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Travel Forums Australia / New Zealand & The Pacific EXCHANGE RATES?

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11. Posted by james932 (Budding Member 28 posts) 10y

hey guys thanks for the advice actually think from what i have seen the travelers cheques have a slightly higher rate. if i was to just transfer the cash from my account when i get there then still would only get the banks rate which is quite low .

12. Posted by mandylou4u (Budding Member 73 posts) 10y

Hiya. I'm going to oz in 2 weeks and was wondering the same sort of thing really. Was thinkin bout changing £200 cash to start me off but also got a flexaccount with nationwide to draw cash comission free when I'm out there. Also got credit card, in case of emergency! Anyone think I should take travellers cheques too???

13. Posted by Taffski (Travel Guru 182 posts) 10y

Hi James,

there are loads of money transfer companies out there and I would suggest you transfer the cash telegraphically, rather than in your wallet (be it travellers cheques or Cash!)

For the amount you want to transfer, then the amount you would save is minimal (maybe £50 at most),However, it is money saved, so I would suggest spending a day on web and getting some online quotes from money transfer sites. I'd also get quotes from a couple of banks while you're there just to get an idea of how much money (if any) you'd actually save and whether it's really worth all the bother (The Banks are after all the safest way of transferring the cash and the banks will charge you money to move your cash to the Money transfer sites B4 they convert anything :)

Get both the banks and the money transfer sites to break the costs down into Exchange Rate, Transfer Cost & Additional Costs. NOTE: Make sure you check with your target bank that they don't charge you for certain types of tranasfers also (when you find out which bank it's with... as OzIntro to tell you and do some more research)
Some Banks will charge you to receive money (strange though that sounds) They call it Administrative costs associated with the transfer (If it's a SWIFT as opposed to a BACS etc.), however, It's just an excuse to make some more cash from you.

Here's some web site addresses of some companies (Other than the banks) for you to try... (Perhaps the best one... )

Here's some examples of some current exchange rates (you'll need to check it out yourself with your own UK, Oz and Money transfer site to get an actual rate... they tend to change it based on amounts transferred etc.)

MoneyCorp £1 = $2.477
Tranzfers £1 = $2.452
HSBC £1 = $2.4759

So the Banks aren't that much different after all and for the amount you're transferring is much more convenient etc. and remember, you don't have to pay money to transfer the money to the Exchange site in the first place!

Phone your bank, tell them what you want to do and ask for the final amount transferred (Don't let them blag you with rates etc. and costs... ask for the final total that arrives in your target account!)
Then check with your target Bank in Oz, whether they'd charge to receive this transfer (HSBC to ANZ is free from an ANz point of view and £25(approx.) from HSBC per transfer)

hope this helps

14. Posted by james932 (Budding Member 28 posts) 10y

hey mate thanks for that really helps to have some places to have a look at. thanks for a great answer and all the info cheers.:)

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