Need a Bank or Service to Move USD to Australia

Ozzster on 06/07/2022 - 21:12

Been working remotely and paid in USD to the US bank. As this is a good time to buy AUD, I want to transfer the money to Australia to be ready to exchange USD to AUD whenever I decide (soon).

All major banks have issues with USD accounts and not very nice exchange rates. ING has poor support and reviews. I tried Revolut, but they don't transfer USD for Australians, however do it for the UK users.

Please recommend some way to have a USD account in Australia free of charge and with Forex-like exchange rates.

Financial

Comments

  • cloudy on 06/07/2022 - 21:21

    something like OFX

    • Ozzster on 06/07/2022 - 21:42

      Thanks, but their rate is just a bit better than at the major bank. Still worse than the other services.

      • cameldownunder on 06/07/2022 - 22:54

        Mayor banks are 5%-7%, OFX is 0.1%.

  • cameldownunder on 06/07/2022 - 21:21

    OZ Forex https://www.ofx.com/en-au/

    Ask them the spread first, should be really low: 10 pips or less

  • scotty on 06/07/2022 - 21:25
    +6

    Wise? Move your money from your US bank to your Wise's US account, and then convert to AUD, and then transfer to an AU bank account.

  • salmon123 on 06/07/2022 - 21:29

    I tried Revolut, but they don't transfer USD for Australians,

    I'm pretty sure they do, but they might have low limits.

    Wise (formerly transferwise) is the other go-to provider for cheap forex.

    • Ozzster on 06/07/2022 - 21:33

      I was pretty sure that they do, and they have an article saying how to, but my USD account with them has no details. When I asked their support about it they said that currently there is no international transfers to Australia, only from it.

      • salmon123 on 06/07/2022 - 22:12

        my USD account with them has no details

        You're right - the USD/GBP account details for receiving money have been removed from my account too.

        I guess they removed the functionality for whatever reason.

      • Cheapshots on 06/07/2022 - 22:14

        Yeah I don’t get an option either for USD. I’m in uk atm and anyone who pays me needs to pay my wise account or for any direct debits.
        though I use Revolut for transactional stuff.

  • taoz on 06/07/2022 - 21:30

    xe.com

  • abctoz on 06/07/2022 - 22:08

    if you do it through crypto fees should be 0.2% on kraken, 0.1% on binance, +spread maybe total ~0.5%

    something like USD to Kraken, convert to USDT, send to binance, exchange for AUD, withdraw to bank
    risk is low since you can do the whole thing in less than an hr, and keep it mostly in fiat

    probably too PITA tho, have to kyc twice, also not sure how taxes work

    • [Deactivated] on 06/07/2022 - 22:31

      You forgot - get chased by ATO after all that.

      • abctoz on 06/07/2022 - 22:33

        lol

  • CecilTheChair on 06/07/2022 - 22:11
    +1

    Wise is your best bet as mentioned above

    • Ozzster on 06/07/2022 - 22:23
      -1

      Unfortunately, Wise asked some PhotoIDs which I don't have.

      • cameldownunder on 06/07/2022 - 22:55

        Drivers license and passport ?

      • salmon123 on 06/07/2022 - 23:43

        How did you open revolut with the PhotoIDs? Pretty sure anyone offering FX/banking services will need to complete AML/KYC checking which need the equivalent of 100 point ID checks.

      • Dave Bowman on 07/07/2022 - 08:29
        +1

        How do you not have any photo ID?

      • jbird84 on 07/07/2022 - 09:13
        +1

        seems like you should get that then as that is a rather large barrier to doing things in your life

      • netjock on 07/07/2022 - 09:25

        Guess it rules out crypto too. But you can ask how crypto can help the unbanked on their AMA.

  • [Deactivated] on 06/07/2022 - 22:27

    Citibank, open account in USD and transfer USD without exchange to your USD account in Citibank Au, pay $20-ish for SWIFT transfer. Sell USD later to same Citibank, they offer better exchange rate for large sums. You can do the same in HSBC but they want 1% for incoming transfer.

  • Sweet3st on 06/07/2022 - 22:29

    Other banks like Citibank have multiple currency accounts, I have a USD account attached to my Plus account. Pretty sure you can have USD deposited then convert to AUD at not too bad a rate. NAB has bought out Citibank but no changes so far.

  • JimmyF on 06/07/2022 - 22:40

    bitcoin

  • AustriaBargain on 07/07/2022 - 08:04

    Wise is how many Amazon affiliates accept money into a US bank account and then instantly transfer it to their Australian Wise account.

  • jar-unit on 07/07/2022 - 08:09
    +1

    Transferwise - or wise now. Very easy and very low fees to transfer funds internationally, have used a few times when buying or selling things to US residents. Check their website wise.com - let me know if you do use them can send you a referral as well if you want one,

  • 7ekn00 on 07/07/2022 - 11:53

    Via bitcoin, far cheaper fees and much more flexibility!

    Second best method via Wise, slower and more expensive, but feels more "traditional" :P

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