With the Aussie dollar headed south I am interested in opening a US dollar bank account. Which bank is offering the best deal ATM? I think Ozforex offers the best currency conversion rate, or can somebody suggest a better option?
US Dollar Bank Account
LBluebirdV on 20/06/2013 - 15:55
Comments
You don't HAVE to be a US citizen.
That is correct. I can second that.
There is absolutely no problem opening a US bank account with an Aussie passport. But you have to do it in person in a branch.
EDIT: Woops, LOL, his comment was over two years old. My reply is still correct though.
Yeah, too late. Better investments to be had with less hassle. Eg. Dividends + growth from a blue-chip stock.
Do a google search "US dollar bank account." There are a number of Australian banks offering US dollar bank accounts, including Commonwealth, NAB and HSBC. If you look at a chart the Aussie dollar went as low as 58c US in 2008 when everyone thought there could be a recession.
Just because it has done something in the past does not mean anything going forward.
Anyway, you would be best off calling George Soros for advise on the AUD.
Lies, the US have been quantive easing (read, printing money) in unprecedent amounts to cover debt roll overs - I wouldnt be surprised if the ozie dollar wont be worth several US ones. Small dips like this are sucker bets, the US have printed trillions of IOUs known as dollars that they will never, ever be able to repay (nor do they intend too, the plan is to roll over debt and print to pay for endless wars to keep the oil flowing cheap to thenselves)
Tue, were a small enconomey and our dollar is easy manipulated by others, but long term the ozzie is sound and some the elecon i expect to see both more fiscal discipline, a balanced budget plans and the ozzie to go head north of $1.20
Hi, this is Marty McFly from the future… Just popping in to say, BUH-BOW!
P.S. The US spends about 103% to 104% of their GDP, meaning that they only spend a few percentage points above what they collect. It's manageable, even with such a large debt and large economy. Compare this with Greece, where the government spends 175% of GDP.
If you can understand this you might be able to predict the AUD a little better next time.
The United States has been in debt as of the Revolutionary War which was in 1775.
Historically, the US public debt as a share of GDP increased during wars and recessions, and subsequently declined. For example, debt held by the public as a share of GDP peaked just after World War II (113% of GDP in 1945), but then fell over the following 30 years.
As of 30 November 2012, debt held by the public was approximately $11.553 trillion or about 72% of GDP. Intra-governmental holdings stood at $4.816 trillion, giving a combined total public debt of $16.369 trillion.[4][6]
If you print money a currency will collapse. There is a history of US debt here: http://www.theatlantic.com/business/archive/2012/11/the-long…
Investec provides forex accounts, probably depending on the amount you wish to invest. Interest is paid on USD at call and term deposit accounts. Note that forex accounts in Australia are not covered by the government deposit guarantee.
The only reason you'd put money in a US bank account is if you thought the AUD was going to collapse. Which it wont. The only reason the AUD fell against the USD was because the RBA dropped the rates. Hard. This was because our mining industry and manufacturing industry was struggling to compete. If they let inflation run away, we'd fall even harder when all the manufacturing plants and mines close down.
Australia's got one of the highest growth rates of an MEDC. If you wanted to open a US bank account for the sake of "safeguarding" your money from losing value, you'd be better off putting it in a term deposit. The US savings accounts have a growth of about 2%. Australia has around 4.5%.
Besides, it'll only go up from here. Especially if they decide to remove the mining tax and carbon tax post-September. Then it'll be up up and away for the ASX in terms of resources and manufacturing.
The Aussie dollar is being driven down (ie rate cuts) to prevent further damage to the economy. Having a high dollar is not good for exports. Have a look at the ten year chart for AUD/USD. The dollar looks like it's about to drop off a cliff. Check this out: http://www.smh.com.au/business/bears-circle-goldilocks-as-au…
Where is the ten year chart?
Stumbling across this thread near the end of 2015, it is a hilarious read!
What can I say?
I know you have to be a US citizen to open a US bank account.
I would just stick with the AUD, you are a bit late now, it is estimated the AUD will reach .85 to the US dollar. The rate is close to .90 now, if you convert to US dollars it is about .03 spread, to go back it is another .03 spread.
The US banks do not offer much interest, it is something like 1/2%.