Quote:
Originally Posted by Stardrifter_WA
Also bare in mind, you cannot actual buy dollars at that rate. Currency Exchanges sell a little below that, as they like to take a slice, and the bank charges you a fee to buy US dollars. Even with a Credit Card you are charged an International transaction fee, although that is fairly low anyway. When I go to the states I am getting a CC charged with US dollars, so that I don't pay the International transaction fee on every purchase I make whilst there.
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True points...
Exchange houses take about 3% (Travelex is currently at 1.0064). I tend to use my US brokerages to shuttle money back and forth. This way I can get the interbank rates, currently at 1.035/43 and get charged a small fee (1%).
If you don't have this option, you might want to consider opening an account with a money broker. I've heard of World First, but have not used them.
As for credit cards, you'll need a US address to apply for a CC in the USA. Should be easy enough, as US CC companies trip over themselves to get you to sign up...
. I've been with Citibank for over 20 years and their customer service calls me every year to see how I'm doing and if there's anything they can do to help me spend my money
. Citibank is one of the card companies that charge the lowest fees for international transactions (after they lost a class action suit I was in for gouging from 2000-2004. I got over $2700 back).
The dreaded CC is part of the reason the USA is in such bad shape. The GFC has forced a lot of lending companies to write off bad debt, so I don't know if there are new checks and balances in place for people who live overseas.
BTW: Crystal ball's are the last thing you need for FOREX trading... Steel are much more appropriate...
