Best Way to Exchange Foreign Currency

GreyMelb on 02/12/2021 - 16:17

We have accumulated a reasonable amount of GBP over the years (birthday gifts from the Mother-in-law).
What would be the best way to exchange this for AUD these days? I'm in suburban Melbourne but rarely go into the city any more. I know the banks aren't great so wondering if there are other options?
We have no plans to go back there any time soon so we don't want to hang on to them.

Financial

Comments

  • boomramada on 02/12/2021 - 16:26

    Auspost or bank?
    just shop around, its all depend on how much you got and fees associate with based on the amount you need to exchange.

  • GG57 on 02/12/2021 - 16:27

    Most shopping centres have a currency exchange business.
    Whilst the rates are not the same as the inter-bank rates, I'm guessing you don't have thousands of pounds to exchange?

  • JDMcarfan on 02/12/2021 - 16:32

    Gumtree, there's plenty of currency exchange posts there that are from individuals. Risky I know but meet at a public space/ bank itself for them to withdraw money.
    With borders open now there's going to be a consistent flow of people going to the UK who'd need some cash on landing there.
    You can post that you'll trade at current XE rate rounded down (to their benefit)
    Both of you get a good deal then with no intermediary. I've done this before but for USD.

  • silenthillrocks on 02/12/2021 - 16:35
    -2

    Bikies

  • bobbified on 02/12/2021 - 16:59

    The United Currency Exchange in QV is known for it's good rates and is always busy.

    You said you rarely go into the city anymore, but depending on how much GBP you have, it might be worth the drive in! haha

    • robbyjones on 02/12/2021 - 17:05

      That's a heck of a hike from Melbourne!

      • GG57 on 02/12/2021 - 17:18
        +1

        Not everything is in Sydney

        • robbyjones on 02/12/2021 - 17:21
          +1

          You're right, but most of the good stuff is! I did miss that there was a Melb's site of the business to be fair.

          • GG57 on 02/12/2021 - 17:23
            +4

            @robbyjones: Shop 26, Level 3 QV Melbourne
            22-24 Jane Bell Lane
            Next to QV1 Apartments Entrance
            Melbourne, Victoria 3000
            Australia

            and

            QV Melbourne, Shop QVA01, Albert Coates Lane
            Corner Swanston & Lonsdale Street
            Melbourne, Victoria 3000
            Australia

      • bobbified on 02/12/2021 - 18:05
        +1

        haha - our one in Melbourne is called QV, not QVB 😋

        • robbyjones on 02/12/2021 - 18:06
          +1

          Yeah, I should have clicked on the link before shooting my mouth off and I would have seen the Melb one.

  • LordSydney on 02/12/2021 - 17:50

    As in, physical pounds?

    • GreyMelb on 03/12/2021 - 12:14

      Yes that's right - actual notes!

  • GreyMelb on 02/12/2021 - 21:34

    Thanks all for the replies. I was hoping to avoid a trip into town but that seems like the best option. Not keen on using Gumtree for currency conversion but I appreciate the suggestion!

    We've got just over £1k, so it will be worth the effort.

  • cashless on 02/12/2021 - 22:16
    +1

    Wise
    No trip to town required
    Use your PC

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