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-   -   Using current account to dollar-cost-average AUD purchases (https://www.englishforum.ch/finance-banking-taxation/290143-using-current-account-dollar-cost-average-aud-purchases.html)

krolley 18.02.2019 14:27

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?

Thanks

RTN 18.02.2019 14:45

Re: Using current account to dollar-cost-average AUD purchases
 
I don't see the AUD getting any stronger in the next couple of years, there is not much upside holding AUD here as interest rates are higher in Australia. UBS always offered me better rates and fees than their daily prices so it is worth speaking to them. Wait for a bad news story around the election and you might get lucky with some better rates.


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