Convert a MySQL database to UTF-8

After searching a long time for a solution when I upgraded from MySQL 4.0 to 5.0 I found this,

mysqldump --user=username --password=password --default-character-set=latin1 --skip-set-charset dbname > dump.sql
sed -r 's/latin1/utf8/g' dump.sql > dump_utf.sql
mysql --user=username --password=password --execute="DROP DATABASE dbname; CREATE DATABASE dbname CHARACTER SET utf8 COLLATE utf8_general_ci;"
mysql --user=username --password=password --default-character-set=utf8 dbname < dump_utf.sql

This worked perfectly for me.