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Multi-currency accounts

Discussion in 'Other Asset Classes' started by luce.rocks, 29th Jun, 2015.

  1. luce.rocks

    luce.rocks Member

    Joined:
    29th Jun, 2015
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    Location:
    Spain
    A while back I remember people talking about multi-currency accounts. I think Citibank was mentioned as having good rates.

    Can anyone provide a bit more info on how the account works, specifically how to know what rate you're going to get at a particular moment, and how often the rate changes during the day?

    E.g, if I want to change $50000 from AUD into USD, do I create a order online and it gives me a live rate, or do I get a fixed daily rate, or do I have to call and get a rate?

    Thanks!
     
  2. Chrispy

    Chrispy Well-Known Member Premium Member

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    Luce

    I use Qantas Cash. I have Australian dollars sitting there and watch the daily rate on whichever currency I am after then change it on the day when the rate is best. It is immediate and you get the rate they quote.

    I was able to pick up US dollars at a high rate and have that sitting in there ready for my next trip. I also have some English Pounds. The rate is probably a bit lower than you can get elsewhere but it is immediate.
     
  3. cal

    cal Member

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    Location:
    Sydney
    Yeah I also use Qantas cash for the same reasons. Not all the currencies are represented but the card works pretty well when you travel.

    You also get something like 2 points for every dollar spent which is handy and adds up. rate is usually pretty good too.
     
  4. Blacky

    Blacky Well-Known Member

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    I have the citibank multi currency acct.
    You can view it online, but really can't transact on it - although you can do TT's (if you want to make payment in that currency). If you want to convert - you need to call the bank and they give you a rate. Anything over AUD$20,000 they will contact their treasury desk for an improved rate.
    They will only transfer to your citibank transaction acct.
    Im not sure how to move (for example) USD to GBP, as I haven't tried, though I assume its the same.

    You can also book a rate (i.e. transfer xUSD on xDate) or select a trigger rate (e.g. if the USD hits 75c sell $20,000).

    Its all done by phone.

    To be honest Citibank are painful to work with, and their online 'platforms' were designed by an old IT guy who was blind. Very clunky and un-user friendly.

    I would close it down, however, they consistently have rates several % better than other banks, and very few fees.

    Blacky
     
  5. Be Developer

    Be Developer Property Developer Business Member

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    some their products are good.. but their platform is designed for nuclear launch codes.

    have to punch in SMS CODE to even see bank account numbers.. OTT IMHO.
     
  6. KDP

    KDP Well-Known Member

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    22nd Jun, 2015
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    Location:
    Singapore
    I have an interactive broker account and can open positions in other currency at pretty much spot
     
  7. luce.rocks

    luce.rocks Member

    Joined:
    29th Jun, 2015
    Posts:
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    Location:
    Spain
    Thanks for your replies everyone. In the end I sent some AUD to my euro account here in Spain, using OzForex, and I transferred some AUD into an OANDA account that's held in USD. Both ways I got good rates. Though I'm not so sure about using OANDA like a bank account, seems a bit risky. But then, keeping all my cash in AUD seems a bit risky too...
     
  8. Blacky

    Blacky Well-Known Member

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    From what I understand - and please correct me if Im wrong - but these platforms are suitable for traders or 'one off' transactions. They don't really operate as bank accounts per-se.

    I have a IB account as well. From memory I can trade currency on it, however, cant take any leverage as I don't have a SS number. I can only move cash between currencies at the specified rates.

    Blacky
     
  9. KDP

    KDP Well-Known Member

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    22nd Jun, 2015
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    Location:
    Singapore
    IB is more designed for traders but there's nothing stopping us from using it as well. There's just a minimum fees of $10 a month but if you have 100k USD they waive it.

    I needed to send 40k AUD back today and manage it to convert my SGD at spot rate and send it to my australian account without any fees (only fee is the one being charged by NAB to receive funds).