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Saving in Australia - Best way to get back to the UK?

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Hi All,

I am currently on assignment working in Australia and will be leaving at the end of 2014. At this point I will have a good amount of savings to bring back to the UK. My question though is what is the best way to transfer it and when? I am concerned by the exchange rate and the predictions for 2014. The way the pound is rising against the $AUS means I would lose quite a bit.

Any help would be great Thanks.

Comments

  • cathybird
    cathybird Posts: 15,585 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Speaking as someone who comes from Oz and who sometimes sends cash back and forth, I wouldn't worry myself so much about currency fluctuations because the Oz dollar has been pretty strong in recent years anyway - unless there's some reason to believe it will sink permanently that I don't know about? Anyway, do you have an account in the UK? Sending money by Chaps transfer between accounts in Australia and the UK is reasonably easy and reliable.
  • dryhat
    dryhat Posts: 1,305 Forumite
    The fastest, cheapest and most secure way is to use Bitcoin.
  • malc_b
    malc_b Posts: 1,087 Forumite
    Part of the Furniture 500 Posts
    Bitcoin is a joke right? Bitcoin is so volatile that you could lose (or gain) 50%.

    I would suggest UKForex/OzForex. I've used UKForex to move money from Oz to UK. They were very helpful and the rates are excellent.

    Beware of just using Oz/UK banks as you'll find that even if they say "there is no fee" this is like "no fee" holiday currency. The fee is hidden in the exchange rate. Before going with a bank ask them for today's rate and compare that with UKForex.
  • kingrulzuk
    kingrulzuk Posts: 1,330 Forumite
    3 years ago i was working in OZ and have used this website : http://www.hifx.co.uk/. to send money to uk

    Hope it helps
    What happens if you push this button?
  • atush
    atush Posts: 18,731 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    Stay away from ponzi schemes like bitcoin.

    Then, if you are worried about exchange rates going against you in the short period before yolur return, go ahead and transfer some of your savings now, and do so every 3/4 months if you like to hedge your bets?
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