How to get a good exchange rate

Ralphie Halves · 07-30-15, 06:28 AM

Would you be able to open a brokerage/forex account that pays out in USD? I can open one that pays in USD, GBP or EUR at any time. People outside of the US have even more flexibility than that.

Optional · 07-30-15, 06:46 AM

Originally posted by GipRock

Any advice?

I've got an Australian bank account with $40k in it and I want to exchange it to Either USD or a Canadian bank account. I have a Skrill account that is in USD.

I'm thinking the Aussie Dollar is going to plummet even more than it already has.

The Aussie bank charges about 5% on the exchange and Skrill about 3% I would like to find something better than this.

Cheers

The Aussie bank charges nothing to send to Skrill. You send Aussie dollars. But Skrill will charge you closer to 4.5% above current rate to convert.

Major Aussie banks charge about 2.5% on top of spot rate to convert if you have a US$ bank account. I think 20k minimum deposit to open a US$ account at Commonwealth. Imagine similar at others. Then you can send straight to Skrill with no fees or conversion rates.

Optional · 07-30-15, 06:49 AM

Canadian dollar is fairly correlated with AUD btw. So you don't want to shift to that.

Optional · 07-30-15, 06:52 AM

Paypal is another way to hold US$ easily.

They charge a bit less than Skrill for conversions.

jjgold · 07-30-15, 07:07 AM

Coversions killers

Forget forex brokers in USA..high risk

Trade future currencies on CME through usa future brokers

100000% safe

Big Bear · 07-30-15, 08:04 AM

Originally posted by GipRock

Any advice?

I've got an Australian bank account with $40k in it and I want to exchange it to Either USD or a Canadian bank account. I have a Skrill account that is in USD.

I'm thinking the Aussie Dollar is going to plummet even more than it already has.

The Aussie bank charges about 5% on the exchange and Skrill about 3% I would like to find something better than this.

Cheers

where the hell did you get that kind of money?

gambling?

jjgold · 07-30-15, 08:43 AM

Bear that is what I was wondering

Who is this guy???

DOM_Toretto · 07-30-15, 09:44 AM

Apparently the wealthiest man at SBR

DOM_Toretto · 07-30-15, 09:47 AM

... And he's asking a buncha brokedikkfukks for financial advice

jjgold · 07-30-15, 10:14 AM

You can't transfer currencies you get destroyed on the conversion rate unless you're moving millions

GipRock · 07-30-15, 05:23 PM

Originally posted by Ralphie Halves

Would you be able to open a brokerage/forex account that pays out in USD? I can open one that pays in USD, GBP or EUR at any time. People outside of the US have even more flexibility than that.

Yeah, I'm thinking this is what I need to look into Ralphie... but I know nothing about it.

@ Optional, I have a USD account with CommBank and it's got a zero balance right now, they've changed their rules so it's easier to have one. Problem is that they charge more (in my experience) than skrill does. And yes the Canadian dollar moves similarly to the Aussie, but I'll need some Canadian money.

I'm just a grinder fellas, made really good money at a couple of books last year but 2015 has been a nightmare for me. Cut off from so many places. Hard to find a book where I can be profitable enough that it's worth my time. I'm just about ready to hang up my gambling shoes.

jjgold · 07-30-15, 05:34 PM

Gipples be careful opening an account with a forex broker

Do lots of research.....better off trading forex with Td Ameritrade because they back up all funds unlike these mom and pop places

GipRock · 07-30-15, 06:31 PM

Originally posted by jjgold

Gipples be careful opening an account with a forex broker

Do lots of research.....better off trading forex with Td Ameritrade because they back up all funds unlike these mom and pop places

Thanks JJ, Would be nice to know what big time international finance guys do, there would bee people out there trading more than $40k on a regular basis.