Converting EUR Cash to AUD

Lkosy on 15/09/2024 - 16:22
Last edited 17/09/2024 - 18:06 by 1 other user

Greetings all, first time long time.

I have inherited some cash from overseas and was looking at the best option to convert the funds. The big banks have close to a 10c spread which really annoys me hence the question.

All thoughts would be greatly appreciated.

Cheers

Kosy

• 

  holdenmg on 15/09/2024 - 16:26

  https://www.ofx.com/en-au/
  https://www.ozbargain.com.au/deals/ofx.com

• 

  JVHifi on 15/09/2024 - 17:45

  +1

  Wise has great conversion rates

  • 

    R-Man on 16/09/2024 - 00:10

    even with their conversion fee added?

    Also if it's physical cash, they'll need to open a European bank account to deposit the Euros. Wise doesn't accept cash.

    • 

      kosy on 17/09/2024 - 18:06

      It will be a cash transfer in EUR

• 

  MrThing on 15/09/2024 - 18:45

  Wise is the go

• 

  Ocker on 15/09/2024 - 18:54

  +1

  Have you inherited physical cash or an entitlement to the money?

• 

  Randxyz123 on 15/09/2024 - 21:03

  Best thing to do is to give it to someone who is travelling soon and they can pay you directly.

• 

  kosy on 16/09/2024 - 07:48

  Thanks all, to be clear, it is physical cash.

  • 

    R-Man on 17/09/2024 - 18:13

    One idea is you could open a Wise account that gives you a Belgian bank IBAN number. Then, you would need a very trusted friend in the EU who could deposit that cash into their bank account and transfer to you for free.

    Then with Wise you can set a trigger to convert to AUD at a rate you desire. Then you have to spend it all using Wise or pay a small % fee to get that AUD out of Wise 🙃.