was wanting to jump on the low usd$ advantage and get some USD currency but dont want to hold too much and just miss out on bank interest.
spoke to a couple banks and they give woefull interest on usd a/c @ 0.12%
however saw this with citibannk, from 1.75% upto 3%
http://www.citibank.com.au/ladder/
is this a bargain if you want to buy and hold usd ?
The minimum is A$25k
My last investigations into this revealed similar results to yours, pitiful interest & exhorbitant fees on USD accounts held in Oz!
My advice, buy a decent small safe, dynabolt that sucker somewhere reasonably covert & just buy cash! ;)
yeah ok but then later on who are you going to sell the USD to? Those exchange places buy USD at a rate nowhere near the reciprocal.
You need to look a little harder for options mate! Getting a decent exchange rate either way isn't too difficult if you know what you're doing! ;)
enlighten us if your so smart.
@mehow: Shop around mate, get off your backside - what's a good deal for me sounds like it might not meet your exacting standards! Hey, just remember, you're the one who's questioning my method, how's about you tell us all about your better plan! :p
Here's a hint though, NETWORK!!! I get out a lot, mix socially & professionally with a lot of people of various nationalities, including expat Aussies when I'm OS…it's often not what you know when it comes to learning the tricks of the "trade", it's sometimes who you know! :)
Interest rate is unsually high for USD. I wonder how they do it.
Easiest way would probably to be buy some USDAUD contracts by CFD if you want to hedge…