I need help figuring out a money exchange?
I have an inheritance from the U.K and I have the option of receiving it in pounds or Australian dollars ( I am in Australia) What is the difference if I take pounds and exchange it here in Australia compared to being done in the UK ?
The amount is 5000 pounds if that makes a difference
The current exchange rate is around 2.095 AUD per GBP, but there are always fees involved in currency exchanges.
You need to contact the bank or institution in the U.K. to find out the amount in AUD they would send you if you took the inheritance in Australian dollars. Then contact your local bank in Australia and ask them how many AUD they would give you for 5,000 GBP.
They should both be close to 10,475 AUD. It all depends on the fees, commissions, etc. that each charges. Choose the alternative with the highest net result in AUD.
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March 31st, 2009 at 12:11 pm
The current exchange rate is around 2.095 AUD per GBP, but there are always fees involved in currency exchanges.
You need to contact the bank or institution in the U.K. to find out the amount in AUD they would send you if you took the inheritance in Australian dollars. Then contact your local bank in Australia and ask them how many AUD they would give you for 5,000 GBP.
They should both be close to 10,475 AUD. It all depends on the fees, commissions, etc. that each charges. Choose the alternative with the highest net result in AUD.
References :
March 31st, 2009 at 12:57 pm
For that amount you are better of using a specialist currency broker. You should get a much better rate than banks in either the UK or Australia.
you can see 'Interbank' rates on currency converters like xe.com. The rate you get will be slightly below this. Banks can be up to 4% below this. A broker should keep you within 1%.
Good luck!
References :
http://foremostcurrencygroup.blogspot.com