Currencies or Tourist Rates????

[Tiesto]

I am shortly travelling to Australia for a year with the hope of staying for a much longer period, I have �15000 to help me with my travels whilst i'm accross there. Firstly, when i check the exchange rates, why are their two rates - one shows currencies and the other tourist rates and is it possible to get the higher exchange rate shown on the currencies section? Secondly, would my money earn more by sitting in a British bank acc rather than transferring it? Your answers would be very helpful.

[gibbo2837]

The two rates you see are the Tourist rate (which you can use) and the other rate which banks and other financial intermediaries can use, in the currency market. My honest advise doing the same thing about 10 years ago is to transfer the funds over to Australia so that you never have to worry about the exchange rate risk - there will be days when the exchange rate goes for you, days against so enjoy your holiday and don't worry. If you keep it in a bank here, you will earn a higher rate of interest, but then you have to keep transferring it over. Try and get an Australian bank account, and transfer over - you are always going to get the worst rate a bank can offer - thats how they make their money (bastar�s).  

[khana]

As was said on one of the previous messages, there is a spread on the buying and selling rates, however, due to the amount of money you are looking to convert you will probably find that the Bank will use a specific rate for your conversion which will be more beneficial for you.

As to interest rates, at the moment, Australian dollar accounts are paying a similar rate of interest to sterling ones so no need to worry there.

[food_techie]

Gather your Exchange Rate information over time. Best exchange rate for me - Aust to Pound is Oct. to March (winter here), yours would be Aust winter times --- June to August- this is a probability I use. It is based on details over past months/years, however if there is any interest rate/political changes etc - you need to factor this in to the equation and keep your eyes peeled to see if it works in your favour. Aust Election saw Howard voted in again = stability?. Consider getting quote on converting from pound to US then to Aust - used to work out to be a bit more . As for bank accounts, hope you are successful - criteria may have changed due to the current political climate.

[Didwot]

Nationwide Building Society will let youi withdraw funds from a "Flex Account" at ATMs overseas at the exchange rate, and not charge you commission.