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How to find the best Australian dollar exchange rates
Following these tips will help you get the best deal when converting GBP to AUD
Plan your budget ahead of your travels
Compare as many exchange rates as possible
Choose a trusted provider for protection
Decide how to collect your cash
What are the top alternatives to buying travel money?
What are the top alternatives to buying travel money?
Travel credit cards
Travel credit cards - i.e. the ones with no foreign transaction fees - offer two key advantages over travel money:
Great exchange rates - when you spend on a travel credit card you get the American Express, Mastercard or Visa exchange rate, which is about the best you can find as a regular consumer
Purchase protection – for purchases costing £100 to £30,000, you're covered by Section 75 of the Consumer Credit Act, meaning if something goes wrong you can make a claim with your card provider should the vendor fail to pay up
However, not everywhere accepts travel credit cards and using them at a cash machine abroad can come with hefty fees. It can also be easier to overspend on a credit card, leaving you with debts on which interest is charged.
Travel money cards
Currency cards and travel bank accounts let you spend overseas without being charged a foreign transaction fee. Their key strengths are:
Great exchange rates – the best card providers will pass on the Amex, Mastercard or Visa rate to you without adding extra charges
No charges for some ATM withdrawals overseas - if you need extra cash on holiday, some providers let you make a number of withdrawals per month or withdraw up to a certain amount without being charged. Watch out for local ATM fees though, as these might still apply
The downsides include that there can be limits on how much you can withdraw abroad using a travel money card, and that they're not accepted quite as widely as cash. Some travel current accounts also come with fees.
Prepaid travel cards
Prepaid travel cards can be loaded with currency and used abroad without paying foreign exchange fees. You can load a prepaid card with a specific foreign currency or a variety of different currencies, depending on your travel plans. The key advantages are:
Low or no fees to use abroad – prepaid travel card providers can charge far less than traditional banks for overseas usage
Safer than carrying cash - you can cancel or freeze the card if it's lost or stolen, protecting your balance
However, you’ll need to watch out for general usage fees, which often apply when you load the card with cash and may also be charged monthly.
Australia is never going to be the cheapest holiday destination for UK travellers due to the cost of the long-haul flight you need to get there. But how far will your Australian dollars go once you land?
On average, a budget-friendly trip to Australia could cost around AU$100 to AU$200 per person, per day, including accommodation and meals out in mid-range restaurants. This means that for a 2-week trip, you could be looking at a budget of around AU$3,000 per person once you add in transport and activities. However, if you want to enjoy a more high-end experience, visit expensive cities such as Sydney, or go on lots of excursions, your spending could easily hit AU$300 per day.
As a rule, the cheapest times to visit will be outside the southern hemisphere summer, which runs from October to February.
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