I'll be visiting the US in August and will need $10,000 USD for the trip. I'm unsure what to do at the moment, especially with speculation of further AUD depreciation due to lower interest rates.
Normally I use the citibank plus account overseas through a local ATM. However I would like to buy some currency in the next few weeks so this is not an option. Is there a cheaper option than buying a rip off travel money card?
It's a pretty well known currency exchange so you should be fine. My go-to is usually Everforex (for RMB/CNY) but I'm in Melbourne.
I'm not sure about KVB Kunlun but with Everforex you would need to call ahead for such an amount otherwise they may not have the currency on hand.
Just a heads up - $10,000 USD is the limit you can bring in without having to be subjected to further security checks when entering the US.
I know this because I entered with $10,000.00 USD a few years ago, and the customs officer asked me if I had any other money on me and to check my pockets. An aussie 5cent piece was at the bottom of my pockets when I pulled everything out - meaning I was over the strict limit. Even though I offered to throw the 5cent piece in the bin, I still had to be subject to further processing.
Got pulled aside, didnt have to answer any questions or anything, I guess they just did extra checks before granting me access to the USA. Took probably another half an hour of waiting because of the lousy 5cents.
You've put in the title, 'now or later?' but you've said you want to buy it now? Do you actually need it now or are you banking that it's going to drop further? On the futures market the AUD is about 0.77 USD in September. So if that is an accurate reflection of where it will be in 6 months, then it doesn't seem worth it.
I'm going over in June/July and will submit to the vagaries of the spot foreign exchange markets.
On the futures market the AUD is about 0.77 USD in September. So if that is an accurate reflection of where it will be in 6 months, then it doesn't seem worth it.
No, it is not accurate reflection where we're going to be. Look at the historical data…
Accurate predicting what may happen in 6 months time is a tough job - and if there's one who can do it accurately, no doubt he's a millionaire right now.
I have seen chief economist of one of the top banks making prediction that AUD will not fall any lower - and it was at the point when exchange rate with USD exceeded parity and was hoovering around 1.05. Three months later AUD started its trip to the south - and you know the rest of the story, several months later we're around 0.77…
Estimates I have seen (analysis made by one of the top bank as well)talk about further strenghtening of USD versus AUD, taking the rate down to 0.68 in the next few months. I find it odd that the country that in recent few years printed around 4 trillion of USD and has more than 18 trillion of debt is still considered "safe haven", but well, no one said that economy is about being rational…
Anyway, not sure whether I helped much, your call what to do, mate…
I think ill take a cautious option of buying 5k at the moment and getting the rest through a local ATM via Citibank plus in 6 months.
I'm going to the USA in March 2016 for a holiday, where I expect to incurr a total expense of USD$10,000 covering food, accommodation, sight seeing actvities etc etc. Flights were recently purchased via those cheap american airlines deals highlighted on ozbargain. I believe (and concerned) that the value of the AUD will drop against the USD between 06 Sep and the end March 2016 when I return. As such wonder what options I have to mitigate against this. I believe the are:
Does anyone else have any different ideas or comments on the 4 options above?
I have done some googling and it looks like KVB Kunlun offers decent rates. Has anyone been there before?