Foreign currency account: Which bank will be best? - Aussie Stock Forums

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  1. #1

    Default Foreign currency account: Which bank will be best?


    Sorry if this post doesn't belong here. If your a mod feel free to move/delete it if it doesn't.

    I buy and sell in USD.
    Instead of going through two lots of currency conversion fees I have decided to open a Foreign Currency Account.

    The account needs to receive USD and to send USD.
    I estimate I would make about 5000USD worth of purchases and the same amount in sales/month.

    Instead of going to the first bank and opening a Foreign Currency Account.
    I am wondering which would be the best bank for these particular needs.
    A combination of low fees/high interest rates I would assume.

    Can anyone point me in the right direction? I am currently thinking about Commonwealth Bank.


  2. #2
    Mod: Call me Dendrobranchiata prawn_86's Avatar
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    Default Re: Foreign currency account: Which bank will be best?

    I work as an FX broker but we dont do currency aco****s cause we're not a bank.

    CBA is the worst bank for any currecy related business. Holding currency accounts with any bank is fairly expensive anyway and on a USD account you will be getting about 0.25%pa interest.

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