Converting AUD to GBP

Blue4Ever

Hi all,

I have a reasonably significant amount of AUD in an Aussie bank account, that I need to move to my UK bank account. I want to do this in the most effective way. I guess there are a few options, a straight transfer, which I imagine will incur fees and possibly not the best exchange rate. Another option I have is to carry the cash back with me when I make a trip back to the UK shortly.

Does anyone have any advice on the best way to go about this to ensure I retain as much GBP as possible?

Cheers

benjus

Cheapest - use an FX broker: https://www.fxcompared.com/

Safest - do a direct bank transfer. Try calling your bank beforehand with some sample rates from the site above to see if you can negotiate a decent rate. Otherwise they will apply some terrible rate when the money hits your account.

Bringing back cash isn't too bad an option if you use one of the best-buy places from http://travelmoney.moneysavingexpert.com/buy-back/ (if you're not in London you'll have to allow for the cost of secure delivery of the cash as well). You'll probably lose about 2% on the conversion. Is it under the limit for declaring it at customs?

mgdavid

I use bank to bank transfer via currencyfair.com for GBP to AUD

Blue4Ever

Thanks guys, I'll check these out