Us Dollar Account in Australia?

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PLANT

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Jan 23, 2005
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Where are they?
What are the fees?
Can you withdraw Us dollars from them in Australia?

Looking $25K+US transactions

Seeking to be lower fees and getting better conversion than transfering US dollars into AU account and having bank conversion rates.

Westpac useless
MECU Nope
Bankwest Nope
 
No results on search.....the answers do not address my issue(HSBC Premier maybe close) other info useless!
 
We use Westpac in Perth and their dealing room contact number is 08 94262477. Don't bother them for small transactions but $25,000 should be ok and you can wire payments quickly to the world. I don't know about cash and the interest earnt on a US dollar account is bugger all.
 
Hi Cove, I'm actually looking to transfer $25K+US to Australian Account(maintaining US dollars) and then is it possible to withdraw the US dollars in Australia to get the best rate to AU? ie. Casino?
 
I think the aim in my thread is pretty different to this one - mine is to get access (e.g. Visa/Mastercard) access overseas for purchases and cash withdrawals, relatively small transactions.


PLANT: If you're talking about $25k+ per transaction and wiring the money not small purchases and withdrawals, the various "Foreign Currency" accounts in Australia may be what you want. If you would holding a fair bit more than that in the account at once, offshore USD accounts from Barclays, Standard Chartered, and so on may be good too.
 
HSBC have been reasonable when we switch money into our UK pounds account so they could be ok in Australia. Once again you will earn bugger all interest on UK pounds and US dollars.
 
Hi Cove, I'm actually looking to transfer $25K+US to Australian Account(maintaining US dollars) and then is it possible to withdraw the US dollars in Australia to get the best rate to AU? ie. Casino?

Ah, different yet again :)

If you are fine with branch withdrawals and there's a branch near you, HSBC should be okay Foreign Currency Accounts. Compare foreign accounts | HSBC Australia. Commonealth should as well https://www.commbank.com.au/personal/international/foreign-currency-account.html. I don't know how their fees compare though
 
I think the aim in my thread is pretty different to this one - mine is to get access (e.g. Visa/Mastercard) access overseas for purchases and cash withdrawals, relatively small transactions.


PLANT: If you're talking about $25k+ per transaction and wiring the money not small purchases and withdrawals, the various "Foreign Currency" accounts in Australia may be what you want. If you would holding a fair bit more than that in the account at once, offshore USD accounts from Barclays, Standard Chartered, and so on may be good too.

The aim was different but the summary of accounts and features was pertinent.

The search function brings up other threads:

http://www.australianfrequentflyer.com.au/community/your-questions/us-dollar-account-20546-2.html

However what the Op is looking for is not really related to travel like many of these questions are ;)
 
Well if it's cheaper than flying over 4 times to get the money in cash ;)
The best exchange rate is the Casino Main cage when it comes to Conversion.......no gamble there Cove!
 
Beg to differ, especially when you look at Contact Us | KVB Kunlun

Agree that there are specific services for getting physical cash...

Could the OP clearly state what they are trying to achieve??

There are a few main reasons that people have US dollar accounts in Australia such as
  • having a business that receives and spends US dollars - the purpose of the account is therefore to avoid the need to convert each time (most of these people won't need physical FX cash)
  • wanting to lock in an exchange rate because you have a reason to need the funds - usually this is if you are making a large purchase offshore and/or are moving and want to stick your funds somewhere after converting at a favourable rate (most of these people won't need physical FX cash)
  • Wanting an account that they can deposit funds into at a certain rate (ie they are converted on the way in) and then withdraw funds whilst overseas (or possibly domestically)

By understanding what you are trying to achieve, we might be able to assist with other options.

For example, if you are wanting to withdraw large sums of money because you are traveling then a transaction account such as the Citibank Plus might be of benefit. You will get the Visa rate which is better than other cash rates, however you will be limited to daily ATM limits.

If you are wanting an account that you can deposit funds into and then withdraw in cash whilst in Australia, then your options are significantly limited. You will find that all of the accounts that allow this will require you to go into a branch and will charge you to obtain physical notes. You'll also need to plan ahead because almost no facilities in Australia would routinely hold $25k in USD physical notes that one customer can withdraw (ie they might have this much but you would force them to turn away all other customers that day if you withdrew it all without prior notice).

If you are holding funds in USD overseas and are working out how to get in into AUD then this is a different scenario again. You would be charged fees at both ends to perform this transfer, however this kind of electronic transfer will usually give you the best exchange rate, particularly if you transfer the funds as one large amount. You would have two options - get a rate in the US before you make the transfer and have the funds sent as AUD (ie they convert it in the US and AUD is sent and received in Aus) or you transfer in USD and then speak to your Australian bank about receiving USD and get a quote on an exchange rate for the deposit here. You will often have a better chance of a good rate at the sending end, as the receiving bank might struggle with applying a 'special rate' when they receive your funds. If you are a business or private banking customer then they should accommodate this however.

If you want more thoughts then I suggest you provide some more details about
  • where the money is coming from
  • what format and currency it is currently in
  • what you are trying to do with it (ie physical USD cash? just wanting AUD at best rate?)
  • if you are a business or private banking customer anywhere
 
Firstly I appreciate all the comments given.
I have at this point $25kUS in America that I wish to get to Australia and transfer into AU $ for the best conversion rate and minimum fees.
This will potentially increase to $100KUS in the future.

