GBP to $Au who gives the best rate

[Pukka]

Ok I realize this is not the place for this topic but I don't know where to put it and I figure that the people who know the answer read this thread so there we are.

I've got about 500k GBP in a CBA foreign currency account paying 0% interest as a result of a UK pension ( super) transfer. I can't bear to convert it to $Au at the moment as the rate is 50% worse than when I moved here so my questions are:-

1, Does anyone know of an Au GBP account that pays interest ( would need to open it in the name of my SMSF)

2, When I convert it to $Au in dribs and drabs unless something radical happens who gives the best rate. I know it won't be CBA.

I'd really like the $Au to fall off a cliff for a week or so then come back to where it is. Selfish fantasy island dreams !!

 

[wandersen]

Oh dear I feel for you and all my friends that have returned from the UK recently (just to rub it in I got 2.8 to 1 in October 2008 ... heh). Wouldn't the best way to deal with it be to send it to the UK and invest it there? You'll have far more options there. Otherwise, I would speak to a financial adviser here about some fixed income UK funds. They would all have access to them here and should be able to deal with them in GBP. I can give you a referral to someone who could probably help if you like. I think you'll have trouble finding a local bank that will have GBP deposits with interest.

I used OzForex for all of my transfers back then and they had excellent rates - the rate changes depending on how much you convert. Having said that, my bank at the time (Citi) offered to match any rate someone else quoted on figures of over $100K - my guess is that CBA would do the same.