Dollars vs Sterling

[Guest Jean95]

We will be taking some cash when we leave Australia in October. Wondering if it is better to change dollars to sterling before we leave or wait until we are in the UK to change. Is there any benefit either way?

[Quoll]

Only with the current exchange rate - could soar like an eagle (or go down the pan) before you go. Can you not use Ozforex or Tranzfers to send money to a UK account rather than risking cash?

[Guest Jean95]

Hi Quoll we have already sent across a lump sum and when our house settlement comes through we will also transfer that electronically. I should have been clearer in my post. Sorry. I believe you are allowed to take $10,000 in cash each and this would be when we close our bank accounts and also give us some ready cash for when we reach the UK before we can open a bank account. So we may be looking at about $10,000 to $15,000. Still a fair amount of money so would want to get the best exchange we can. Also if we did decide to change it into sterling before we leave would the bank be the best place or some other company. Not sure. When I have visited the UK in the past, I always just got the sterling from the bank. Thanks

[jonathancowen]

Hi, I have used a UK company called TorFX when bringing money back and forth, I have alsways had a prompt service and a much better rate than I could find elsewhere. I normally deal with a guy called Dominic Way, his email is dominic.way@torfx.com should you decide to use them.

 

Good luck going home, have a pub roast for me on the first snowy day you get!

 

Jonathan

 

We will be taking some cash when we leave Australia in October. Wondering if it is better to change dollars to sterling before we leave or wait until we are in the UK to change. Is there any benefit either way?

[Guest Jean95]

Thanks for that info mate. It's not the transfer of larger sums but the few thousand we will have in cash. Have already transferred a lump sum but want to know if it is better to take those few thousand to the UK in dollars or pounds. I'll remember about the pub lunch though. :smile:

[jonathancowen]

Morning, I'd still suggest transfering it to GBP via Tofx, only thing you could do is leave it in you Aus bank and wait for a more favourable exchange rate, assumming the dollar goes up or pound down.

 

Of course you need to keep at least one note to play with when you show your friends, "look, you can scrunch it up and get it wet and its ok!" :wink:

 

Thanks for that info mate. It's not the transfer of larger sums but the few thousand we will have in cash. Have already transferred a lump sum but want to know if it is better to take those few thousand to the UK in dollars or pounds. I'll remember about the pub lunch though. :smile:

[Guest]

use a transfer company with that amount. using cash you will get hit by the buying or selling rate of the money exchanger. you wont get near the bank rate. the best you can get is through an online transfer company like Ozforex.

Then just draw it out your UK account.

You can open a UK account from abroad just like you can open an ozzy one from the UK.

[le petit roi]

use a transfer company with that amount. using cash you will get hit by the buying or selling rate of the money exchanger. you wont get near the bank rate. the best you can get is through an online transfer company like Ozforex.

Then just draw it out your UK account.

You can open a UK account from abroad just like you can open an ozzy one from the UK.

Its not that easy opening a UK account from overseas....at least one which doesn't freeze the account until you arrive in the UK and verify your personal details. If it is, please enlighten me, particularly if the interest rate is above 0.1%.:biggrin: I've had RBS accounts for 20+ years and have current credit cards registered in my name with an Oz address and they won't open a new interest paying account (or any account) for me.:sad:

[Guest Jean95]

Its not that easy opening a UK account from overseas....at least one which doesn't freeze the account until you arrive in the UK and verify your personal details. If it is, please enlighten me, particularly if the interest rate is above 0.1%.:biggrin: I've had RBS accounts for 20+ years and have current credit cards registered in my name with an Oz address and they won't open a new interest paying account (or any account) for me.:sad:

 

Hi le petit roi. We couldn't open an account whilst resident in Oz so have transferred to my sister's savings account which I believe is paying a huge 1.8% interest.:cry: I think that we will only take a few hundred and transfer the bigger amounts. We just need some cash for the journey. Can't go with an empty pocket. :rolleyes: