- ZumaMember@zumaJoin Date: 2006Post Count: 12
I want to invest in an Australian property, using money that I have in a US bank account. What’s the best way to move the money from the US to Australia?
I paid in US dollars to a US-based PayPal account. So the amount of money I have to invest is dependant on the US/AUS exchange rate, and PayPal’s rates are usually 0.02% higher than what I see the Australian dollar quoted at.
For example, if the Australian dollar is listed as 0.77, the exchange rate I get through PayPal is 0.79.
They say it’s the best rate they can get, but I’ve long wondered if there is anything creative I can do to get a better exchange? Anyone have experience with this sort of thing?
Rowan.Luke TaylorParticipant@world-changerJoin Date: 2005Post Count: 415ZumaMember@zumaJoin Date: 2006Post Count: 12
That looks very interesting, thanks for the link.
Rowan.westanMember@westanJoin Date: 2002Post Count: 1,950
I want to support what worldchanger says, ozforex are excellent i’ve been using them for a couple of years and their rates and service are tops. They don’t even charge a fee if the amount is over $10,000 they make their commision off the currancy change which is always better than bank rates.
When bringing money from the USA you will need to register specially to do that.
Regards westanmeridethParticipant@meridethJoin Date: 2006Post Count: 11
Hi! We did ours thru Citibank. They opened an at-call account in USD. Our money wasn’t converted to AUD when we transferred it here in OZ . It was good to do it this way so you can wait for a better rate to come before you convert you USD to AUD (esp. when exchange rate is at it’s lowest). They even have multi currency account where in you can automatically convert your USD to AUD or vice versa depending on the rate you have nominated.