OptionsXpress $USD transfer funds into $AUD bank

[skeezwiz]

Hey,
Does anybody know the best way to transfer $USD funds into $AUD funds using this broker. I do not want to use for example CBA, ANZ foreign exchange rates as they are a joke. I cannot use companies like ozforex because they are considered 3rd party and they don't allow for that. ACH is not setup as I dont have US bank account and cheques are time consuming. I assume wires are the way to go but which banks or institutions allow good rates of money transfers going into AUS bank?

 

[cbc1]

Hey Skeez,

Have you already signed up to optionsexpress? Its just that they aren't opening any FOREX accounts at the moment.
So you can't trade forex.

They look like a great website but I encountered a few problem with them. The main one was I asked them if they offer futures trading on the SPI and they replied that they aren't "trading on any foreign markets".

Huh? I'm in Australia so I would consider the SPI a LOCAL market. I also asked the question on the Australian Optionsexpress.

Doesn't IB offer Forex trading?

 

[George Washingto]

Hey,
Does anybody know the best way to transfer $USD funds into $AUD funds using this broker. I do not want to use for example CBA, ANZ foreign exchange rates as they are a joke. I cannot use companies like ozforex because they are considered 3rd party and they don't allow for that. ACH is not setup as I dont have US bank account and cheques are time consuming. I assume wires are the way to go but which banks or institutions allow good rates of money transfers going into AUS bank?

Bump. Facing the same issue, wondering if anyone has a solution? Would like to avoid getting burnt by bank fees and exchange rates when transferring money out.

 

[hhse]

Hi,

I've been looking into this issue as well. I've recently started trading the U.S market, and have found the spreads for AUD->USD to be ridiculous for the Big 4.

At the moment I'm looking at HSBC/Citibank that provide multi-currency accounts. HSBC appears better at the moment due to no fees & no minimum requirement.

Hope that helps!

 

[yazz]

Yep, the banks make an absolute killing on their conversion spreads. With CBA I’ve seen spreads of 150 to 200 points on my AUD-USD wire transfers, plus you pay admin fees at the sending and receiving end.

You can avoid the huge Bank conversion spreads by using a US broker that has an AUD account for funding. Then you just make a direct deposit/withdrawal to/from that account. Examples I know of and have used - Interactive Brokers and RCG. There’s probably plenty more, but most seem to only have USD accounts unfortunately.

 

[jimmmaaay]

I use XE.com for foreign transfers. Using Bpay out of your bank account (20c) and wire transfer to a foreign bank account directly, no fee. .5% spread. Has been the cheapest i can find, and is totally independent of any bank or amex etc.

 

[George Washingto]

Hi,

I've been looking into this issue as well. I've recently started trading the U.S market, and have found the spreads for AUD->USD to be ridiculous for the Big 4.

At the moment I'm looking at HSBC/Citibank that provide multi-currency accounts. HSBC appears better at the moment due to no fees & no minimum requirement.

Hope that helps!

Yep, you will still get hit ~2% converting it in your HSBC account though.

Unfortunately it looks like Ozforex doesn't do USD > AUD. Does anyone know of anyone who would? In that case you could go HSBC > Converter > AUS Account.