going to Oz and need money advice please

Barrythe chopper

Hey everyone, I am heading to Oz in Aug, and i am wondering what is the best way to get the best of my money? How best to get the real benefit of the exchange rate. Should I bring some in a draft and lodge it in my Australian account?, or should I just leave it all in my irish bank account?. I was in Canada last year and I felt I was robbed everytime I went to use my Irish account any advice would be cool guys thanks

Munster_Gal

Barrythe chopper wrote: »

Hey everyone, I am heading to Oz in Aug, and i am wondering what is the best way to get the best of my money? How best to get the real benefit of the exchange rate. Should I bring some in a draft and lodge it in my Australian account?, or should I just leave it all in my irish bank account?. I was in Canada last year and I felt I was robbed everytime I went to use my Irish account any advice would be cool guys thanks

If you give me the money I'll make sure to get the best value out of it

Barrythe chopper

Munster Gal hands off :-P it was hard enough to get to be giving it away how are you anyway this weekend? :-)

universe777

Send it to me?

gustafo

if your going straight to oz and not travelling beforehand i would bring it in cash or travellers cheques then open a bank account over there and lodge it,

You will get a better exchange rate with your euro over there than here.

280special

Barrythe chopper wrote: »

Hey everyone, I am heading to Oz in Aug, and i am wondering what is the best way to get the best of my money? How best to get the real benefit of the exchange rate. Should I bring some in a draft and lodge it in my Australian account?, or should I just leave it all in my irish bank account?. I was in Canada last year and I felt I was robbed everytime I went to use my Irish account any advice would be cool guys thanks

Do you already have an account out there or are you planning on opening one when you arrive?

Presuming you have the funds in an account here and have internet banking the easiest bet would be to take enough cash with you to keep you going and transfer the remaining funds via International Money Transfer through your internet banking. Most banks offer cheaper charges when these are done online, and you can specify which currency the funds are transferred in, in other words will the funds arrive in Australia in AUD or Euro.

However having dealt with Foreign exchange rates for many years the general rule is that the home country tends to favour their own currency. So in this case the probability is that the Aussies would offer a worse rate for the Euro as you would get here. There are exceptions so an idea would be to check what the selling rate is on Monday with your own bank here and compare it with the Euro buying rate being offered by , for instance, NAB or ANZ.

If you do decide to go down the draft route make sure that the draft is drawn in AUD on a bank in Aussie, but be prepared for some delays if it isnt drawn on your bank in Australia as they will probably want to send it on for clearence before giving you access to funds.

greenline

No connection with this crowd but if you have bank accounts in both countries you can transfer money with them. They claim to save you money on bank fees. Irish company. http://www.currencyfair.com/exchange-euro-to-australian-dollar

hussey

OP do a search for FOREX to transfer large amounts of cash, small amounts use a ATM - though BOI limit it to 100 per day unless you ask, as previous posters have mention

Also do a search on this forum - this has been answered many times

But the aussie $ is VERY high at the moment, so have a think of whether you want to gamble it going higher or lower, or just stick to what it is now