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?
Thanks,
Rowan.Hey mate,
you could try ozForex.
http://www.ozforex.com.auThey are very competitive from oz to uS and do they other way around too so try a quote from them.
Luke Taylor | Hope Property Investing
http://hopepropertyinvesting.com
Email MeProperty Support,Strategist and Buyers Agent
That looks very interesting, thanks for the link.
Rowan.
HI Rowan
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 westan
http://www.iproperty.net.au
The leaders in USA Investing.
join out free database [email protected]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.
Cheers
RachMate… I work for Citibank and I would recommend OzForex.
Call them on +61 2 8667 8091 … Ask for Alex Nicholas.
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