good exchange rate for aussie dollars

[dede1217]

I think SGD is weakening also... cuz EUR/GBP is getting higher... booo

yup lo ... sianz haix...

 

[maxokw]

Is SGD weakening...

 

[teckcheong]

Just changed 1.04 at Chinatown.

 

[dede1217]

1.03 at marina fountain

 

[ahcalvin]

Rate is going up.

 

[xsurycx]

Rate is going up.

very generic lei bro...

 

[testwall]

can any bros advise me if i want to mass change AUD (something like 100 or 200k), what is the best way? i doube money changers have that much AUD, and bank rates are ****

 

[kevin301]

can any bros advise me if i want to mass change AUD (something like 100 or 200k), what is the best way? i doube money changers have that much AUD, and bank rates are ****

buying property har?

Best option I reckon, is bank draft.
The bank charges you 0.125% (last time I checked, a number of years ago), so for A$100K @1.01 (for example), you'll pay S$101,000 + 0.125% ($120+).

I would advise you NOT to try changing that much cash and carry over. Firstly you'll have to declare, and the risk of losing it... scary...

 

[testwall]

buying property har?

Best option I reckon, is bank draft.
The bank charges you 0.125% (last time I checked, a number of years ago), so for A$100K @1.01 (for example), you'll pay S$101,000 + 0.125% ($120+).

I would advise you NOT to try changing that much cash and carry over. Firstly you'll have to declare, and the risk of losing it... scary...

hi bro thanks for reply. actually im planing to study there. the thing is ANZ has the option of free remittance to a ANZ account there, so im planning to open ANZ accounts in both countries and use the free remittance.

So now i just need to change the sgd to aud in singapore, and deposit in my ANZ sg account. problem is the rates ANZ gives are ****, eg its currently 1.039 for 1 sgd.

so back to my original qn, how can i change my sgd to aud as a big amount besides bank fx?

 

[kevin301]

hi bro thanks for reply. actually im planing to study there. the thing is ANZ has the option of free remittance to a ANZ account there, so im planning to open ANZ accounts in both countries and use the free remittance.

So now i just need to change the sgd to aud in singapore, and deposit in my ANZ sg account. problem is the rates ANZ gives are ****, eg its currently 1.039 for 1 sgd.

so back to my original qn, how can i change my sgd to aud as a big amount besides bank fx?

No other way, really. What's wrong with bank FX anyway?
There's a reason why it's popular.

In my opinion, doing this ANZ twin account thing to try and save the demand draft fees, is plain daft.
Just look at the rates and the amount involved and do some simple math.

DBS overseas draft rate for >$50,000 is 1.0211
Even adding the 0.125% fee for the draft works out to far less than 1.039 rate for the twin account.

 

[testwall]

thanks kevin. i get what you're saying, btw the rate i got from ANZ was off their web, i shall call them to see what rates they are actually offering.

are banks the only way to change huge sums of cash instead of money changers? if thats the case i can just get a bank to change my AUD, then deposit into my ANZ sg account, and remit over, just to save the 0.125%

 

[testwall]

btw kevin, where did u get 1.0211? for amounts >50000 i see them selling at 1.0240

 

[onlinebuyerhere]

btw kevin, where did u get 1.0211? for amounts >50000 i see them selling at 1.0240

You can try pay2home remittance if you already have an account in AU (you can open one online in NAB/ANZ) - http://www.pay2home.com/

better rates than banks but not as good as arcade money changers, can do online or go to their branch, their transfer fee is $20, not sure what is the max per transaction, I see in their site it's 50k.


Have tried them already, takes 2-3 days(depending on bank) before you see in your online banking.

