I feel that in English it's more natural to say "thank God" rather than "praise be to God"
No doubt this varies geographically, but I hear 'thank God!' used as an interjection all the time, and 'praise God!' almost never (other than in the literal invocation to do so in a religious context). Both of these should be acceptable translations if the Arabic phrase amounts to much the same thing.
Yeah i always hear الحمد لله used for "Thank God" and سبحان لله used for "Praise/Glory be to God" :-/