GBP Deposit Whilst in Australia

lewb86

Hello,

I am a U.K. Citizen who has moved over to Australia on a 1 year working holiday visa.

I have £5,000 in cash with me and was hoping to exchange this up at one of the many foreign exchange booths but the exchange rates are really bad compared to the actual rates.

My question is, does anyone know of a way I can get that £5,000 into my UK account? I bank with HSBC and I know there is HSBC out here.

eskbanker

Ask HSBC Australia (http://www.hsbc.com.au/1/2//misc/contact)?

eDicky

What is your source of 'actual rates' and what rates are the exchange booths giving today?

You can ask at an Australian HSBC branch, but I very much doubt that they will let you open a GBP account and accept your cash for transfer without an expensive conversion to AUD and back plus various charges, adding up to far in excess of what you will lose by simply exchanging cash.

You made a mistake not to read the MSE advice on foreign spending and obtain a suitable fee-free card to use, instead of taking cash. You may find exchange bureaux away from tourist areas that give better rates. Otherwise, do you have the time and boldness to ask people about to enter exchange booths if they happen to need pounds and would like an excellent rate..?

Anthorn

lewb86 wrote: »

Hello,

I am a U.K. Citizen who has moved over to Australia on a 1 year working holiday visa.

I have £5,000 in cash with me and was hoping to exchange this up at one of the many foreign exchange booths but the exchange rates are really bad compared to the actual rates.

My question is, does anyone know of a way I can get that £5,000 into my UK account? I bank with HSBC and I know there is HSBC out here.

Walk into any bank branch and get a quote to move the money to your UK bank account. I like Commonwealth Bank (commbank) which has ties in several countries including the USA. You might find that you have a better rate than exchange booths.

Personally, I don't have a problem with cash in Australia because my relatives put it into their bank account and then give me the dollars. But if you do that you should of course be sure you trust the other party or else your money could go walkabout.

Lastly, Australia is no different to the UK in fraud prevention: It could be that attempting to move a relatively large sum of money could raise eyebrows.

agrinnall

Answers to your question depend on what you are hoping to achieve. If you get the money back to your UK account will you leave it there? Do you want to convert the GBP cash into AUD cash to use there?