 

[yangsss]

thanks kevin. i get what you're saying, btw the rate i got from ANZ was off their web, i shall call them to see what rates they are actually offering.

are banks the only way to change huge sums of cash instead of money changers? if thats the case i can just get a bank to change my AUD, then deposit into my ANZ sg account, and remit over, just to save the 0.125%

pls do correct me if im wrong.
I went down to Parkway ANZ to ask them personally.

the ANZ lady told me that ANZ SG and ANZ AU is not linked, therefore it will work like any other banks in Singapore (unless you are opening ANZ Signature Priority acc which is more than SGD150k).

so it works the same way, to open multi currency accounts.

put in SGD here, withdraw AUD over in AU.

however...

this SG site states *2 free remittance to any ANZ account in Australia

http://www.anz.com/singapore/en/personal/deposits/australian-dollar-savings/

and this AU site is for international students

http://www.anz.com/personal/bank-accounts/banking-for-life-changes/international-students/

 

[lunafan]

Why would you need to do a such a huge lump sum change at one go? For studies, usually people pay per semester. Shouldn't be that huge an amount

 

[testwall]

pls do correct me if im wrong.
I went down to Parkway ANZ to ask them personally.

the ANZ lady told me that ANZ SG and ANZ AU is not linked, therefore it will work like any other banks in Singapore (unless you are opening ANZ Signature Priority acc which is more than SGD150k).

so it works the same way, to open multi currency accounts.

put in SGD here, withdraw AUD over in AU.

however...

this SG site states *2 free remittance to any ANZ account in Australia

http://www.anz.com/singapore/en/personal/deposits/australian-dollar-savings/

and this AU site is for international students

http://www.anz.com/personal/bank-accounts/banking-for-life-changes/international-students/

hey, yeah that's wat i saw too. 2 remittance free per month. so that contradicts what the person told you yeah? im planning to call them once i decide to accept my place

now that i read, could the lady who serviced you be thinking about an ANZ sg account instead of the AUD Savings plus account?

 

[testwall]

Why would you need to do a such a huge lump sum change at one go? For studies, usually people pay per semester. Shouldn't be that huge an amount

well, audsgd is at such a low now, even the previous low during 2008 only occured for a few months, figured i would change now before it climbs. Furthemore the interest rates are better there.

 

[yangsss]

hey, yeah that's wat i saw too. 2 remittance free per month. so that contradicts what the person told you yeah? im planning to call them once i decide to accept my place

now that i read, could the lady who serviced you be thinking about an ANZ sg account instead of the AUD Savings plus account?

pls do let me know as well.
I should be making another trip down to confirm with them again. it is really contradicting or perhaps that lady do not know their products well.

 

[yangsss]

well, audsgd is at such a low now, even the previous low during 2008 only occured for a few months, figured i would change now before it climbs. Furthemore the interest rates are better there.

yeap. aud is hovering frequently around 1.2+ range. that 0.2 could mean a lot if we change in bulk.

the -ve is the security & the period from airport to bank,
and we may not even have time to reach the bank on 1st day cus it may have closed for the day alrdy.

 

[kevin301]

thanks kevin. i get what you're saying, btw the rate i got from ANZ was off their web, i shall call them to see what rates they are actually offering.

are banks the only way to change huge sums of cash instead of money changers? if thats the case i can just get a bank to change my AUD, then deposit into my ANZ sg account, and remit over, just to save the 0.125%

Ok well I hope you get a good deal.
From your postings, I gather you seem to be "fixated" on avoiding the 0.125% bank draft fee. However I would advise you to look at the bigger picture.

Essentially you want to change an amount of A$ for the lowest possible S$ amount. No point to save the draft fee if you end up paying more in exchange rate or others. Usually inter-bank rates are very competitive to market rates. Don't think the money changer can beat them. For example, at 9:50am today I checked DBS OD sell rate is 1.0131 and Arcade Money Changer is 1.015
For $100k that's almost $200 bucks difference. The draft fee is only $100+
Kind of a no-brainer, really.

Money changers essentially work with cash. I don't know about you, but I wouldn't want to be carrying tens of thousands in cash into Australia. What if you lose just some of it? Is it worth the risk?