Foreign Exchange
You can make and loose alot of money when transferring your assets to Australian
dollars. Timing is key to the transfer aswell as finding a good conversion
rate and low administration costs. Don't go for the easy option
and get the banks to transfer your money. You will be first charged for
the privilege of giving them you money for a few days so they can play with it,
and then they will give you a pitiful exchange rate. Your best bet it
to go to a dedicated foreign exchange company like HiFX or Travelex
HiFX
for example have a dedicated Emigration section, where you can request an Information Pack. The information
pack gives you an excellent break down of your options which basically comprise
of 3 methods to moving your money over to Australia.
- Buying currency for spot
- Buy now pay later
- Market order
Buying currency for spot
If you have access to all your funds and wish to do an on the spot buy and payment
of your foreign currency, this is the quickest and easiest option.
Buy now pay later
If you do not have access to all your funds, you can buy your currency now at the
current rate and pay for it later. You pay a 10% deposit to fix the exchange
rate and the rest when you receive the money. In this option any changes
to the exchange rate will not affect your currency
Market order
If you are looking for a specific rate, HiFX monitor the market for you and should
the exchange rate reach your desired rate the currency is automatically bought for
you.
They also have an excellent
Market Watch webpage where exchange rates are updated every second. With
this information and the exchange rate trends from X-Rates, you can make the
best decision possible on when to move your money over.
