Best and Safe Conversion of US Dollar to Aus Dollar

nitnat8 on 02/05/2023 - 11:07

Family has a US Dollar deposit (approx 100k) with Citibank Aus is expiring and they no longer offer this product Thinking about converting to Australian Dollar and transfer to a local account.

Any advice on best currency conversion rates and safe options to do that.

Other option is to transfer to a no fee/low cost US Dollar Account with another Bank - Any suggestions

Thanks

Financial Currency Exchange

Comments

  • scrimshaw on 02/05/2023 - 11:11

    If you don't want to convert you can go with HSBC Global and store your US currency as-is
    https://www.hsbc.com.au/accounts/products/everyday-global/

    No account keeping fees or ATM fees either locally or overseas.

  • Porker on 02/05/2023 - 11:49

    I'd be interested to know for other reasons - I've got a fair amount of $USD (cash) which I've just been holding for a few years and now just waiting for a good time to exchange.

    Didn't know that some banks could hold other currency balances.

  • follow on 02/05/2023 - 13:51
    +1

    Wise can hold US currency.
    They also have fairly decent conversion rates.

  • daclaw on 02/05/2023 - 14:58
    +1

    I had the same account, ended up sending $ to Wise and converted half to AUD…

  • 5cooter on 03/05/2023 - 05:28

    Have used a few recently after moving and woud recommend Wise for FOREX movements.

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