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30 Aug 12 16:03
Date Joined: 22 Jan 08
| Topic/replies: 2,820 | Blogger: RAPS's blog
I know similar has been asked on here before but...

I need to send a decent chunk of Money from OZ (AUD) to my German bank account (€) as I expect the charmed life of the Aussie $ is about to come to an end.

Would appreciate advice on how to do this efficiently..
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Report polybot August 31, 2012 1:23 AM BST
wire the aud to a foreign currency account in your german bank, generally it's only $20. then exchange it there at your leisure.
they should give you a better rate on anything over 100k (maybe less depending on the bank) but obviously the biggest factor is the timing.
best to speak to your banks to check rates and fees first though.
Report Menelaus August 31, 2012 12:53 PM BST
I wasn't going to comment on your thread because beyond telling you "buy euros and wire them" there was nothing to say. But since you are being lead astray, here it goes.

First of all, I have no idea what compels you to go from one currency which you correctly concluded should be shorted (I've been shouting the AUD is the short of the year when clowns on here were touting it to go to 1.10) to another that has its own huge negative issues with a lot of risk. But I'm sure however there must be some reasons that you just haven't elaborated on as to why you want to do that.

If you follow the suggestion of our resident "I-know-everything-but-I've-gone-blind-fondling-my-iPad" professor, it will cost you an extra 1 to 2 percent on the transaction. I'll overlook the fact that your post suggests that this is something you want to do now to front run what you anticipate is a AUD implosion, not "at your leisure" and that your existing account in Germany is a euro account, not a foreign currency account.

Exchanging your AUDs in Germany will cost you a premium of 1 to 2 percent on the transaction had you done the exchange in your home base. Although the cross trades the same on all FX markets, exchanging money at a bank is a different story. Banks use different exchange rates to include their fees, and the fees to exchange the AUD on German soil will be higher than converting to euro in Ozziland. Check it out if you don't believe me.

On a positive note for you, he even got the $20 wire transfer fee wrong. If you are holding a "decent chunk" of money at your bank, I'd be very surprised if you are not considered a "premium" customer in their customer services program in which case you'd get a number of wire transfers free.

As I said to others on here, every time you receive a suggestion, the first thing you should ask yourself is "who's it from?" Happy
Report FINE AS FROG HAIR September 1, 2012 1:18 AM BST
At least occasionally Menelaus posts up some practical useful advice.
Well done at last.
Report RAPS September 1, 2012 12:19 PM BST
Thanks for the replies.

Menelaus,thanks to you especially for your help. To clarify I`m using the cash to buy property so it won`t stay in my German account very long.

If anyone else has something to add I`d like to hear it.
Report Banwana September 1, 2012 6:21 PM BST
I used to lie to World First. It was like swapping mobile phone contracts in the '90's. They used to offer a rate of, say 1.16 euro for the pound and you could say Natwest are giving 1.18 (ie the mid-price). The phone monkey would have to ask his line manager but end up giving you 0.01% lower than the mid price.
Report chatlame September 1, 2012 7:37 PM BST
You have no moral or ethics. Here one goes, try to ride every possible high horse, then some f!!cing sc!mbag
are sneaking below one's legs...
Report chatlame September 2, 2012 12:57 AM BST
Off context the last, but funny when said (at least for a drunkard).
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