Ok, I've decided to go with Commonwealth. Due to only $4 fee's per month. My problem is what is the best way to deposit my funds? I want to £2000, in which commonwealth buys at Aus$2900 or so, and sells at $3200. Am I right in thinking that if I transfer my funds form my UK bank account I will only get $2900 or so, rather than if I set it up when I get out there I will get $3200?
Any advice would be appreciated.
No, you'll get the same regardless of if you transfer it while you are in Australia or from back home (although the exchange rates will probably change in the meantime of course). Basically the buy/sell is what it would cost/you would get if you walked into the bank and tried to buy/sell 2000 GBP.
So if you wanted to buy 2000 GBP it would cost you 3200 AUD, but if you walked in with 2000 GBP, you'd get 2900. The 300 in between? That's the bank's profit... got to love that!
Hi Rollios - also find out how much the bank will charge you for the transfer. Many travellers have been telling us lately its cheaper to withdraw funds in Oz from overseas accounts via ATM, then deposit the cash into the CBA account using the same ATM.
If you withdraw funds from an ATM in Australia and deposit them into your Commonwealth account, just make sure that you're home bank doesn't charge you fees so that any currency "gain" you make doing it this way is not eaten up by these fees.
Thanks for the replys, but I'm going to use www.ukforex.co.uk better rates.