Best way to buy/invest in US currency?

Discussion in 'Currencies' started by SilverDJ, Apr 15, 2015.

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  1. SilverDJ

    SilverDJ Well-Known Member

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    Australia specific:
    So I just got a USD bank account with a local bank thinking I can just transfer some money into it from my regular account and then back out when I need to.
    But the exchange rate is AWFUL! like 4 cents lower than the likes of Ozforex. Even PayPal is 2 cents higher.
    Perhaps I can use Ozforex to pay into the USD account?, thus getting the Ozforex rate and bypassing the banks rate? What about getting it back out?
    The other crap thing in that PayPal won't let me withdraw any USD currency in my account into a USD bank account. All bank account PayPal pay into must be in AUD.
    The amounts are too large to be talking about dealing with and storing cash.
    I know I can buy the USD ticker code on the ASX, but there are fees in that and it's not quite the same.

    So how are people doing this?
    Thanks.
     
    SilverDJ, Apr 15, 2015
    #1
  2. mmm....shiney!

    mmm....shiney! Administrator Staff Member Silver Stacker

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    mmm....shiney!, Apr 15, 2015
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  3. SilverDJ

    SilverDJ Well-Known Member

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    SilverDJ, Apr 15, 2015
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  4. mmm....shiney!

    mmm....shiney! Administrator Staff Member Silver Stacker

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    Serves me right for not reading your whole post. :lol:
     
    mmm....shiney!, Apr 15, 2015
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  5. potala

    potala Member Silver Stacker

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    Ozforex ... :) .... I have an oz USD a/c. I have used ozforex to get some USD from there to my oz AUD bank. Clunky, but no problem. Haven't tried the other direction - but there should be no reason why not. Keep the fx conversions away from the RFI's (Rapacious Financial Institution).
     
    potala, Apr 15, 2015
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  6. SilverDJ

    SilverDJ Well-Known Member

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    Thanks, might try it with a small amount.
    So ozforex works as an intermediary account in this respect to hold the money between conversion?
    I also found this mob that seems to do exactly this:
    http://currencyfair.com/
     
    SilverDJ, Apr 15, 2015
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  7. potala

    potala Member Silver Stacker

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    If your purpose for holding USD is just in case of further decline of AUD, then the betashares on ASX is probably a good simple option.
    Alternately, when I am back in Oz in July, I will have a clutch of USD currency that I am hoping someone out there in silver stacker land may be interested in taking some of off my hands for PM....
     
    potala, Apr 15, 2015
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  8. SilverDJ

    SilverDJ Well-Known Member

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    Yes, that's the idea.
     
    SilverDJ, Apr 15, 2015
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  9. potala

    potala Member Silver Stacker

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    Yes - you transfer to ozforex's account, they will send to your account, either automatically or on your command. There are probably a bunch of others, but I have used ozforex dozens of times and I highly recommend them. Once you get going, it is all online. Takes a few days overall to transfer, but well worth it for the saving if you are moving money regularly.
     
    potala, Apr 15, 2015
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  10. Revils

    Revils Well-Known Member Silver Stacker

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    I recommend currencyfair over ozforex as a customer of both
     
    Revils, Apr 15, 2015
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  11. SilverDJ

    SilverDJ Well-Known Member

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    Why is that?
    Currencyfair seem to have a slightly lower rate, but not much in it.
     
    SilverDJ, Apr 15, 2015
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  12. Revils

    Revils Well-Known Member Silver Stacker

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    Not much in it, but cheaper. And ozforex is fixed/pegged to the exchange rate whereas you can get better rates with currencyfair as it's user driven. Also better for small amounts, especially under $10,000
     
    Revils, Apr 15, 2015
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  13. SilverDJ

    SilverDJ Well-Known Member

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    Thanks.
    Have just signed up for currencyfair, will see how it goes.
     
    SilverDJ, Apr 15, 2015
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  14. BigSteve

    BigSteve New Member Silver Stacker

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    Slight thread hijack....

    What might be a good way to get UK to AU$? One-off transfer - AU$ 0.5Mish
     
    BigSteve, Apr 15, 2015
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  15. havo

    havo Member Silver Stacker

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    interactivebrokers.com
     
    havo, Apr 15, 2015
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  16. SilverDJ

    SilverDJ Well-Known Member

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    If you have that much to convert then I'm surprised you have to ask :D
     
    SilverDJ, Apr 15, 2015
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  17. Altima

    Altima Well-Known Member Silver Stacker

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    Hmm. Half a million. Think you might raise a few eyebrows there with that kind of transaction. I suppose you might have to declare why you're moving that kind of money.
     
    Altima, Apr 15, 2015
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  18. long88

    long88 Member

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    even $1000 you have to declare why you are transferring that money...
     
    long88, Apr 15, 2015
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  19. BigSteve

    BigSteve New Member Silver Stacker

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    Legit transfer - a house sale in the UK - just want to minimise the transfer (before getting hit with CGT).
     
    BigSteve, Apr 16, 2015
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  20. SpacePete

    SpacePete Well-Known Member Silver Stacker

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    $1,000 or $10,000?
     
    SpacePete, Apr 16, 2015
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