Hey all, I have recently been given a large amount of USD as a gift. What's the cheapest way to transfer it into AUD (minimise fees)? I have an account with Commonwealth Bank if that helps.
Most Cost-Efficient Way to Transfer USD into AUD
lolzdj on 23/01/2019 - 12:48
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I'll look into it but probably won't pursue. Thanks for the suggestion though!
What an odd gift….
It's kinda hard to get me a gift. Not that I wouldn't be grateful for it or anything, though.
I just thought AUD would be a better gift :P
at least USD is increasing in value.
Better than ZWD
Would you be prepared to quantify '…large amount…'; it will have a bearing on what options are available.
Same with the type of instrument; is it cash, bank cheque, etc?leeching on thread, best way to swap $3k cash?
$500 USD in cash
Physical cash or in a US bank account somewhere? Physical cash, you'll need to go to a currency converter (not Cash Converters). Just set out one day to get the job done, check the bank's current rate and see what the different currency shops around you are offering (assuming you're in a major city's CBD, they seemed to be around every corner in Sydney). If we're talking a couple grand, it shouldn't be a problem to get that much exchanged. If we're talking several grand, you might want to try the airport though the rates may not be as good. Again, know how much the bank itself is offering, if it's pretty close I'd just go there out of convenience.
If it's in a US bank account, then use Transferwise. Might take a few days to get everything setup, but it's really easy after that. I haven't found better rates anywhere else.
From what I've been able to gather, they take a kinda large commission (around $25) so I was hoping to avoid that.
pm me
Just to clear things up: I'm in my late teens and have been gifted around $500 USD; a relatively significant portion of money for someone my age. I didn't initially disclose the amount because many of my peers browse my OzBargain account (my obsession with the site is humorous, i guess).
If you have friends or relatives that are going to US, you might be able to do a swap with them.
This is the best option, or I even see people advertise on Gumtree.
Exchange at the advertised 'mid-rate' and both buyer and seller are winners.
Set up a foreign currency account with your bank (I have one with Commonwealth, all it takes is a few clicks online). Deposit the $500 into your foreign currency account. in this account it is still in US dollars. Transfer the $500 from the foreign currency account into PayPal and use it to buy stuff in Australia. You'll incur PayPal's transfer fee but it's not much.
I do sketchy stuff with my paypal account (those ebay 15% off deals had me doing stuff) and im planning on saving the money; not spending it. Thanks for your comment though
I can see it's only $500, better off just going the easy way and letting your bank convert it. For larger amounts it's best to use a currency exchange/transfer service, because it's not fees but the exchange rate difference which will screw you over with a bank. It's not unusual for a bank to take 5% for themselves, which can add up to a hell of a lot of lost money, whereas with a service you can negotiate to even under 1% depending how large the amount is.
I'll try searching for the best fees to negotiate with my bank. Thanks for the future advice though, it'll probably come in handy someday.
keep it for a holiday, Asia gives you very good rates for USD.
$500 is pretty small in grand scheme of things I'd go to a money changer not the big ones but smaller brokers and check the rates.
You'll get a better rate than the banks and also they'll won't charge a fee and I doubt you can negotiate much on a small amount.
Pretty much this if it's cash. It's a tiny amount of money (in terms of exchange value) and won't make a huge difference. If it was online bank or you can put it onto a prepaid card, use Transferwise for best rates and quickest turnaround.
where are you located?
Open up a citi bank account and use the $500 as a deposit. No charges as far as I know. When you use it (withdraw it), it goes into local currency at the current exchange rate. We use these cards for travel.
I'm not going to advise of what… But if it was me, I would find something to invest in, some item which I can buy in USD and then sell in Australia for bit of profit. It would take a decent amount of research and certain level of business sense to do this though. So not ideal for everyone.
Edit: Lol. Just noticed its just $500 . Just let bank convert it. Or, maybe there is something you want to buy from US, in USD, which works out much cheaper than buying here.
sell it via forums