Foreign Exchange

You can make and loose alot of money when transferring your assets to Australian dollars.  Timing is key to the transfer aswell as finding a good conversion rate and low administration costs.  Don’t go for the easy option and get the banks to transfer your money.  You will be first charged for the privilege of giving them you money for a few days so they can play with it, and then they will give you a pitiful exchange rate.  Your best bet it to go to a dedicated foreign exchange company like HiFX or Travelex

HiFX for example have a dedicated Emigration section, where you can request an Information Pack.  The information pack gives you an excellent break down of your options which basically comprise of 3 methods to moving your money over to Australia.

  1. Buying currency for spot
  2. Buy now pay later
  3. Market order

Buying currency for spot

If you have access to all your funds and wish to do an on the spot buy and payment of your foreign currency, this is the quickest and easiest option.

Buy now pay later

If you do not have access to all your funds, you can buy your currency now at the current rate and pay for it later.  You pay a 10% deposit to fix the exchange rate and the rest when you receive the money.  In this option any changes to the exchange rate will not affect your currency

Market order

If you are looking for a specific rate, HiFX monitor the market for you and should the exchange rate reach your desired rate the currency is automatically bought for you.

They also have an excellent Market Watch webpage where exchange rates are updated every second.  With this information and the exchange rate trends from X-Rates, you can make the best decision possible on when to move your money over.