Hi all,
Foreign Currency Account – Does anyone have a preferred Australian bank to use for this type of account?
The account will be used to hold GBP funds until I see a exchange rate to Aussie dollar that I am happy with.
Best regards ToWhomItMayInterest
Not really a preferred bank just that Citibank as they are a multi country bank not just an aussie bank – Not sure if they can help you though
check out this link
http://www.citibank.com.au/AUGCB/APPS/portal/loadPage.do?path=/prod/sub_cat_land/investments_foreign_currency.htm&tabId=DepositsHi Duckster,
Thanks heaps for the link!
I have looked at a few of these FCA and they all seem expensive. – might go for a offshore account, I need to do some more research.
The main reason I need this FCA is to hold my salary GBP, then exchange to Aussie dollar when there is a good xe-rate, instead of whatever the bank is offering at the time. – that being when my monthly pay going into my Oz account.
Lets say I earn 100,000 GBP and the average xe-rate for the year is 2.1.
I will get $210,000 Oz dollars.But I have seen the xe-rate alot higher at 2.4+
At this xe-rate I would get $240,000 Oz dollars.So that's a difference of 30K over a year, that's alot of money!
I am hoping there are some ppls on this forum that have some experience with maximizing xe-rates
or knows of some type of method of taking advantage of xe-rates.Best regards ToWhomItMayInterest
hsbc provides foreign currency account for australians
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