Exchanging the Money.

[Snag 57]

Perhaps this isn't just Australian specific, so mods, feel free to recategorise as you see fit.

Does anyone know the best way to exchange foreign currency in the US without losing so much? We have a very large sum that my parents gave me as a wedding/birthday gift. It's in AUD. We originally thought we'd keep it for the next trip out to Australia, but considering that won't until the end of next year, and we could do with the extra cash right now (car died), we've decided we'd like to bank it.

The dollar was making up 93c USD to $1 AUD. We called our banking institution. They said their rate was 88c USD to $1 AUD. Plus they charged a $200 fee for just having to bother exchanging it. No, thanks. It may not seem that much of a difference, but it really all adds up.

So, now we're looking at other alternatives. Anyone been in this situation before? Anyone found a good solution without us losing so much?

Thank you.

[Bill and Vicky 25]

If you open an account with a bank that has branches both in the U.S. and in Australia, can you move money between the two countries without an exchange fee?

For example, Citibank has branches in Australia. But I don't know if they will let you deposit money in AUD and withdraw it in USD without fees.

Regards,
Bill

[Snag 57]

If you open an account with a bank that has branches both in the U.S. and in Australia, can you move money between the two countries without an exchange fee?

For example, Citibank has branches in Australia. But I don't know if they will let you deposit money in AUD and withdraw it in USD without fees.

Regards,

Bill

Bill, you're a legend. I bank with St. George, and haven't been quite bothered to close my account. Perhaps I can negotiate with relatives and do an IOU if they can deposit the amount into my account and pay them back when they;re next out here (in four weeks). Of course, I'm speaking out loud. St George charges a $20 fee. Considerably less than $200.

Thanks for your input.

[aruadha 58]

My fiance just did this. He wire transferred a large amount from his bank to mine. The rate was .88c as well, which had us upset. But after calling the bank, that is the going rate apparently. Sigh.

His bank, Commonwealth Bank, charged $22.00 for the fee.

Good luck!

[Bill and Vicky 25]

Thanks for your input.

Very cool. Happy to help.

Regards,

Bill

[d3adc0d3 186]

Most international airports will exchange money without completely running you through. The more you exchange, the less the fees are.

Edited September 3, 2014 by d3adc0d3

[Lemonslice 4,830]

Look at trading on xe.com... Current rate is

1 USD=1.09 AUD

1 AUD= .92 USD (changes every minute)

No fee, takes a few days to process though.

Edited September 3, 2014 by Boston~Montreal

[TheCaptain 67]

www.ozforex.com.au

Bank to bank transfer. Great rates. More than $10,000 and there is no fees.

[alithia 0]

My parents are with Westpac and apparently they exchange to cash for free with their partnership with AMEX. Just double check with your local branch.

[Kiwinyc 62]

Use a specialist online currency trader - you'll get a much better rate, for much less commission.