Thomas Cook does here) you get a far better rate than the banks.

Does anyone know how true this is. He says that is what he does every time he comes across and that each person can take £10,000 through each visit. Not that i have that kind of money. I would just like to know if this is pukka as if it is i will do as such when i come across (for good :thumbup:) next week.

Re: where best to exchange GBP cash in australia?
 

For me the best way was to leave my ready cash in my Nationwide account and withdraw it from the cashpoint once in Australia. I got a better rate than any cash would have gotten me and it was fee free.

Otherwise it's HiFX for us.... as you can move lots at in one go!

Hope that this helps those still in the UK, but sorry that it's not much use if you've got a bit of cash hanging around to change in Australia.... If you don't really need it, I'd keep it for travelling back or when relies come over and get them to change it for you!

Re: where best to exchange GBP cash in australia?
 

Hi

We have a nationwide card. Can anyone tell me which Oz bank ATMs do not charge to withdraw cash. Or do they tell you up front if you will be charged

Regards

Re: where best to exchange GBP cash in australia?
 

Stupid question that no-one has asked, but how much are we actually talking about? If it is only a small amount, why not keep it for the next trip back to the UK? It will save paying extra commission for GBP to AUD and AUD to GBP conversions, and give you ready GB cash.

Re: where best to exchange GBP cash in australia?
 

Just in case anyone wants to know, took money out using Westpac and there was no charge.

Re: where best to exchange GBP cash in australia?
 

I have a Nationwide card and have never been charged for a transaction at any of the major bank ATMs (I've never used anything else).

I have an Australian HSBC account - no account fees, good interest and 5 transactions free from other banks ATMs.

Re: where best to exchange GBP cash in australia?
 

If its a small amount, see if any other expats in your area are heading home or going over on holiday soon and would be willing to take it off your hands - I've done that for people a couple of times :)