When I transfer from my account there, the only option I have currently been given is to any account in Australia with my name on it and the receiving "bank" will complete the conversion this end.
I am not offered a conversion option at the US end.

I therefore have gathered through through google and this thread that the option of a US $ account can be setup in Australia.
I then thought having a US $ account in Australia would allow me to withdraw US $ in Australia at a reduced fee and then go to:
1. The Casino main cage
2. If a better conversion rate place(potential link provided above/forex trading house)
To beat the 4% exchange rate the banks want to charge.

I then will have AU dollars to spend how I wish.
I'm just average Joe, not private banking or business.


Edit: Rang HSBC and Multi or Flexi Foreign account in AU
$200AU to get the money here(max $250au)
$10 to get US $ to withdraw(holding fee)
1.25% to get US $ cash out.
No ongoing fees

Re attempted Westpac foreign account: Nope does not exist to access cash in Au "We are currently behind the times"

CBA Foreign Account: To get it here $11
1% to withdraw US $
$8 to purchase\hold fee.
No ongoing fees.
Got the girl that seemed very happy "cool bananas" WTF?)
 
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One more important question, is do you need the money in AUD right now or later? If later, you'll have the choice of converting it sooner (better if the Aussie dollar rises against the US) or later (better if it falls).

I'd say your options are:
1) Wire it from the US account to an AUD account here, where the receiving bank will do the conversion
2) Wire it from the US account to a multi-currency account here (or a pair of USD and normal AUD account), and convert at your leisure
3) Wire it from the US account to a USD account here, withdraw cash at the bank (you'll need to request it in advance for large amounts) and then convert it elsewhere.


Since this is just a straight USD->AUD conversion you are after, and there it's not about overseas transactions and multiple currencies, AFF may not be as helpful as normal.


My advice would be to look on the websites and/or call up NAB, Commonwealth, Westpac, Citi, HSBC, etc and see what their fees are for incoming wired money, account fees, cash withdrawals and conversion to AUD. Although it's more than a few there aren't that many banks, and the small details probably change fairly regularly.

The CommBank foreign currency account for example seems to have no fees for accounts, $35 for incoming wire, and 1% on cash withdrawals (https://www.commbank.com.au/content...ply-online/download-printed-forms/ADB1784.pdf) Simply repeat looking at the other banks, plug it into a spreadsheet and you should have your answer.
 
Firstly I appreciate all the comments given.
I have at this point $25kUS in America that I wish to get to Australia and transfer into AU $ for the best conversion rate and minimum fees.
This will potentially increase to $100KUS in the future.

Based on that, sounds like you should just look at foreign exchange traders ie. ozforex. A few years ago, I had about 200k pounds in the UK that I wanted to transfer over here to Australian banks and AUD, and went through them, and they had much better rates than the banks. A lot of people recommend ozforex as a way of sending money overseas, but it also works well if you're trying to get money from overseas over here.

I can't imagine the casino main cage exchange rate being very good, as its a captive market ie. I would think they would be taking advantage of people wanting to gamble so much right there and then, they would charge bad exchange rates. I don't personally know this as I've never tried to exchange money at the casino, but I can't imagine it would be great.

I don't see the point of moving the cash here to a bank account denominated in USD and keeping it in USD if you're after AUD to spend. Looking at the fees you're quoting, that's just to get the money here. When you do want to withdraw as AUD, you'll be getting the bank's coughpy exchange rates then. So you'll have 1) extra fees to get it here in US and also 2) coughpy bank's exchange rates. You might as well get the best exchange rate from USD to AUD you can get now from whomever you can eg. ozforex, xe.com, other foreign exchange specialists.
 
When I transferred, ANZ was the best and opened up a pathway to easily transfer back and forth without huge fees. Thursday is the "go" day for best rates coming this way. You should be able to negotiate the fees for amounts over $100K... anyhow I did but that was back in the days of .62 exchange.
 
Well more phone calls to OZforez and the people that have my money in US $
I cannot use "direct" Ozforex as they are a 3rd party trader and the money I'm told needs to go into my name account....OZforex is a hub(number) that does NOT show that it has gone directly to me.
Therefore it looks like I am forced to have a US $ Australian Bank acccount and then transfer the money to Ozforex\or better\or cash to the casino(still have to run the numbers.)
I'm not hopeful that $25K US is going to budge the banks rate closer to OzForex.
 
We have a USD account with Suncorp Metway Treasury in Brisbane, and I believe the treasury section of most Australian banks would similarly offer $US accounts. We can move money to and from our $A account with no fees and at the prevailing exchange rate, or extremely close to it. Until recently, we were also offered TTs (wire transfers) for free, but now there is a charge. There are no fees on the account, but we get no interest either, due to the prevailing very low interest rates in the US itself.

Moving money is easy by fax, or email, but they will always want to confirm it is you by a phone call. That part can be difficult if you are out of mobile range, as I am occasionally.

This is by far the best foreign currency account we have ever held. Because it is through their treasury division, you will have to go through the third degree of intimate questions to open the account, as your transactions can exceed the Austrac limit of $10,000 at any time, so they will want to know you are using it legitimately.

Naturally, it will help if you have a large local account opened with them too.
 
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