an alternative product called DCI (dual currency investment) may be worth considering
now it's been a few years since i moved overseas so i don't know how readily available these are back home, but they are all the rage in asian finance, they've really taken off here the last few years and their growing popularity has led to better rates nowadays
it's technically a structured product but is actually quite simple, basically it's an FX option dressed up as a high yielding deposit. you effectively sell the insto the option, but instead of paying you an option premium, they pay you in the form of a very high interest rate on your deposit. the caveat is that you must nominate an "alternate" currency, and at the maturity of the deposit, they can choose to return your deposit in either the currency you deposited, or the "alternate" currency converted at a strike price you select
the higher interest rate is, of course, below the fair value premium of the equivalent FX option - otherwise why would the instos be offering the product? so i don't think they're a good idea for taking a directional punt on a currency you aren't interested in, there are better ways of doing that which give up less money "to the house". but i do think they are a good solution
if you don't care which of the two currencies you will be repaid in. i often do them from SGD -> AUD, as i get paid in SGD but i will probably be returning home one day (to retire after i've made my fortune in this lovely tax haven
), so if i get exercised and converted to AUD i'm totally fine with that. you could do the same thing from AUD -> EUR.
FX volatilities, like equity volatilities, are elevated right now, so the rates on offer are quite good. i just logged onto my DCI account and had a look at the AUD -> EUR DCIs on offer. a one week expiry ATM (EUR/AUD spot = strike = 1.4277) pays 26% pa. that is equivalent to about 72 pips. if you want a bit of a buffer you can do a one week expiry 100 pips OTM (strike = 1.4177) and get paid 13.2% pa (37 pips).
these are great interest rates, but you must weigh that up against the fact that it will not fully protect you from AUD downside. it will only protect you for 72 pips (if you did the 1 week ATM). it will also limit your AUD upside to the same 72 pips, as you will get converted at 1.4277 if EUR/AUD drops below that in a week's time. if you select the 100 pip buffer the interest is equivalent to only 37 pips, and that is how much you will be protected to the downside, but you give yourself a potential 137 pips of upside (get converted to EUR at 1.4177 plus 37 pips collected).
this is not advice or a recommendation. just something worth considering. thought i'd mention it as they've worked quite well for me.