Australia ... what is my best option for money?

Hoopylass

I'm travelling to Australia within the next few weeks and looking at the easiest way to take spending money of £1000.

I have been looking at the prepaid travel cards but I dont really want to be charged each time I make a withdrawal. Is this correct?

My friend who has recently returned home from Australia has offered me her old Australian bank account to use to transfer money too. There is nothing in it and she has gave me the card and I have changed all passwords etc.

I dont know what the easiest way is as if I have some money left at the end of the holiday will I be charged to transfer it back once I am home if I use the bank account?

I hope this makes sense ... any advice will be welcomed.

NiftyDigits

Hoopylass wrote: »

I'm travelling to Australia within the next few weeks and looking at the easiest way to take spending money of £1000.

I have been looking at the prepaid travel cards but I dont really want to be charged each time I make a withdrawal. Is this correct?

My friend who has recently returned home from Australia has offered me her old Australian bank account to use to transfer money too. There is nothing in it and she has gave me the card and I have changed all passwords etc.

I dont know what the easiest way is as if I have some money left at the end of the holiday will I be charged to transfer it back once I am home if I use the bank account?

I hope this makes sense ... any advice will be welcomed.

Halifax Clarity or if you cannot get a credit card, get a Kalixa Pay and use it for purchases(no exchange rates fees at all) when you can. If you are going to take cash, then take a decent chunk out at a time.

With any prepaid card, you will pay in one way or another. Kalixa Pay has the best value overall, but not for lots of small cash withdrawals.

Hoopylass

NiftyDigits wrote: »

Halifax Clarity or if you cannot get a credit card, get a Kalixa Pay and use it for purchases(no exchange rates fees at all) when you can. If you are going to take cash, then take a decent chunk out at a time.

With any prepaid card, you will pay in one way or another. Kalixa Pay has the best value overall, but not for lots of small cash withdrawals.

And I can use this kalixa card at any cashpoint in Australia? And with regards to when I come home ... How easy is it to get any money that's left off it?

NiftyDigits

Hoopylass wrote: »

And I can use this kalixa card at any cashpoint in Australia? And with regards to when I come home ... How easy is it to get any money that's left off it?

No charges for spending anywhere, so you can use it in the UK.

There is a fixed fee for cash withdrawals abroad, so it stands to reason that you should take a decent chunk out whilst abroad.

For instance, Caxton Global take a 2.75% commission on everything, but don't charge for ATM withdrawals.
Kalixa charges nothing for purchases, but takes a flat fee of £2.25 for overseas withdrawals.

So take the equivalent of £100 from a cash machine in Oz using Caxton and that will cost you 2.75%(£2.75).
Taking the same with Kalixa Pay will cost £2.25.

Taking £200 with Caxton will cost £5.50. Kalixa Pay, £2.25.

So Kalixa Pay is better value all round, especially if you use for purchases when you can and take a decent chunk of cash out each time.

Hoopylass

Thank you for your reply ... It does seem a good deal but I don't really want to be carrying large amounts of cash with me.

Does anyone know the fee for transferring money from a UK bank account to an Australian one?

NiftyDigits

Hoopylass wrote: »

Thank you for your reply ... It does seem a good deal but I don't really want to be carrying large amounts of cash with me.

Does anyone know the fee for transferring money from a UK bank account to an Australian one?

Obviously the solution of the withdrawing of the cash from the Oz ATM with the Kalixa Pay and depositing it over the counter has escaped you.

Mastercard rate currently: AU$1.773549
Take out the max of £300(AU$532) each time and then deposit it into the account. Will cost £2.25(AU$4) in total each time. Equivalent to a rate of AU$1.76.

Rates of course will fluctuate. So the amount that you can withdraw for £300 will vary. But unless the rate changes drastically, you should be able to withdraw at least AU$520 per pull.
You can still use Kalixa for purchases. You can also set up electronic messaging. That will send you alerts for any transactions that take place on your account.

Should you really be travelling on your own?

Be aware that Oz banks can charge you for withdrawing if you aren't a customer. So use the ATM of the bank for which you have a card.
Shouldn't be a problem for the Kalixa Pay, as I've not ever been charged for using an International card. If a bank attempts to charge, cancel and go to the next.

whitewing

If you use your friend's bank account, how will you cope if the bank flags up suspicious activity on the acct and decides to do security checks?

NiftyDigits

whitewing wrote: »

If you use your friend's bank account, how will you cope if the bank flags up suspicious activity on the acct and decides to do security checks?

Suspiciously activity of paying cash over the counter and then withdrawing it via ATM?

But yes, if the OP decided to depend on just one card/method.

Here, she has the local bank account and the Kalixa Pay. A good pairing.

Hoopylass

Thanks for the advice.

Clearly I must be stupid as I didn't think of withdrawing money and paying it into my friends account.

And for the record I am not travelling myself. I am visiting a friend who lives there .