Hi,
My parents just arrived from overseas and have USD with them (over $10K) which they would like to exchange to AUD.
Can someone recommend best place to exchange?
Thanks.
Exchanging USD → AUD in Brisbane
Comments
Thanks.. I read on a thread someone recommending Crown Currency - https://crowncurrency.com.au
Awaiting quote reply from them.
Just wondering if anyone else has any other place they can recommend
http://haihamoneytransfer.com.au/locations/
Look for Asian money exchange places such as Hai Ha above, they usually offer pretty good rate.
Thanks for the suggestion.
They offered the best rate so far, much better than Crown and the others that I have checked around :)
Most probably will go with them. Much closer too..
Thanks again!
Would certainly be worth having a chat with the major banks. For $10+k they might do a bit of a better deal for you? Avoid "hole in the wall" money changers. As always, do a little shopping around.
For your reference, the difference on US$10k between the retail rate and the market rate is about $600. Now, you won't get the market rate (this is what the international banks are exchanging at with each other), but the less of the $600 you can give up the better.
I note the retail rate is currently about 0.74 vs. a market rate of about 0.71. The closer you can get to 0.71, the better, but recognise you'll probably still end up a fair way off that.
Take a look at this page. It's from 2010 so the rates will be quite different, but may give you a starter if you're looking around. It suggests that on US$10k, getting a good deal could be worth about $200 extra in your hand … (https://www.ausbt.com.au/investigation-cheapest-currency-exc…)
Thanks long read.. but I'll check it out.
Probably worth while to ring one of the bank that we have mortgage with then.
My parents just arrived from overseas and have USD with them (over $10K)
Why the heck did they bring that sort of cash with them ?
Did you not tell them that Australia is very much cashless ?
They have investment property overseas which pays them in USD.
Their local currency is not USD. They have the option to convert it before coming, but they thought it might be better to convert here as they would have to do USD -> local currency -> AUD over there.
No doubt they declare their income to the ATO?
I think OP is implying their parents/investment property are both overseas.
@Baghern: Admittedly I don't know what the rules are about this, but why do they need to declare foreign income to the ATO? Why doesn't every person with a rental property that comes to Australia on holidays need to declare it?
@EFC94: Because they need to declare that they brought $10K in cash to Australia…
If they did their research first they’d know the rules.
Also, any exchange place is going to ask questions if you rock up with a suitcase of USD. By law they probably have to tell the authorities.
heaps of places in the mall or around brisbane to convert cash, westfield shopping centres.
or a simple google search for currency exchange in your area will help