Converting my USD

[Indie]

Hi All

I bought $300k USD a couple of weeks ago at .82 by moving the funds from my CBA account (AUD) into a USD CBA account I set up. Anyway, I've made a small gain and would like to convert about USD$150k back to AUD. Can anyone give me some advice on where I can get the best rate? CBA are quoting around 1.28 (USD-AUD) which seems a bit light considering AUD is .74 or so. I don't have much experience trading currency and any advice would be appreciated.

 

[tayser]

You're only looking at the retail rates - they intentionally give really ****house spreads because this is the market the average joe is exposed to when they go overseas and need to convert a couple of thousand dollars for travel money... the volumes you're looking at are more akin to the real interbank FX market... $100,000 is a standard lot so ring CBA up themselves and say you want to convert back but don't want to pay the retail spreads.

 

[Indie]

Thanks Tayser.