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Transferring and converting USD to AUD - best options?

Discussion in 'General Property Chat' started by Fortune Favors the Bold, 10th May, 2016.

  1. Fortune Favors the Bold

    Fortune Favors the Bold Well-Known Member

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    Hi folks,

    I need to transfer about USD 200,000 from the US to Australia and convert to AUD. Does anyone have good suggestions about who to do the transfer and exchange through for the best rate?

    Thanks!
     
  2. bashworth

    bashworth Well-Known Member

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  3. Purple Patch

    Purple Patch Well-Known Member

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    Oz forex or XE trade
    Cheers
    PP
     
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  4. Mick Butterfield

    Mick Butterfield Well-Known Member

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    I have used Oz Forex numerous times for AUS to US and have found them to be very good.
     
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  5. DhuCat

    DhuCat Member

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    Hi,

    I just went through this process as I used to use currencyonline to transfer £££ into $AUD so thought I would check out the market as it had been a while since I researched what was out there.

    I've just used transfer wise (money arrived today after set up and transfer on Sunday) which I found had decent rates and sign up was easy (forwarded passport). Well the rates were a fair way ahead of what I was using so I was happy. As this was my first transfer with them they passed on a discount code which you're welcome to use although you only get a free transfer from the first $1000 so I don't know if it would help you much!

    Best of luck.
     
  6. Hodor

    Hodor Well-Known Member

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    Was just about to look for the old thread on this. Cheers
     
  7. hash_investor

    hash_investor Well-Known Member

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    OzForex worked for me well... Its now called ofx
     
  8. MTR

    MTR Well-Known Member Premium Member

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    can you wait I think the Au$ is going to continue to fall, its on a downward trend.
     
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  9. Steve73

    Steve73 Member

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    I just used OFX. It was a simple process without any problems.
     
  10. SirDingo

    SirDingo Well-Known Member

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    +1 for OFX.

    I've used them for both EUR and USD transfers to AUD and found them to be efficient and more cost effective than the bank.
     
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  11. Fortune Favors the Bold

    Fortune Favors the Bold Well-Known Member

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    Thanks folks. I'm seeing lots of recommendations to use OFX, but from what I can see their rates are inferior to CurrencyFair. Am I missing something?
     
  12. Ouga

    Ouga Well-Known Member

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    "Trying is the first step towards failure" Homer
    Am curious to see if people have transferred pretty large chunks of money using these services - like the $usd200K being discussed here?

    Are there risks to be aware of?
    I have heard good things about OFX on forums, but transferring a few Ks is one thing, but I would be feeling a bit nervous if transferring that much. Genuilely interested in any feedback.
     
  13. Fortune Favors the Bold

    Fortune Favors the Bold Well-Known Member

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    Yes. I'm also interested.

    For reference, I'm spoken to several banks and they're both willing to offer "preferential rates", but they're still inferior to what's being offered by most of the dedicated exchange services. I'm hoping to get them to compete.
     
  14. Fortune Favors the Bold

    Fortune Favors the Bold Well-Known Member

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    It does look that way. What's being forecast at this point? Having the AUD go up so high over the past several months has significantly hurt my borrowing/servicing power.
     
  15. MTR

    MTR Well-Known Member Premium Member

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    The recent interest rate cut has helped drive the $ down, there is also talk of another cut.
    Commodities now going south.
    If you don't need to bring the money over I personally would wait, make money on your money.
     
  16. Casteller

    Casteller Well-Known Member

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    For years I used FX trading accounts by having source accounts in both countries, then sub-accounts for the respective currencies, then do an internal transfer at pretty much zero spread and withdraw the "profits" into the other source account, cant beat that.

    But then they cottoned on to what some people were doing and banned it... bummer, just as I was buying a property so extra stress, then the Spanish froze all incoming funds until I could show it wasn't dodgy by proving to them the source of funds, more stress. A lot of anti black and laundered money laws these days, maybe Australia may not ask any questions (they don't of me for smaller amounts and they seem to overlook crooked money from China) but for many countries (definitely Spain) 200K incoming would be frozen in the bank, something to be aware of, have your proof of legal funds ready.

    Now I use WorldFirst.com, cost is about 1%, still better than 3-4% banks charge but not as good as the 0.02% I used to get.
     
  17. Casteller

    Casteller Well-Known Member

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    The best rates seem to be achieved above around 10-15K AUD with companies I've looked at, wouldn't transfer much more than that at a time. The FX company has the funds for a day or so, maybe they go under, does happen, for example last years radical SNB move bankrupted a number of firms. I wait until it hits the destination and is unfrozen until the next xfr.
     
  18. Yann

    Yann Active Member

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    +1 for transferwise. It is using the wholesale market rates so far better deals. Used them before for EUR to AUD and you can set a rate if not in a hurry or transfer straight away. Really good experience and good customer service, overall better alternative than any retail FX retailers
     
  19. Beano

    Beano Well-Known Member

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    Just a quick question as i have Money also in the US What interest rate are you receiving and for what term?
     
  20. seachange

    seachange Well-Known Member

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    Don't just go by the spread. I have noticed CurrencyFair quote slightly different spot rates that disguise a bigger margin to them. I use a forex app to keep my own up to the second data