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Travel Cards & Transferring Money

The first thing most teachers think of when turning their dollars into pounds is to go to their bank and load their cash onto a travel card. This seems like such a great idea; loading multiple currencies, insurance (if you pay extra) so you can’t lose your money and also the convenience of having everything in the one spot.  What an awesome idea!?!

 

DON’T DO IT!!

 

Travel Cards

If you are travelling directly to the UK (and not going on an extended trip first) then there is no need for you to load your cash onto a travel card. The banks will absolutely rip you off with fees, poor exchange rates and further reload fees if you want to access more cash.  Some banks charge you a fee to load the money onto the card, charge you upwards of $4 for each withdrawal and then charge you again to put more money on there! All whilst giving you a terrible exchange rate!

The best – and easiest – thing to do is to simply use your Aussie bank card in the UK to make your first few withdrawals. Withdrawal fees are similar (if not less), exchange rates are the same and you don’t have to worry about reloading your money or carrying multiple cards around.  Just make sure that you let your bank know that you’re going overseas (and don’t let them con you into signing up to a travel card when you do tell them!)

Don’t forget that we give you paperwork so you can set up your new UK bank account with HSBC as soon as you want. At your initial induction meeting we go through the bank processes for you and, in most cases, you can set up your brand new UK bank account the very same day.

 

Transferring Money from Home to the UK

We also work with a foreign exchange company called Tranzfers; they offer 2 free international transactions to teachers registered with Protocol and offer exchange rates that are always better than a bank.  Tranzfers exchanges more than $7 billion (yep – billion!) worth of foreign currencies each year so they are the market leader in their field. It really is the best way to go to transfer your Aussie dollars into brand new British pounds; you are quite literally losing money any other way. Just register with them before you leave Australia (it’s free!) and then contact them again via email when your new UK account is opened. They can then transfer the money across to your new account and save you – quite literally – hundreds of dollars in fees and transaction costs than if you were to go through a bank.

 

Want Some £££ Handy?

Finally if you want some pounds handy for your arrival we recommend buying them online with Travelex. Here are the steps:


1) Visit www.travelex.com.au and follow the links to ‘Buy Currency Online’
2) Pre-purchase about £200 so you can have some cash when you arrive in the UK
3) Collect your British Pounds at the Airport on the day you fly out!

 

This way you get a much better exchange rate and more bang for your buck (or more punch for your pound!)

 


It can be a minefield when deciding how to access your money overseas; if you have any questions please just contact us on 1800 246 436 or australia@protocol-education.com
 

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