Best value currency exchange into an HSBC Global Everyday account

ficklelife on 31/07/2018 - 23:50

I have signed up to an HSBC Global Everyday account for an upcoming trip to the UK. The plan is to load it with GBP and spend it fee free in the UK as a normal debit card.

I thought I could use transfer wise to get a good exchange rate to transfer AUD to GBP, but the problem is transfer wise only accepts sending GBP to a UK bank account, not an Aussie bank account which supports GBP.

What service can I use that is close/as good as transfer wise and supports sending GBP to an Australian bank account?

At current exchange rates, AUD 5k = 2752 GBP with HSBC, but with Transferwise it comes out as 2815….

If I have to bite the bullet and use HSBC I will, but the whole point was to avoid banks taking a large cut of currency exchange. Should have got a Citi card…..

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Comments

  • ficklelife on 01/08/2018 - 00:18

    I think I am good - CurrencyFair enables sending GBP to any bank account in the world (incl sending pounds to an Australian bank account), and exchange rate is 5000aud for 2812 GBP.

    • GG57 on 01/08/2018 - 10:20

      Don't want to burst your bubble of happiness, but there will almost certainly be bank fees somewhere in that transfer to your HSBC account.

      • ficklelife on 01/08/2018 - 12:13

        yep it's about 12 AUD. But better than 150 AUD.

        Anyway, looks like I'll have to use HSBC - my bank just called saying CurrencyFair is not a great company - they've had complaints so have blocked the transaction. Would rather not take the risk….

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