US dollar account

[bajajracing]

hi all.. need some information..
i'm thinking to go to us on may 2010. but going to buy us dollar right now.. because aus$ so strong in these days..
where can i open us dollar account in australia?
called commbank but monthly fee so high...
if i can, i don't want monthly fee.. thanks heaps

 

[bambbbam2]

I believe that HSBC do offer an account in several currencies..

 

[Wannabee]

What about one of these? Cost $15 to set up.

Personal - International - Travel Funds - Travel Money Card - Commonwealth Bank Group

Pretty good for purchases but not so good for cash out at ATM's.

The card inactivity fee only applies after 12 consecutive months of no use on the card and is $2 USD per month. Just close it down when you get back in May!

 

[david870mdg]

Have you considered an ANZ Travel Card?
Check out www.anzfx.com

You can load them up at the high dollar rates now and keep the card for up to two years with your better rate locked in.

 

[RB]

From what I recall from previous discussions these cards have the downside of poor exchange rates on cash purchase. I am thinking I can buy travellers chqs at a set rate (yes at built in margin) but keep them for however long without penalty ( eg whichbank charges for non-useage)

 

[Nutcase]

Try Citibank and HSBC. They are the only ones that offer foreign currency accounts for consumers BUT they have a monthly fee. To be honest, if you cant afford the monthly fee, or don't have enough money to get them to waive it, it may be a good idea to consider if your currency hedging idea is worth it.

You really need to be looking at $50,000 or more to make this worthwhile.

 

[Wannabee]

For the CBA one there is no exchange rate after the initial loading, that is what you get until that money runs out. Yes there are fees for getting cash out but if you are using it for purchases then there are no fees.

So with a normal credit card you get the rate at the time of the transaction, with these cards you know what you get before you use it.

 

[medhead]

I would avoid those travel cards at all costs. there are significant fees associated with using them, fees to load on money and fees to extract money. Just not worth it, IMO

Can I ask what is wrong with cash. Especially considering that I read in the business section some business type person predicting that we will reach parity with the USD in March 2010.

If it was me I'd follow the exchange rates daily, and be prepared to go out and get cash USD - so know where you are going to do this and have the money ready. If it gets to 0.98 or 0.99 before march, then that is time to do the deal. If it drops down to 0.89, again buy! That's what i'd do anyway.

 

[cove]

Going cash is limited to $10,000 USD per person and if you have more the lot can be confiscated as you enter the US.
The travel cards are better now than credit cards due to their fees every time you blink.
Currently a 30 day deposit in $US earns the princely sum of 0.5 per cent and a call rate earns zero at our major 4 banks.
Our Australian interest rates are far higher here than in the US ,UK or Europe.

 

[medhead]

Whoops sorry I didn't realise that the US wasn't the same as Australia, where it is ok to bring in over $10,000 provided you decalre it and can account for having it.

Not sure about CC. But my ATM card doesn't charge me 1.1% to load money onto it and it doesn't charge me US$2.20 to make a withdrawal. Not sure about CC, but if you use them correctly, you can probably avoid the extreme fees.

While Australian interest rates remain high and moving up then the AUD is going to have favourable exchange rates and IMO there is no need to rush into getting other currency.

 

[Mal]

Going cash is limited to $10,000 USD per person and if you have more the lot can be confiscated as you enter the US.

You just have to declare it - like Australia and other countries. It's not going to be seized unless you don't declare it, or something is very suspicious about the money. The question asked is:

"13. Mark an X in the Yes or No box. Are you or any family members traveling with you bringing $10,000 or more in U.S. dollars or foreign equivalent in any form into the United States?

Read definition of monetary instruments on the reverse side of the form.
Examples: coins, cash, personal or cashier's check, traveler's checks, money orders, stocks, bonds.
If yes, your must complete the Customs Form 4790."

And Form 4790 is here: http://www.irs.ustreas.gov/pub/irs-prior/f4790--2002.pdf

 

[adrian]

I have a Citibank Multi-currency account. No fees, and the exchange rates are reasonable. I don't think there is a minimum balance or transaction amount.

 

[sriver]

If this is just for a holiday then perhaps the Wizard Clear Advantage Mastercard would be a suitable solution. Plus your money wouldn't be locked into the US dollar.

There's a big thread on the wizard clear mastercard in these forums somewhere around here...

 

[drewbles]

If this is just for a holiday then perhaps the Wizard Clear Advantage Mastercard would be a suitable solution. Plus your money wouldn't be locked into the US dollar.

There's a big thread on the wizard clear mastercard in these forums somewhere around here...

Agree here, but the OP wants to lock in at the current nice exchange rate, in case things head south, meaning they want the chunk of USD.

The Wizard card is great. Used it on my last USA trip and will be doing so for every trip from now on. The exchange rate is great and conversion fees almost non existent (compared to other amex/mc/visa cards).

 

[Alanslegal]

Easiest way would be to establish a HSBC Premier Account (but you would need to demonstrate to HSBC that you have quite alot of $$$).