Large money conversion help required!!

[Jazza]

Hi guys,

We are looking for a way to change a decent amount of AUD into USD (around $110,000). I've been told asking my bank to change the money to send it overseas is not a very good way to do it as the charges will be high.

Does anyone know of the best method to do this? I've heard forex but haven't researched much at all just yet. Just want to avoid paying excess money to do this if I don't have to!

Any advice would be appreciated :)

[TJ]

I am prince Wallah-Noohiggi from Nigeria,

If you transfer it into my unmarked bank account in the Cayman Islands I will do this for you, and give you access to my dead uncles 300 million us dollar fortune.

Thanks.

Seriously though, no idea. Wait for the antilag accounting crew to wake up tomorrow.

[XsQuiZiT]

Will check with friend tomorrow but Paypal may be an option.


$15,000.01 - $150,000.00 = 1.5% + Fixed Fee (U.S. Dollar: $0.30 USD)?

https://cms.paypal.com/au/cgi-bin/marketingweb?cmd=_render-content&content_ID=ua/FeesPolicy_full&locale.x=en_AU

[Jazza]

I don't understand the fixed fee at all? It can't be 30 cents? Must be having a doofus moment but forgive me because it is 1am and I'm still working away here..
From my limited understanding and going off the figures you've just written sending $110,000 AUD, it being converted to USD (fairly similar exchange rate I am hoping) and I am paying 1.5% (being $1650) would be better than going through banks!

[Miggy]

Came into this thread all excited hoping to see an insane engine conversion :(

[doriae86]

Jazza,

to my knowledge there is no real way to some costs when converting currency. Someone will always want to reap commission from any currency conversion.

Are you just looking to send money overseas to a supplier? If so, PayPal may seem attractive, but the recipient will be slugged 3% when they attempt to withdrawal, so saying that PayPal is 1.5% is a little misleading. A banks TT rate will almost always be better.

From my time in banking, a lot of our clients would have onshore foreign currency accounts. You might want to look into something like this as it may give you access to a reduced rate with respect of the conversion.

My advice; if you don’t have your on banker, get one. They can almost always exercise an element of discretion with respect to the banks rates of commissions, especially if there’s a chance you might be doing large transactions on a semi regular basis.

Regards

Teh ReaL prinCe of PeRtH

[devilfish]

use a dedicated currency broker, ie CAXTON FX or similar, call them and negotiate a decent rate. PAYPAL is probably the worst way of sending money.

[Sambo]

^^^ Agreed. I used xe.com to move a fair shiteload of cash from the US to Aus over the last few years. Little bit of a pain to establish an account, but once it is set up transfers are easy and secure. Exchange Rates beat the banks by a mile.

[XsQuiZiT]

Just spoke to a couple of people that transfer high amounts pretty often and they recommended: http://www.xylo.com.au/

I've got no idea but could be worth a look

[Buckets]

Jazza you sound like you have a reasonable cash flow with your business and no doubt are far from poor as a result if so go and get yourself a private banker (all banks do special deals for their wealthiest or most in debt ect customers) Macquarie and ANZ offer very good service at reasonable rates. Or try the casino I'm sure they could change currency over. (I haven't been to the casino for years so I'm probably wrong on this one)

[Jawsh]

Baller

[Wrexter]

Just spoke to a co-worker who part owned 'Travel Money' in Joondalup.

Said definately dont go to the banks.

Company like Travelex would be your best option.

[mischief1]

Teh ReaL prinCe of PeRtH

kek~

[mehow2g]

If your looking for profit put that money on PEN asx and retire

[RaGH*]

Maybe look at gold. A friend I know was talking about how he was trying to bring in half a million aud and that to avoid taxes you can bring gold in, but you'll get taxed when you sell... So maybe look at taking gold out?

[racegtst]

if it is just to convert and hold in us$ for investment, PM me for contact details.

Generally there is always commissions and the banks are not always the cheapest but either are some of the others.

Depends on what you are trying to achieve but in life not all things are free as most would have you believe!

[Jazza]

Guys this is about paying an international supplier so no I am not and definately would not invest in USD however that is how they trade so we need to change the money over. Thanks for any of the names been thrown about, I will have a look into them :) Any other advice is appreciated.

[Fryman]

give it to me and ill offer you 7% interest payable annually on the total amount. Just dont call the debt in for say.. 11 years

[Sammish]

Buy large cardboard box get australia post declairation form... declair large ammount of cash as "Birthday card" send via express post.

You wont be dissapointed. I promise.

[d4n13l]

Buy large cardboard box get australia post declairation form... declair large ammount of cash as "Birthday card" send via express post.

You wont be dissapointed. I promise.

and what ? the money in the box will arrive as USD?