AUD/USD Exchange

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Malifice said:
****s sake.

Wrong time to be in London, and not just the riots.
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You're still looking at around 60p - it was 40p when I was there.

Just ordered some USD for our trip later in the year. Only a touch below parity so not too bad.
 

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For the majority of my overseas life the aussie dollar has averaged around .90 cents US

So anything over $1.......celebrate biatch... fk yeah!!!! Dont worry about jinxing, just have fun and spend spend spend brah
 
Dax down 4%, something is happening.
 
How much and for what purpose?

I needed some EUR last year and simply walked into my bank and asked for withdraw 1000 EUR at the rate of the day. Most major banks keep small reserves of the major currencies.

I think there may have been a 1% fee (can't remember exactly) but I still came out miles ahead of withdrawing $1400 and taking it to Travelex, who would've given me around 0.60 EUR/AUD instead of 0.69 which was the bank rate at the time.
 
Banks offer a rate of the day for buying each currency in cash.

Google Finance says the right now 1 AUD = 1.044 USD. To buy cash from CBA their rate of the day is 1 AUD = 1.0026 USD, excluding fees. If you walked into Travelex with a wad of AUD I reckon they'd offer around 1 AUD = 0.98 USD, at a guess.
 

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Banks are businesses, not service providers - they're out to make profits for shareholders and over the counter FOREX is small bikkies to them. I'm sure if you had 1,000,000 AUD sitting in their bank and wanted 50,000 USD in cash they'd look after you...

Your choices o/s (ignoring travellers cheques) are cash, credit and travel money cards. Travel money cards are great in theory but they generally offer an ordinary conversion rate of the day at the time of 'loading' and they charge withdrawal fees if you use them at foreign ATMs. I found just using my MasterCard got me the best FOREX rate/fee combos for transactions and ATM withdrawals, in Europe.
 
Scotland said:
Banks are businesses, not service providers - they're out to make profits for shareholders and over the counter FOREX is small bikkies to them. I'm sure if you had 1,000,000 AUD sitting in their bank and wanted 50,000 USD in cash they'd look after you...
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Been in that situation and the Aussie banks will still shaft you.... no favours there. Buy / sell spreads (on USD) are typically 3 or 4 cents either side of the "market" rate. Lack of competition and overregulation / tight reporting on forex in Australia mean that Aussie banks' spreads are nothing short of shithouse.

Change money at an Aussie airport and you may as well drop your pants, bend over, hand the guy behind the counter a jar of vaseline and let him do the rest. :eek:

You'll get better rates buying or selling AUD in a back alley money changer in Jakarta or Ho Chi Minh City (maybe a cent either side of the market rate) than you will in Australia.... apparently.:p
 
Drinks are on you then, Leper! :)

I flew to Bali in 2009 and needed the 15/25 USD for a single entry visa the day I was leaving and had to use the Travelex in the mall near my old office. I reckon the real rate I got would've been closer to 1 AUD = 0.50 USD than parity... I think at the time cash rates in street currency exchanges were around 8000:1 and the best available in Oz was around 7000:1.

I owe someone in the US $50 at the moment too. To send an online transfer from an Aussie bank costs $25 regardless of the amount - ridiculous. Will just wait until I see them or send a prepaid Visa rather than dealing with a s**t Aussie bank.
 
alfy! said:
.03 of a difference between the banks rate and the going rate, WITHOUT fees. That is terrible. Seems like dollar for dollar is the best I will get at the moment.
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when do you go?

get yrself a 28 degrees card, preload it with your own spending money and withdraw it at an o/s atm at mastercard exchange rates (much better than oz banks/travelex etc.) and no foreign currency conversion fees. only fee may be an atm fee which is f all anyway.
 
XFactor1979 said:
Officially back down below 1 dollar U.S. now

Mind you if you tried to buy U.S dollars at Travelex theyre paying you 60 US cents for the Australian Dollar :mad:
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You sure? Travelex are paying 97 cents per 1 Aussie dollar as far as I can tell. They wouldn't get away with 60 cents!
 
98 handle on the Aussie atm.
 
It hit 95.92 cents today


Co-workers in the office are in agreeance

80-85 AUD is a nice round number, too much importing + online shopping was done when it was AUD $1.10
 
Confidence in China is lowering, which is having a carry on effect on the dollar. Hearing a few opinions, if Greece receives the bailout as expected, then we could possibly see the dollar hit parity again. As long as the world economy stays out of recession until January then I'll be happy :p
 
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