# Foreign currency account: Which bank will be best?



## gabbys (1 April 2011)

Hi,

Sorry if this post doesn't belong here. If your a mod feel free to move/delete it if it doesn't. 

I buy and sell in USD.
Instead of going through two lots of currency conversion fees I have decided to open a Foreign Currency Account.

The account needs to receive USD and to send USD.
I estimate I would make about 5000USD worth of purchases and the same amount in sales/month.

Instead of going to the first bank and opening a Foreign Currency Account.
I am wondering which would be the best bank for these particular needs.
A combination of low fees/high interest rates I would assume.

Can anyone point me in the right direction? I am currently thinking about Commonwealth Bank.

Thanks


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## prawn_86 (2 April 2011)

I work as an FX broker but we dont do currency aco****s cause we're not a bank.

CBA is the worst bank for any currecy related business. Holding currency accounts with any bank is fairly expensive anyway and on a USD account you will be getting about 0.25%pa interest.


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