Baz

Team,

Long time no post, we moved out of the UK (Edinburgh), in 2004, we spent three years in the Cayman Islands, then moved to Cairns in FNQ, and then in 2017 we moved down to the Gold Coast in SEQ (Gods Country).

We had kids in Cairns, and consequently the inevitable financial destitution resulted in no trips back to the UK for 13 years or so. Anyway, the wife has been putting a little bit of money aside every payday since the kids made their appearance, and we are now quite excited to be returning to the UK in June. It’s going to be interesting, I suspect allot will have changed. I’m really looking forward to a pint in the pub, a curry (just not the same here), and a scotch egg.

So my question is, for those with no UK bank accounts, what’s the best solution for making purchases in the UK, and withdrawing cash? We have an ING every day account, which we can use overseas to make purchases with no fees involved, and five ATM withdrawals. We can also use our ING credit card, but they don’t make it easy. The exchange rate you get with ING apparently comes from Visa.

So any suggestions on solutions for overseas transactions and withdrawals would be great, and :

Does anyone know how the currency exchange rate which is tied to visa works? Does this tend to be a reasonable rate, or do you end up getting ripped off?

thanks!

BritInParis

I’d probably just use your existing card if there are no fees attached and buy a quantity of sterling before you leave as a backup. Most things can be bought using contactless.

Concerning the exchange rate you receive it will be a fraction of a percent over the mid market rate which is as good as it gets.

rammygirl

Use the fee free debit card (totally fee/charge free?), just make sure you are paying in sterling. You may need a credit card as security for car hire/accommodation etc though but avoid paying with it if fees are high. You may be charged for atm withdrawals.
We often use a currency card when overseas like Wise.

brits1

Hi, Most parts of the uk are enjoying really lovely weather at the moment so hopefully it will stay for your visit, can you opt open a UK account before you leave (if you have time) as using cash machines are 99% free of charge here and you can get a better rate transferring money over (I now use western union) to transfer money to my Aus account. Anyway just a thought, hope you have a wonderful holiday

dcw

How do you open a new bank account in the UK when resident in Australia?

As far as I can tell it's impossible. I've just been told by Barclays to close my existing UK Barclays current account that I've had since 1995, having moved here in 2002.

brits1

We just called into the HSBC in Perth CBD opened the account (UK) and then a short time later we collected our bank cards and deposited money into the account.

Beoz

As mentioned HSBC are one who do it, or used to. They opened an Australian bank account for me from the UK. But back then you needed quite a bit of money to allow that to happen. It's called a Premier Account.