Convert GBP to AUD

TazCaz

Hello,

I have some GBP savings in my account here that I would like to put onto my mortgage in Australia (I moved to the UK last year). Am I best to use something like Transferwise, or take cash back with me when I next return home and convert it locally?

Thanks in advance!

Motormad

Hard to beat transferwise.

TazCaz

Motormad wrote: »

Hard to beat transferwise.

Thanks Motormad - haven't used them yet, but have been doing a bit of research these past few days and it all seems simple enough. The conversion fee is obviously much higher with larger amounts though, so was just wondering if anyone had weighed up taking actual cash abroad/back home to convert, and whether that was a considerably better option.

xylophone

Take cash in and out of the UK

https://www.gov.uk/bringing-cash-into-uk


Travelling outside the EU
You must declare cash of €10,000 or more (or the equivalent in another currency) if you take it between the UK and any non-EU country.

Cash includes:

notes and coins
bankers’ drafts
cheques of any kind (including travellers’ cheques)
If you’re travelling as a family you need to declare cash over €10,000.

londoninvestor

TazCaz wrote: »

Thanks Motormad - haven't used them yet, but have been doing a bit of research these past few days and it all seems simple enough. The conversion fee is obviously much higher with larger amounts though, so was just wondering if anyone had weighed up taking actual cash abroad/back home to convert, and whether that was a considerably better option.

Even with a relatively good FX broker in the UK, you'll be lucky to get a rate for cash that's within 2% of the interbank mid.

Compare that to 0.45% for GBP->AUD with Transferwise.

Now I can envisage in Australia you might get a better deal than in the UK, but are the spreads that much tighter for cash FX there than here?