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I am off to Australia in three weeks. I usually get my money changed at the Post Office but lady that works behind the counter hinted that this wasn't the most cost effective way of getting money changed. The exchange rate is naff, so what is that best way to buy currency?
Thanks.
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If you are buying currency from anyone other than your bank, don't use a card. Draw out the cash first to buy it or the bank charges you admin for using your card. Even your debit card.
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Thanks Minnie always use cash... but she did say that buying on- line might be more cost effective.
Just don't know where to start.
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I think fairfx.com have usually done good rates in the past if I've only been purchasing a few weeks in advance :)
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If you go to a big M and S, they have a foreign exchange booth. Their rates are usually better than a bank who in turn are better than the Post office.
And when you go to Australia, watch out for boomerangs!
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Quite often the online tourist FX rates might be a few points better but then you'll have to factor in the cost of delivery/insurance.
Unless you're coverting thousands to take with you, a few points either way isn't going to make a great deal of beans difference.
M&S usually are competitive (if your local one offers it, ours doesn't) but our Sainsburys & Tescos normally have very competitive tourist FX rates.
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Another thing - when you return to the UK don't be tempted in exchanging your remaining monies at the Airport?
When I returned from my Christmas holiday, the exchange at the airport was about 10 cents more than at the Post Office?
Mike
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I'm not sure if it's still the case but Sainsburys used to give a more favourable rate to nectar card holders.
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I would say when you get there.
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I would say when you get there.
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Hi, I am also off to Australia in just under three weeks to Perth. I have always waited until I arrive to get my currency from a cash machine at the airport. I have a Nationwide debit card, which used to be commission free but they now make a charge. So, now I buy as much as I can on the Nationwide credit card, as that is not loaded and take less money out on the debit card. The exchange rate this way has always been far higher than f I had changed it up in England. I hope that helps. Good Luck.
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I agree with D2012, unless your planning to change thousands of pounds the slight difference in exchange rates isnt going to make a huge difference. the differences needing to be compared, are those of commisson and charges that banks make.
I have always used by debit card at atms in the country i am staying in, drawing out what i need, when i need it. Using my money the same way as i would in England. That way, should i loose my purse, or have it stolen, then i am not losing everything, i dont have to worry about where to keep excess monies for safety, and to be honest, i dont care if this costs me a few quid more, im happy knowing my money is secure.
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Also, look for someone who will change any surplus back at the same rate that you paid for it. Some do. The Post Office used to, but don 't know if they still do it.
Another way of doing it is to use one of those cards that you load the cash onto and then you can use it to withdraw cash when you are there. It means that you will not be using your actual bank card.
I don 't know if these are cost effective, just suggesting other optiions.
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Thanks for the replies, I have used a card before and loaded it up before I left, not my bank card but one especially for the trip, it did work well and forgot that I had done it so thats the way I will go...Like has been said it just gives me peace of mind that I am not using my normal bank cards.
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Been to my bank today. They have upgraded my bank account so that I can use my credit card with no charges and can also get money out over there at a better rate, so am now sorted...thanks for the replies.
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