Foreign currency for Australia

samshiles

Hi all,

I am sure this topic has been done to death by now and I've already read all the articles about the cheapest ways to get foriegn currency but I have a slightly more specific query.

I've already got a Nationwide Flex Account debit card and a Santander Zero credit card so I'm covered on those bases. I'm going to Australia for at least 12 months though and so have opened an Australian bank account but after investigating I've come up with the following numbers. I have not included bank transfer figures as these are much worse due to the £25 foreign bank draft fee.

Method GBP (including fees) AUD
MoneyBookers £507 $861.49
Tranzfers £507 $861.90
Nationwide £507 $885.001 (calculated with the 1% fee from visa)

My destination bank (commonwealth bank) will also deducate $9 if I transfer the money to them via any method.

So my question is: is there a good reason why I shouldn't just use my English bank, Nationwide, for all my monies currently in GBP and just use the oz bank for any wages I earn over there?

The only one I can think of is if the exchange rate worsens (although hopefully it can't get any worse as its at a 30 year low) but other than that I'm considering not transfering any money at all to my Australian bank.

I would really appreciate anyones thoughts on this.

Many Thanks
Sam

alanrowell

It's the sensible way to do it, why pay fees you don't have to. It also means that emergency money can be fed to you if needed without the worry of a bank transfer

If the exchange rate worries you then there's nothing stopping you withdrawing some money from the Nationwide account then paying it straight into the bank

samshiles

alanrowell wrote: »

If the exchange rate worries you then there's nothing stopping you withdrawing some money from the Nationwide account then paying it straight into the bank

Thats an extremely good point, I get the best of both worlds then I suppose! Thanks for the response.

spottydog

try someone like tranzfers or ozforex for the money transfer. When you take money out from an Aus cashpoint you will also be charged $2 a go by the Aus bank if its not using one of the banks cards