$US Bank Account from Australia?

Discussion in 'Currencies' started by BuggedOut, Sep 7, 2015.

  1. BuggedOut

    BuggedOut Well-Known Member Silver Stacker

    Joined:
    Jul 21, 2015
    Messages:
    2,552
    Likes Received:
    977
    Trophy Points:
    113
    Location:
    New South Wales
    I've been looking into getting a personal bank account in $US (for electronic trades/transactions) and while some Australian banks offer Multi-Currency and Alternate Currency accounts, they are often targeted at business clients only and/or have large deposit requirements and transaction fees.

    Are there any Aussie SS members who have a good $US bank account in Australia, or can recommend a good overseas bank that can setup an account and be managed easily from Australia?
     
    BuggedOut, Sep 7, 2015
    #1
  2. long88

    long88 Member

    Joined:
    Jun 19, 2012
    Messages:
    756
    Likes Received:
    12
    Trophy Points:
    18
    Location:
    Melbourne
    What do you need to do ?
     
    long88, Sep 7, 2015
    #2
  3. Beyond

    Beyond Well-Known Member

    Joined:
    Mar 29, 2015
    Messages:
    4,409
    Likes Received:
    709
    Trophy Points:
    113
    Location:
    sydney
    i have an acc in china bank syd
    becuase rate is higher than other banks if withdraw in aud cash

    but if withdraw in usd cash its very terrible too many troubles and processions
    i have more usd than aud in paypal
    so i need to exchange it
    if exchange via paypal loss 4% on ratepaypal rate is very low
     
    Beyond, Sep 7, 2015
    #3
  4. Chubbsng

    Chubbsng Member Silver Stacker

    Joined:
    Apr 27, 2015
    Messages:
    151
    Likes Received:
    0
    Trophy Points:
    16
    Location:
    Brisbane
    I have a US currency account through CBA. Has no minimums or fees but doesnt pay any interest.

    HSBC have a milti currency option with no minimums. Citibank has one with 10k minimums.
     
    Chubbsng, Sep 7, 2015
    #4
  5. BuggedOut

    BuggedOut Well-Known Member Silver Stacker

    Joined:
    Jul 21, 2015
    Messages:
    2,552
    Likes Received:
    977
    Trophy Points:
    113
    Location:
    New South Wales
    This could be the ticket. Don't really care about interest in todays world of tiny interest rates. Just need somewhere to park $US while I move money around.
     
    BuggedOut, Sep 7, 2015
    #5
  6. silverbait

    silverbait Active Member Silver Stacker

    Joined:
    Apr 12, 2015
    Messages:
    692
    Likes Received:
    119
    Trophy Points:
    43
    Location:
    Sydney, Kingsford
    Hsbc +1
     
    silverbait, Sep 7, 2015
    #6
  7. Midnight Man

    Midnight Man Member Silver Stacker

    Joined:
    Jul 16, 2011
    Messages:
    832
    Likes Received:
    0
    Trophy Points:
    16
    The other option for you is to get yourself set up with an account at Euro Pacific Bank - it's Peter Schiff's crowd: https://europacbank.com/

    You will need to send them ID - certified copies are fine, but they do need to comply with "Know your customer" rules.

    IMHO the advantage here is that it's not a commercial bank, with most of it's funds out on loans (say, to students and car buyers - take a look at ZeroHedge if that doesn't resound with you). Add to that, they run the account in USD or AUD or NZD or a few others of your choice, and they're not domiciled in the USA (who, according to a $17 trillion debt, might make bail-in an option).

    Let me know if you have any questions, it's been a few years since I opened my account, but unless things have changed, I can probably answer any questions you may have :)
     
    Midnight Man, Sep 7, 2015
    #7
  8. BuggedOut

    BuggedOut Well-Known Member Silver Stacker

    Joined:
    Jul 21, 2015
    Messages:
    2,552
    Likes Received:
    977
    Trophy Points:
    113
    Location:
    New South Wales
    Sounds good Midnight Man. Is it a true "multi-currency" account (with balances for each currency) or can you convert/choose between them at will?
     
    BuggedOut, Sep 7, 2015
    #8
  9. Roswell Crash Survivor

    Roswell Crash Survivor Well-Known Member Silver Stacker

    Joined:
    Apr 11, 2011
    Messages:
    2,619
    Likes Received:
    505
    Trophy Points:
    113
    Location:
    Nevada
    Roswell Crash Survivor, Sep 7, 2015
    #9
  10. BuggedOut

    BuggedOut Well-Known Member Silver Stacker

    Joined:
    Jul 21, 2015
    Messages:
    2,552
    Likes Received:
    977
    Trophy Points:
    113
    Location:
    New South Wales
    My apologies for the stupid question Midnight Man. I'm just reading the website now and (I can't believe I am saying this) I am actually a little bit excited by what I am reading. This really looks like my kind of bank!! :)
     
    BuggedOut, Sep 7, 2015
    #10
  11. SilverDJ

    SilverDJ Well-Known Member

    Joined:
    Nov 1, 2014
    Messages:
    3,935
    Likes Received:
    1,297
    Trophy Points:
    113
    Location:
    Australia
    I have one too.
    Just don't ever use the banks conversion rate, it's truly horrendous!
    I convert money in and out with
    https://www.currencyfair.com/
     
    SilverDJ, Sep 7, 2015
    #11
  12. petey

    petey Active Member Silver Stacker

    Joined:
    May 19, 2010
    Messages:
    1,043
    Likes Received:
    7
    Trophy Points:
    38
    Location:
    Luxembourg
    Now do some off site reading about it. :)
     
    petey, Sep 7, 2015
    #12

Share This Page