What's the best way to maximise $2k for a holiday at the end of the year.

mysticturtle on 04/03/2014 - 18:16

So we are going to Vietnam in Dec for a family of 5. My mother read that the AUD will drop dramatically this year.
We are planning to spend $2k during our trip. Is there a way we could maximise out dollar now? Eg. convert it into USD and store it in a bank for interest. How could I do this?

Any advice would be appreciated.

Financial

Comments

  • ilsan0 on 04/03/2014 - 18:22

    source? when is it scheduled to drop?

  • p1 ama on 04/03/2014 - 19:07

    $2000 isn't really enough to buy foreign exchange, either directly or via options, brokerage fees will essentially cancel out any profits you make. Alternatively, if you go through a bank…etc. their exchange rates are so padded that you're not really getting close enough to the market rate for it to be worthwhile.

  • minijumbuk on 04/03/2014 - 19:48
    +4

    It's not going to make a huge difference at the end of the day. Don't even worry about it

  • DEvok on 04/03/2014 - 19:48

    I doubt that the Aussie dollar is going to go down any further, infact its going the opposite right now, and if your lucky, it might hit that 100.

  • cintamami on 04/03/2014 - 19:56

    LOL……

    Buy the return tickets now? not only its cheaper coz its about 9 months away? also, you pretty much covered most of your travel cost this way. (I assume by going to Vietnam, your travel fare will be a significant part of the whole travel expenses thing).

    Other than that, I don't think our AUD will fall too much against VN currency, if that's what you are worrying about.

  • battler on 04/03/2014 - 20:30

    Who's to say the Dong won't also drop?

    Agree with minijumbuk… Don't even worry about it.

    Equally, if you convert now and the A$ goes up against the Dong, you will be worse off.

  • minijumbuk on 04/03/2014 - 21:08

    Worry more about planning your holiday so you get the most out of it. Like book Groupon accommodation or activities there in advance.

  • mysticturtle on 04/03/2014 - 21:22

    Okay thanks heaps guys!

  • c64 on 05/03/2014 - 08:43

    to the casino! :)

  • cat06969 on 05/03/2014 - 13:55
    1. Polish up your crystal ball, so you can predict exchange rates with alarming accuracy 9 months from now. Then:
    2. Do extensive research prior to travel, so that once you're there, you don't piss away any meagre gains you may theoretically/possibly have made in small currency fluctuations. In other words, ask people who've been there extensively for tips on how to maximise internal travel scenarios etc. You save loads of REAL money if you know what you're doing in the actual country.
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