Resist the urge to buy foreign currency before your trip. Some tourists feel like they just have to have euros or British pounds in their pockets when they step off the airplane, but they pay the price in bad stateside exchange rates. Wait until you arrive to withdraw money.
If you're visiting a country that uses a common currency like the euro or the US dollar, exchange before you go. You'll enjoy competitive rates on these currencies in the UK and it will save you hassle. If you're heading to a country that uses a rarer currency, you can often get better rates once you've landed.
It's generally cheaper to convert your currency at home in Australia before you travel to the United Kingdom, as you'll get a better exchange rate.
Before you go
It is less advisable to exchange your money at an airport or at street kiosks once you've arrived, as both are likely to charge a hefty commission.
Key Takeaways. European travelers should always have some cash on hand; getting it from an ATM abroad is usually the easiest, most advantageous way. If you need cash from an ATM, it's usually better to use a debit card, because credit cards often charge a high interest rate for a cash advance.
Because of high currency exchange fees, you should exchange currency before traveling and know where to go to save on the fees once you are abroad.
The Pound Australian Dollar (GBP/AUD) exchange rate is seen extending recent highs, closing in on the best levels in a year. At the time of writing, GBP/AUD is quoted at around 1.9289, a 0.49% up on the daily opening levels. Pound (GBP) Exchange...
1 AUD = 0.517593 GBP Jul 29, 2023 19:13 UTC
The currency converter below is easy to use and the currency rates are updated frequently.
Buying local currency in your destination country is the cheapest way to buy currency, particularly if you are buying larger amounts of US dollars (USD), Euros (EUR) or Japanese Yen (JPY). Getting the best exchange rate comes down to how competitive the place you are buying it from is.
If you're using your Australian card in the UK, make sure you're opting to be charged in GBP when you check out. You will generally be offered a very poor exchange rate if you opt to pay in AUD, so it's better to let your financial institution do the conversion.
There is no cash limit to bring into the UK money from abroad, however you do need to declare if you bring cash to the UK of £10,000 or more.
Cash also has the advantage of not leaving you with debts, which can incur interest rates. Cash forces you to spend just what you have to pay suppliers and payroll, meaning that you will never pay with money you do not have at hand.
When exchanging Dollars to Pounds, you'll want to make the transfer when the US Dollar is strong. A good way to check if it is a good time to exchange USD for GBP is to compare the exchange rate against historical averages. Over the past 5 years, the average US Dollar to British Pound rate has been $1 buys £0.77.
If you're paying by card and you're asked whether you'd like to pay in the local currency or pounds – choose the local currency. This will generally offer a better exchange rate as your credit card company does the currency conversion instead of the retailer.
Banks and credit unions are generally the best places to exchange currency, with reasonable exchange rates and the lowest fees. Here's how financial institutions — and a few other places — can help travelers exchange currency.
If you are travelling to Europe from Australia, the best time to buy euros with Australian dollars in the last 12 months was in late August. This is because the AUD/EUR peaked at 0.6984 on August 26 2022, making it the best time to buy euros in over 5 years. It is also higher than the current rate of 0.6037.
As a leading exporter of iron ore, coal, gas, gold, copper (& many more), higher commodity prices have boosted Australia's growth. As a whole, we see the UK's aggressive interest rate policy as the driving force behind the rise in the GBP/AUD rate.
The main advantage of using a debit card overseas is that you won't pay foreign transaction fees every time you spend. While many credit cards won't charge fees for cash withdrawals either, you will still usually be charged interest from the date of the transaction.
Do I need to tell my bank I'm going abroad? Yes! It's hugely important for customers to inform their bank of their travel plans in advance. This helps to protect against fraudulent activity and ensures that you have access to your funds while you are away.