When it comes to best cash currency conversion in the UK, two options stood out for us – Travel FX and the Currency Club. The phrase to look for in the UK is ‘currency buy back‘. It’s pitched as a service where generally someone has bought too much currency for the holiday and wants to (sell) buy-back the cash. Our mission was clear: convert Australian Dollars (AUD) in $100 and $50 notes sent via post into British Pounds (GBP) directly into our bank account and get a good exchange rate. We were hesitant to send cash for ‘currency buy back’ in the post so we selected two merchants to spread the risk. Using these two cash currency conversion sites saved us hundreds of dollars (or pounds). Here’s our experience using both services, including some practical tips and insights.
Why Choose Travel FX and The Currency Club?
Travel FX and The Currency Club have been hailed for their competitive exchange rates, straightforward processes, and the convenience of handling transactions online. This made our decision to use them relatively easy. We valued their transparency and reputation, two key factors that drove us to test their services for cash currency conversion here in the UK.
Our Experience with Travel FX
Travel FX was our first choice, given its positive reviews and straightforward user experience. Here’s a breakdown of our process:
- Registration: We first registered an account on the Travel FX website. The interface was user-friendly, and the signup process was brief.
- Exchange Rate Check: Before proceeding, we compared exchange rates and found them to be slightly above the average market rate, which was beneficial for us. We had checked out Sainsbury’s, Tesco, Travelex and other high street currency exchanges, but the FX transfer rates were disgusting.
- Place Order: You create an order, get a code and receipt that is to be printed and included in the envelope or package. You are provided with the UK address to post the cash to. When you are on the road and digital nomad’ing, printing adds another chore to the process.
- Sending Cash: Following their guidelines, we first sent a trial amount of AUD 500. We sent our AUD via Royal Mail using registered mail, costing us £13.60 per envelope. We sent our newer crisp AUD notes to ensure older notes were not a blocker. This ensured security and provided us with tracking information (https://www.google.com/maps/search/royal+mail/). Once the trial amount was successful, we confirmed it was not a scam and the process worked.
- Deposit into Bank Account: Once our cash was received, the GBP amount was deposited into our UK bank account. The entire process was smooth and completed within two business days on all occasions.
We appreciated the prompt service and the clear communication via email and SMS at every stage of the transaction.
Diving into The Currency Club
Encouraged by our experience with Travel FX, we decided to try The Currency Club the next day. Here’s how it went:
- Account Setup: Creating an account was as expected. Like Travel FX, The Currency Club’s website is well designed and easy to navigate.
- Rate Comparison: The Currency Club offered a slight edge over Travel FX on the exchange rate, although minimal, every penny counts when converting larger sums.
- Place Order: Similarly, you create an order, get a code and receipt that is to be printed and included int he envelope or package. You are provided with the UK address to post the cash to. The FX rate is unknown and
- Secure Posting: We again opted for Royal Mail registered mail, ensuring our cash was secure and traceable. You are insured up to GBP 750, and can purchase additional insurance, see below.
- Bank Deposit: Upon arrival, the processing was quick. The converted GBP appeared in our UK account shortly thereafter, aligned with their estimated timelines.
The Currency Club impressed us with their efficiency and transparency. The whole process was hassle-free and completed within the promised timeframe. If this post has been useful please use our referral code 1MA396135 or click here .
Posting with Royal Mail
We sent our envelopes of cash via Special Delivery Guaranteed by 1pm. This includes Includes up to £750 compensation for contents. Additional cover of up to £2,500 is available, but we opted not to once we had completed the trial amounts. Optional consequential loss cover available up to £10,000. The post office clerk provides you with a grey satchel and does ask what the contents are!
Key Takeaways
We saved hundred of dollars by using Travel FX and the Currency Club compared to the high street rates.
| Date (2023) | Provider | Cash Amount (AUD) | Deposited Amount (GBP) | Exchange Rate Received | High Street Indicative Rate (GBP/AUD) | Saving (AUD) |
|---|---|---|---|---|---|---|
| 23/05 | Travel FX | $4,500.00 | £2,385.62 | 0.5301 | 0.47241 | $259.61 |
| 25/05 | Travel FX | $5,000.00 | £2,621.92 | 0.5244 | 0.47241 | $259.95 |
| 26/05 | Currency Club | $4,500.00 | £2,381.58 | 0.5292 | 0.47241 | $255.56 |
| 05/09 | Travel FX | $5,000.00 | £2,528.19 | 0.5056 | 0.47591 | $148.43 |
| 06/09 | Currency Club | $4,900.00 | £2,981.14 | 0.5064 | 0.48151 | $121.94 |
Here’s a quick summary of what stood out in our currency conversion experience:
- Competitive Rates: Both services offered excellent exchange rates, any differences were negligible due to FX changes. There is an overhead of the registered mail envelope of about GBP 13.60 per satchel, so sending a larger amount is required to not erode the savings over the high street.
- Reliable Delivery: Using Royal Mail for sending cash ensured our money was safe and trackable, though it came with a postage cost of £13.60 per envelope.
- Quick Processing: From sending AUD to receiving GBP in our bank, both services and sending via Royal Mail registered post were prompt and efficient in their transaction handling.
- Privacy: The privacy of holding cash has been taken away. There are no ATMs ‘cash points’ in the UK that can take GBP notes as deposit.
For those looking for the best cash currency conversion in the UK, we recommend considering both Travel FX and The Currency Club. Depending on the specific exchange rates offered on a given day, one may be more advantageous than the other, but its negligible. It’s wise to check real-time rates before proceeding. We recommend to hedge your bets and risk of sending cash via mail by using both for large amounts i.e. thousands of AUD.
For more information, make sure to check their respective websites (Travel FX and The Currency Club) for the latest offers and details on how to proceed with currency conversion.
Our experiences with both services have been positive, hassle-free, and rewarding. By sharing our story, we hope to guide you in your cash currency conversion journey, making it as seamless as possible.
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