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Currency conversion: USD to AUD

Discussion in 'General Property Chat' started by Fortune Favors the Bold, 23rd Nov, 2015.

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  1. Fortune Favors the Bold

    Fortune Favors the Bold Well-Known Member

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    Hi folks, I'm going to need to transfer/convert a significant sum of money from the the USA (USD) to Australia (AUD) - likely upwards of $100,000. Obviously I want to get the best exchange rate possible, and it seems like most banks will screw me over big-time. Does anyone have any positive experiences / recommendations when it comes to currency conversion? Thanks!

    - FFTB
     
  2. Handyandy

    Handyandy Well-Known Member

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    Hi FFTB

    I use Ozforex to send money over to the USA. Have sent up to $300k and used over the last 4 years.

    No sure whether they also service a USA to Oz transaction but a call to there help desk will answer that for you.
     
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  3. MTR

    MTR Well-Known Member Premium Member

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    I don't know either HA.
    I use xe trade, for bringing US back to Oz, I think its a flat $23 per transaction, they will have better rates than banks.
     
  4. Biz

    Biz Well-Known Member

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    I use afex
     
  5. Scott Townsend

    Scott Townsend Active Member

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    Ozforex is good and has some of the best rates you'll find. No fees on transaction over 10k
     
  6. Mooze

    Mooze Well-Known Member

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    Ozforex or xe trade unless you have either a significant relationship or large enough ongoing amounts with a tier 1 bank
     
  7. Graeme

    Graeme Well-Known Member

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    I've used Transferwise and recently set up an account with Currencyfair.

    I've done a quick comparison on transferring $100,000 (US) into Australia, and the results are:
    1. Currencyfair: $138,874.70
    2. Ozforex: $138,570.00
    3. XE Trade: $138,026.22
    4. Transferwise: $137,114.48
    There's not a lot in it, so I'd advise setting up accounts with all four and comparing what they offer at the time you want to make a transfer.

    In terms of specific recommendations, Currencyfair is the only one that offers dual factor authentication, whereas XE requires a certain amount of documentation to complete sign-up, and has been around for a long time.
     
    Last edited by a moderator: 24th Nov, 2015
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  8. MTR

    MTR Well-Known Member Premium Member

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    Hi Graeme
    Been using XE trade for at least 2 years now? its simple and brilliant service etc.
    Other than completing initial documentation pertaining to bank accounts etc. not aware of anything else??
     
  9. Graeme

    Graeme Well-Known Member

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    I've signed up for Currencyfair and Transferwise, and neither asked for proof of identity. XE required certified copies of my passport and a few other bits and pieces.

    I'm surprised that the others didn't need any documentation. I'd rate it as a plus for XE as they're hotter on regulatory compliance.
     
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  10. neK

    neK Well-Known Member

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    In Australia, Citibank offers a bank account you can open where you can then withdraw funds from any overseas ATM without being charged a fee. I found that if you used a Citibank ATM, the exchange rates were also very close to the rate shown on www.xe.com.

    Does Citibank offer something similar in the US? - ie a US account that provides you with a atm card that you can withdraw from any ATM worldwide without any fees?
     
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  11. Graeme

    Graeme Well-Known Member

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    The Citi Gold service offers multi-currency bank accounts. In the UK this operates as a current or chequeing account that can hold Pounds, US Dollars or Euros, but I think that it's just a savings account in Australia.

    As someone who's got money stashed away in three different countries, it's something that I'm considering signing up for.
     
  12. dabbler

    dabbler Well-Known Member

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    I have used XE trade when going the other way.

    Also check HSBC, they were pretty good at one point and you can have an account that works across multiple currencies from memory.
     
  13. Ozzie in Texas

    Ozzie in Texas Well-Known Member

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    I haven't used them because I have never got my timely right to use them......however, HSBC also offers a banking service between Australia and the US with no transfer fees.
     
  14. Fortune Favors the Bold

    Fortune Favors the Bold Well-Known Member

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    Thanks everyone. Very much appreciated. Do you know whether the banks are generally willing to compete with, or beat, rates offered by outfits like Currencyfair?
     
  15. Graeme

    Graeme Well-Known Member

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    Just bumping the thread again.

    Finder.com.au has a currency conversion comparison calculator on their website which might be useful. I'm not sure how accurate it is, as my numbers were a bit different, but it might highlight a few other options.

    The top spots there go to Transferwise and Citibank. So much for the evil bankers ripping us off. :p
     
  16. Graeme

    Graeme Well-Known Member

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