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going in 8 days! quick money question!

Travel Forums Australia / New Zealand & The Pacific going in 8 days! quick money question!

1. Posted by caiti (Budding Member 23 posts) 7y

ok so im taking a bit of cash with me to keep me going for a week'ish.

the larger sum of money (about £2000)i was going to leave in my english account then open an aussie account once im there, then transfer the money over.

however someone has said i might get charged a fair bit doing that and i should put my money into travellers cheques then pay them into the oz account, therefore not getting charged.

does this sound like the better thing? sounds simple to me but theres always something that goes wrong when it comes to money. i know i should have sorted this out ages ago! i'm a terrible 'last minute' person :/

cheers in advance! :-)

2. Posted by bex76 (Moderator 3713 posts) 7y

If you use the bank to transfer money it will cost you a fair bit but I always use this company to transfer money between the UK and NZ: http://www.tranzfers.com. It's far cheaper than the bank - £7 compared to around £25 that the banks charge, and they offer good rates and efficient service.

Doing it the way you suggest with travellers' cheques would be a bit of a hassle and you'd pay commission each time you cash them.

3. Posted by jasonh2015 (Full Member 156 posts) 7y

I took travellers cheques, and also transfered some money. When I transfered the money, i got charged £20.00 from Barclays. But on the plus part, I got the true International exchange rate. Not the holidays rates on the transfer.

Both options are good.

Commonwealth Bank didn't charge me commission when i banked my money with them :)

4. Posted by pure3style (Budding Member 8 posts) 7y

Hi

I've been in oz since Feb and had all my money in an english account, I opened am aussie account when i got here and only use it for my wages. I've found that it would have proberly been more expensive using an aussie account as the fees from an english have not been as high as i first imagined, providing you withdrawl in $100 and $200 sum you generally $2 to the pound. Australian banks can charge up to $8 to withdrawl if you use another banks machine (i.e $2 to check your balance, $2 to withdrawl) then your bank can charge the same again. These charges don't apply to english accounts, just be sure to have online banking so you can keep tabs on your money. I'm still getting money put into my English account to date and still finding that i'm getting a good exchange rate.