Buying Foreign Currency

danield on 22/05/2013 - 15:32

Hi All,

Wanting to lock in some Foreign Currency while the $$ is still strong. Planning a trip to Japan at the end of the year and might as well lock today's rate.

I just travelled Europe with a 28 Degrees Card which was great however you can only get the going rate at the time of use. I know there are some over travel Cards like Travelex or ANZ. Would one of these cards be the best for buying foreign currency and sitting on them for a while or is there a proper bank account that I should consider.

Financial

Comments

  • CyberMurning on 22/05/2013 - 17:09

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  • danield on 22/05/2013 - 21:52

    Wow! I think I might have biten off more then I can chew with this, I looked at both of the above suggestions and now confused about what it is I want to do.

    Would these options be viable for say 1-2K of A$ into Japanese Yen to hold for a few months.

    How would you approach this?

    • ryan-m on 23/05/2013 - 11:42

      I think if you get a travel card, you lock in the rate by buying the currency now. You can then use it up to say 12 months later (check that). Costs about $11 at ANZ.

      • danield on 23/05/2013 - 12:09

        Yeah I like the idea of the travelcard, buying and locking in multiple currency. However the 12months is an issue. I want to hold beyound 12months. No immediate plans to travel.

        With bank accounts do I need a different account for each currency?
        Are they expensive in terms of fees to maintain ongoing?
        Should I look at just buying cash and stuffing it all under my mattress?

        • ryan-m on 24/05/2013 - 07:21

          Go into a branch and grab a flyer. Any info I give you will probably be incorrect.

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