Owing to the strength of the Australian Dollar in the last two years more and more people have been buying property in Europe and therefore have a need to convert Australian Dollars into Euros and require the need of a specialist currency broker to save them money when doing so. Compared to using an Australian bank the saving by using a currency expert could be as much as 4% difference or AUD 8,000 on a AUD200,000 transfer.
The currency broker can help to watch the market for you and provide you with strategies of when to buy Euros and when to hold off. If you go to your bank the chances are you’ll be offered one exchange rate with no justification of the price and also no idea of how the currency market is being affected. This is an expensive way of transferring currency.
If you need to move currency into US Dollars the broker can also help with that too. Last night the AUDUSD was at 105.20 and an 8 month high against Japanese Yen. Sterling vs Australian Dollar has just dipped below 1.50 but my prediction is that we’ll hit the rate again early next week.
If you have any questions regarding selling/buying Australian Dollars please do not hesitate to contact me. Tom Holian [email protected]