Best Way to Prepare to Buy from USA by Purchasing USD When The Exchange Rate Is Good

eb99 on 02/04/2020 - 09:12

Hi guys,

I am in the planning and saving stage of a hot rod build, so I have been doing a lot of research into parts, engines etc. And US retailers seem to be the best value even when you take into account the exchange rate and shipping, you can still be better off than buying the same imported part from a local retailer/importer.

What I am looking for is a way for me to continue building my savings for this project, and at the same time start converting currency to USD when the exchange rates become more favourable. I'm trying to avoid missing a really good time of exchange rates that may possibly occur before I am ready to make the purchase, as this may take 2 years to be at the point where I can spend $25k US on parts, the rates could drop again when I am ready to purchase.

I had a quick look at Australia post's offerings of travel mastercards that can be loaded and converted to USD, these seem ok, but maybe there is a better option out there that ozbargainers might know of.

Can aussies get a US bank account? how to purchase, debit/credit cards?
what about currency exchanges?
can paypal be of use?

Thanks guys.

Financial

Comments

  • hedge on 02/04/2020 - 09:29
    +3

    Hi, because I was supposed to be in the USA today, I did a lot of research on this trying to avoid FX fees and reckon you need this. https://www1.citibank.com.au/banking/bank-accounts/global-cu…

    Not only does it have the exact functionality but the 'Buy' exchange rates at any given time are better than just about everyone I could find, even Visa.

  • Stewardo on 02/04/2020 - 09:43

    HSBC has a multi currency account I’ve had one of these in the past and worked ok.
    Would nearly be worth flying over hiring a pick up and taking all the parts/car to a west coast freight forwarder/consolidator and filling a container. Rather than getting lots of parts shipped.

    • eb99 on 02/04/2020 - 10:00

      HI,

      I should mention that I have contacts who can assist in the shipping part of this, its just the financial part of getting the best deal out of exchange rates that I'm concerned with.

  • Baysew on 02/04/2020 - 10:12
    +4

    Perhaps this deal is what you are looking for - Local Bank Accounts for Free in UK, USA, NZ, Poland and EUR: Free through Transferwise Borderless Account

    • eb99 on 02/04/2020 - 11:50

      That does look like a really good option, I'll do some more reading on it.
      Thanks

  • dasher86 on 02/04/2020 - 11:05
    +4

    When you work out the best time buy USD let the rest of us know.

  • Mechz on 02/04/2020 - 11:48

    You're going to be waiting quite a while I reckon.

    • eb99 on 02/04/2020 - 11:50

      yea, I rekon!
      I need to save another 30k for this project anyway, so I got time!

    • ssquid on 02/04/2020 - 11:56

      I wouldn't be too sure. China (which has a high influence on our currency's value) is on top of things while the US is circling the drain. Give it a couple of months and I'd say the $US will be worth a lot less than today.

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