This question might be too broad, but with the AUD / USD exchange at a 2 year high (79 cents!), what are some of the best methods / websites to take advantage of this rate at the moment?
How to Take Advantage of Current AUD / USD Currency Exchange Rate?
BRYCELICIOUS on 19/07/2017 - 08:34
Last edited 19/07/2017 - 08:59 by 1 other user
Last edited 19/07/2017 - 08:59 by 1 other user
Comments
Oh, there's an idea..a goose..Now don't they lay golden eggs? LOL
I swear the questions these days are getting worse…
How is this question worse than "Getting Started as an Angel Investor" or "Combined income 350k. Property portfolio at 2.6m. 300k in savings. What do I do now" "Should I buy a BMW or a Mercedes" ??
I'm sick and tired of those questions.
I don't have $50k in savings, or a $150k income, so saving every dollar helps me a lot. The exchange rate was 70cents in December, so if you spend $100 AUD that's almost a saving of $10. If $10 means nothing to you then maybe one of us is in the wrong place…Angry much? And making assumptions? Bravo! claps all round
You cannot take advantage really. All you can do is some currency trading which is essentially gambling on what it will do going forward. If you think the exchange rate will go down in the future, either buy a bucket load of USD, or if you want even more risk reward do some margin trading on forex. If you think the exchange rate will go up further, either hold on to your AUD and do nothing, or as before if you want more risk/reward, do some margin trading to earn exponential profits.
Alternatively since the rate has gone up, go online and do any spending you have been intending to do in USD. Buy your stuff from Amazon and pay less in AUD than you would have a few days ago.
Just use derivatives (Y)
EDIT: Actually this is probably a bad idea to suggest to OP hahahaha.
Use one of the amazing daily flight deals and go on a quick international holiday
It depends on your capital and how much effort you want to put it. If you have a big sum of money, you can buy AUD with companies like OFX, even Paypal. You may get charged some transaction fees etc… Or you could trade forex and use make use of the leverage. There are plenty of brokers who will happily allow you to trade currency pairs. G'luck
Go buy some US dollars and hold on to it
ROFL
Its gone up few cents so now you want to spnd like no tomorrow!
A definite strategy if you think its going to drop soon, but what a goose, one will be if it continues to rise