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Old 18.02.2019, 14:27
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krolley krolley is offline
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Using current account to dollar-cost-average AUD purchases

Hi all,

I will be planning to move back to Australia after I get all the family visa's sorted, so probably in the next 1 - 2 years. Currently, the CHF/AUD exchange rate is quite high and for the amount of money I will transfer back, small exchange rate fluctuations will mean a hit to my planned finances (in both directions obviously!)

I am considering the option of opening a current account in AUD with UBS (my current bank) and using transferwise to transfer from my UBS CHF account to my UBS AUD account. I could then do 10 transfers over the next year instead of 1. Benefits: don't have to give UBS 3 months notice for a large transfer, can average out the FX rate over the next year, and when I go to transfer AUD to my Australian account it's a 'normal' international transfer with no currency conversion. Disadvantages: costs 5CHF per month for the account.

Any advice you can give on this idea? Is there a better way to do it?

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