Withdraw foreign currency through a trading account

[Felix Profound]

if youve never bought back money in USD, what currency were your previous trading accounts based in? AUD?

I've bought back money in USD and Eur as well.
But I didnt live in Australia

 

[mattlaw]

You are struggling big fella!

 

[Temjin]

yeah i use em for various currency holdings also . intrest rate pretty sad ,but easy to deal with , good service and suits my needs

And you can buy gold with it as well!

HSBC is the way to go for now, but out of topic, they may be the next to go in terms of insolvency. I already scared the **** out of my mum by mentioning this.

You are struggling big fella!

I'm struggling to understand too.

The part where ANZ bank say you need a business account to receive foreign cash has to be wrong. They will accept ANY foreign currencies (ok, beside a few rogue ones) and convert them to AUD at their OWN "crappy" rate + commission.

Since the base currency of your US broker account is in USD, there is nothing you can do about it with what you got right now.

If I were you, I would open up the HSBC Multi-currency account in Australia and then do the exchange within the bank. (they may have a better rate than ANZ)

complete newbie here and haven't started trading. .. so a naive question.

I often travel internationally and spend a few thousands of USD, EURO, GBP each year.

Do I need a foreign currency bank account in Australia for each type of currency to do that or there are some other easy ways? Is there a simple foreign currency bank account that can hold multiple types of currency?

thanks.

You can,

- Take AUD cash and bring it with you oversea and do the exchange there locally. Most of the time, the exchange rate for the currency in that country tend to be cheaper than if you were to do the exchange in Australia. Do a bit of shopping though.
- Travelex Cash Passport like Yelnats said, but exchange rate may not be as good too.
- If you are travelling to that country quite often, try opening a foreign bank account with no minimum opening balance and/or account keeping fee.
- Use your credit/debit visa card for big purchases while oversea and keep minimum cash. Disadvantaged is the crappy exchange rate that your Australia bank (that issues your card) will charge you, along with commission. I tend to only use it for ...um...impulsive purchase where I did not bring enough cash with me.