Money abroad - not for me I haven't got any!

[dslittle]

He might consider transferring the whole amount and having an Australian bank account. The problem with keeping it in the UK is that it will cost him fees every time he transfers money and the exchange rate will be unpredictable. Using one of the pre loaded cards or transferring in one lump means only one set of charges and if converted into Aus currency a known rate of exchange. The exchange rate problem can be good or bad, depending on whether the £ is weakening or strengthening. It is at a low value at the moment, but think that savings rates in Aus are higher than here. If he intends working then a local bank account may be required anyway as he will be paid locally.

Think if it were me, I would go the local account route. Different if one were travelling around different countries.

My boy is currently in Aus. He has found himself a job and has now got an Aus account which is just as well as it probably hurt me more than him to see the bank charges applied to money transfers from Sterling.

On a more practical note my Uncle Samuel in Lagos has an interesting proposition...

 

[JamesFrance]

Currencyfair which I just suggested on another topic is ideal for exchanging at the best rate and transferring to a foreign account.
http://www.currencyfair.com/