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You can choose between a dedicated travel money card, a debit or credit card with overseas perks or opt to buy foreign cash for the UK before you leave. This guide outlines the pros and cons of each option for you.
London | Budget | Midrange | Expensive |
---|---|---|---|
![]() | Dorm bed £85 per night | Double room £90 - £160 per night | Boutique hotel room £200 per night |
![]() | Market-stall lunch £5 Supermarket sandwich £3.50 - £4.50 | Two-course dinner w/ glass of wine £35 | Three-course dinner in top restaurant w/ wine £60-90 |
![]() | Many museums Free | Theatre ticket £15 - £60 | Top theatre ticket £65 |
*Prices are approximate and are subject to change.
Year | Average annual exchange Australian Dollar (AUD) to Pound Sterling (GBP) |
---|---|
2013 | 0.619212 |
2014 | 0.547796 |
2015 | 0.492231 |
2016 | 0.551105 |
2017 | 0.601218 |
*Exchange rates are accurate as of 4 September 2017
Today's exchange rate AUD to GBP
Back to topThere are a number of things to keep in mind when you're selecting the right travel money product or mix of products to take with you to the United Kingdom. Consider the following:
Travel money option | Pros | Considerations |
---|---|---|
Debit cards for travel |
|
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Prepaid travel money cards |
|
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Credit cards for travel |
|
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Traveller's cheques |
|
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Cash |
|
|
This table is a general summary of the travel money products in the market. Features and benefits can vary between cards.
All travel money card providers allow their customers to load and spend in Pound Sterling. The ability to hold multiple foreign currencies on a travel card is the main advantage of this product over a credit or debit card. When you spend on a currency you've previously loaded onto the card, you avoid the 3% fee for currency conversion, which is charged by most debit and credit card providers. Travel cards are also dual card accounts. This means you get a backup to use in case something happens to the main card. Although these cards do not have your name printed on the front, you shouldn't have any troubles using your card for point of sale payments and to withdraw from an ATM, especially if your travel card is a Visa or Mastercard.
Unlike a credit card, which is basically a loan, a debit card is attached to your bank account. Most debit cards have a similar fee structure to credit cards for international purchases, but it's more expensive to withdraw cash on credit.
Like credit cards, debit cards are also subject to annual fees and other surcharges added by shops. Even though most businesses in the UK will readily accept any Visa or Mastercard debit card, using a travel-friendly debit account will go a long way towards saving on fees. The only travel-friendly debit account in the market is the Citibank Plus Transaction Account. With this account, you won't pay foreign transaction fees, currency conversion fees, ATM withdrawal fees or transfer fees when moving money to any overseas account. However, you may have to pay ATM owner fees depending on which ATM you use.
If you're a Westpac Group cardholder and you use your card at a Barclays Bank ATM, you won't have to pay the $5 withdrawal fee, but you'll still have to pay the currency conversion fee. You can read more about the Westpac International ATM Alliance here.
A credit card allows you to purchase goods and services on credit in basically any currency without having to preload funds onto your card. Most credit cards charge a conversion fee of 3% when you transact in a foreign currency. Features of credit cards include interest-free days on purchases and expensive charges for withdrawing cash, and some credit cards offer complimentary travel insurance and airport lounge access. Read on to find out which Australian credit card will serve you best when travelling to the UK.
The UK does not have credit card acceptance issues. Major credit card brands like Visa, Mastercard, American Express and Diners Club are readily accepted in the region. If you have an American Express and Diners Club credit card, you may have issues using your cards at small businesses — just like in Australia. Take a backup Visa or Mastercard if you're using AMEX or Diners as your main card.
Below are some of the credit cards fees to take into consideration:
In some cases, you can avoid cash advance fees by having your card preloaded with your own funds. By preloading the card with your own money, know that you aren't generally covered by the fraud protection standard with Australian credit cards. You can find a list of the providers that will and won't waive fees when you preload your own money onto your card in the FAQ section of this page.
Back to topWhat credit cards, debit cards or travel money cards did you take with you? Why did you take these cards? Were there any places where your cards weren't accepted? Will found that there were a few places where the Cash Passport travel card was not accepted. Will said that in this instance he would use his backup ANZ card or he would go for a short walk to the next ATM or merchant. He didn't have to look far to find a place where his Cash Passport would work. How much cash would you take on a three-week holiday? Will says he was a little shocked at how expensive things were in the UK, which he puts down to the exchange rate between the Australian dollar and the Pound Sterling. Will budgeted for AUD$150 per day for a total of AUD$3,000 over three weeks in the UK (including accommodation). Will says that he could have spent double this amount very easily. What money tips do you have to anyone travelling to this country?Interview with William Eve about UK travel money options
Travelling to the UK: During his latest trip to Europe, Will visited the UK. He took a combination of travel money cards and debit cards.
ANZ Access Advantage AccountA guide to deciphering Pound Sterling banknotes
The Pound Sterling is the United Kingdom's official currency. A pound is subdivided into 100 pence. The pound is the fourth most traded currency in the foreign exchange market and the third most held reserve currency in global reserves. The Pound Sterling comes in denominations of £5, £10, £20 and £50 banknotes. The banknotes are issued by the Bank of England, which has been doing this for over 300 years.
Banknote | Features |
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£5 | The current £5 banknote features Elizabeth Fry, who made her name fighting for improved living conditions for women in European jails. Issued on 21 May 2002. |
£10 | The £10 banknote features Charles Darwin, the Victorian naturalist who developed the theory of evolution, on the back. Also pictured in the second lowest denomination are an illustration of Darwin's own magnifying lens, and the flora and fauna that he may have encountered on his travels. Issued on 7 November 2000. |
£20 | The current £20 banknote drew some commentary since it features the Scottish economist, Adam Smith. The note has an illustration of 'The division of labour in pin manufacturing'. Previous issues of Bank of England £20 notes were known to have suffered from a higher incidence of counterfeiting than any other denominations. Issued on 13 March 2007. |
£50 | The new-style £50 banknote entered circulation on 2 November 2011. The note features two Britons on the back – Matthew Boulton and James Watt with steam engine and Boulton's Soho factory. |
More tips on buying British pounds before you travel
Luckily for Australians, the UK has a Reciprocal Health Care Agreement with Australia, which means that you can get health care through its public system. However, travel insurance protects travellers against more than just health-related issues. Travel insurance provides cover for:
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I am going to London in June, I live in the U.S. If I purchase a prepaid travel card for example with 1000 pounds on it, would I also have to pay conversion fees or other fees or will the amount I have on the card be what I have and that’s it?
Hi Skye,
Thanks for your question.
As an Australian financial comparison service, we usually only provide information regarding Australian travel products.
Usually with a prepaid card, you need to load the card with your local currency and then transfer it to the supported currency that you need to use on your holiday. Once the funds are converted to the local currency, e.g. GBP, then you shouldn’t be charged currency conversion fees when spending. Prepaid cards can usually be topped up as you need to, though you may be charged a fee when you reload the card with funds depending on the card you have.
I hope this has helped.
Cheers,
Sally
will I experience any problems with a visa debit and credit card held with peoples choice credit union
Hi Peter,
Thanks for your question.
You shouldn’t have any issues with your Visa debit card and credit card. It would be good to notify People’s Choice Credit Union before you leave.
Be mindful that a number of fees could apply to your transactions.
Cheers,
Shirley