Family has a US Dollar deposit (approx 100k) with Citibank Aus is expiring and they no longer offer this product Thinking about converting to Australian Dollar and transfer to a local account.
Any advice on best currency conversion rates and safe options to do that.
Other option is to transfer to a no fee/low cost US Dollar Account with another Bank - Any suggestions
Thanks
I'd be interested to know for other reasons - I've got a fair amount of $USD (cash) which I've just been holding for a few years and now just waiting for a good time to exchange.
Didn't know that some banks could hold other currency balances.
Wise can hold US currency.
They also have fairly decent conversion rates.
I had the same account, ended up sending $ to Wise and converted half to AUD…
Have used a few recently after moving and woud recommend Wise for FOREX movements.
If you don't want to convert you can go with HSBC Global and store your US currency as-is
https://www.hsbc.com.au/accounts/products/everyday-global/
No account keeping fees or ATM fees either locally or overseas.