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When I was in Australia before I opened up a commonwealth bank account then transferred all my UK GB pounds over to this account. I remember afterwards thinking this exchange rate they gave me was shocking when i transferred.


Is there any better ways to do this? I am considering changing all my money here into cash $10,000AUD then depositing it into my AU account when over there but this is a last resort. Is there an option to get a better price at an exchange place in Australia?

My Com wealth account might not be active not i think i closed it last time i was travelling before i left.

Is there an option to open a bank account from the UK and transfer funds before i go and is this better for exchange rates?

Thank You.
 

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Many places like currencyonline do better rates than the banks, and with no fees over a certain transaction value.

Todays published mid rate for £10,000 is 2.04 (at 7:40am) and would actually give you $20,256.86 at this moment, using their buying/selling rate.

You can open a bank account from overseas with most banks, eg Moving to Australia - help with setting up your banking - NAB

Just be aware that bank to bank rates are normally bad.
 
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FOREX Changers are the way to go!

Hi,

There is any number of credible money transfer companies and banks which will, for a fee, help you transfer money to an Australian account or to an account overseas from Australia. For most countries you can send any amount up to A$10,000 in a single transfer. Usually you'll need to bank with the bank concerned. But like you mentioned the charges and exchange rate are murderous!

TIP: Look at alternatives to the big banks when you need to transfer cash overseas.
The good news is there are options. Australia has three main players:
OzForex (https://www.ofx.com/en-au/),
World First(https://www.worldfirst.com/au/),
and CurrencyFair (https://www.currencyfair.com/search/)
Money Gram (Money Transfer Australia: Receive & Send Money Overseas | MoneyGram) is a good option for Asian countries as well. These 'non-bank' services are better by a long shot, but you'll need to open an account and verify your identity, they all charge a fee for transfers under a certain amount

Cheers,
Jason
The Migrant Ninja
STORE FRONT - Migrant Ninja - Mastering The Move ©
 
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