I've been thinking about holding off on some gold purchases to see how things shake out but I'm worried any savings I'm going to make will be wiped out by the falling aussie so I've been thinking about buying some dollars. I suppose I could open an account and trade the soars electronically but I don't have any plans yup actually trade forex so unless people have other suggestions I was planning on just making a cash purchase and putting it in the safe deposit box. I did a forum search on this as I'm sure it's been done before but I couldn't find anything (maybe using too generic search terms). So where would you go for the best deal on greenbacks?
I think Travel Money Oz is probably the cheapest you'll find for physical cash. Just remember, you'll lose about 2% each way, so youre banking on the AUD dropping below 80c if you want to realise a profit.
If you don't want to do the trading account route and can do without physical cash you could try opening an account in USD locally that can accept external bank transfers then use currency fair or ozforex to convert AUD to USD and send yourself the money
Seriously think about trading forex, even if it's only forex mini to cut down on the leverage. Alternatively buy a USD ETF or shares in a company who conducts most of its business in the USA
The cheapest is Hai Ha Money Transfer. They have branches Australia wide. Good for other foreign currencies too.
Best place is to actively look for people who want to sell their USD back to AUD from their trips. Win win for both.
lots of good suggestions, I certainly don't need physical notes, a cursory look makes me thunk the etf might be a good go, although it looks like there is a close to 0.5%p/a management fee plus the cost of trade in and trade out, not huge but closes the gap with buying physical fiat a little. I suppose if I've decided to essentially invest in the usd short term (even if it's really only for a hedge) I should at least look into a smallish leveraged forex mini position. Looks like more research is needed. In the meantime I'll keep an eye out for people sweeping their dollars.
Ask on here - physical forex deals are allowed in the trading forums, I've traded a few times at spot.
I'll keep an eye out for physical but after looking into it I think buying a mini lot of usd/aud forex or USD rtf might be the way to go. I've got but never used my online brokerage account linked to my online banking so the etf is easy, I'm waiting to hear back from a broker about opening an account and possibly buying a forex mini lot. Big thanks for putting me in to that CL. Unfortunately the dollars already lost nearly 2 cents since I started looking so I'm hoping it will get a little bump I can jump on in the next little while, I don't think we'll be seeing 0.90usd again for a while so I'll be happy if I can get on at 0.87 and change.
good question I was thinking the same thing, would another option be to buy something that is pegged to the USD?
I trade the AUD/USD but I'm also trading the EUR/USD and USD/JPY currently along with owning Betshares USD ETF. The USD Index is good til the 90 level imo then I'll reassess. I'm not a big techy and trade mostly on fundamental indicators rather than short term support levels but I do like COT analysis of volume/open interest when looking for new trends developing. You may want to consider a demo account with someone like IG Markets til you feel comfortable putting your hard earned on the line.
I'm pretty comfortable buying dollars (I've been dealing with aud/usd exchange rates since I was about 12 selling pokemon cards) and since I'm pretty comfortable with that it's only a small step to trading leveraged forex. I'll do some more research but I think I'll probably buy a few thousand worth of the etf and, if I actually find a broker to talk to, a mini lot position when I think the price is right. I figure it's a fairly safe bet as you'd expect that if anything goes badly wrong in the US to send the aud significantly higher against it in the midterm PMs will be a bit of a safe haven so my PMs should act as a bit of a hedge even though they are USD denominated. Still, I'm pretty confident about our dollar meeting everyone's poor expectations.
To give you my latest example, I just made a tidy some selling the EUR against the USD on the back of the poor German manufacturing PMI from 1.2546 to 1.2529 in the space of a few minutes even taking the spread into account. http://www.investing.com/currencies/eur-usd Not bad even if it's money for nothing. I'll now take 25% of that profit and put it my high interest bank account for when I'm ready for my next physical bullion purchase
comparative to other western economies it is and comparative to a falling gold price it's even better.
Head into the Post Office and get a free american express travel card in either usd,gbp or eur. Funds can be transferred via net banking and stay in the card in what ever currency you choose. Good thing about this type of card is the only way to cash it in is either at a bank say in the States vi a pin number and hole in the wall or request to close the card account here in Australia and they pay out the balance in aussie dollars. Funds never expire. I have been using the 3 cards for some time and the exchange rate is pretty good
that's an idea, but if I'm paying 3 cents at the amex counter I'd take cash, might be able to use it for local bullion purchasers. silly question, but can you trade USD etf.on the asx while the market is closed or do I have to hope there are no big changes over the weekend?
Can't place the trade until Monday. Just watch the equivalent on the US market here; https://au.finance.yahoo.com/q?s=UUP to know which way the ASX one will be heading on Monday. COT is announced at 3:30pm NY time which will influence the direction.
