Australian dollars...

[Ish]

Hi guys,

Maybe a little off topic but still relevant to quite a few I am sure.

I have a reasonable sum of $aud sitting in my ASB foreign currency account after selling all my shares. In the short term (1-3 months) I want to keep my options open, but hopefully earn more than the paltry amount of interest the foreign currency account pays.

I don't want to convert back to NZD and lose on the conversion at the bank.

Any suggestions?

[Stranger_Danger]

Don't do anything cute with it. You don't hold cash to maximise returns - you do it to minimise risk and retain maximum flexibility and, frankly, I reckon you haven't done a bad thing.

Take significant risks with equities and virtually no risk with fixed income I reckon.

[trackers]

Hi guys,

Maybe a little off topic but still relevant to quite a few I am sure.

I have a reasonable sum of $aud sitting in my ASB foreign currency account after selling all my shares. In the short term (1-3 months) I want to keep my options open, but hopefully earn more than the paltry amount of interest the foreign currency account pays.

I don't want to convert back to NZD and lose on the conversion at the bank.

Any suggestions?

Why will you lose on the conversion at the bank? I would've thought with this ongoing tax saga and impending NZ OCR increases, NZ should strengthen against the AUD? Having said that, I'd just leave it there (thats what I do)

[macduffy]

Why will you lose on the conversion at the bank? I would've thought with this ongoing tax saga and impending NZ OCR increases, NZ should strengthen against the AUD? Having said that, I'd just leave it there (thats what I do)

Depends on what the cash will ultimately be used for.

Personally, I'd be much more likely to spend it on the ASX or an Aussie trip so I'd be leaving it in AUD.

[Ish]

Well the bank would take its .75% cut if I transfer the $aud to nzd.

I am just looking at my interest options for AUD. e.g. I was looking for responses such as

Open a bank account with an australian bank (i'm with ASB so I assume CBA would be the easiest?)
Draw a bank cheque in AUD
Deposit the funds into the savings account

Ideally the savings account would be similar to the ASB fastsaver so I could easily withdraw the funds if I wish to buy some shares or make other use of the money.

Cheers

[Crypto Crude]

suggestions,
put it into BAS at 3cents...
late this year/next year when BAS announces its new round of farmins, the SP will rocket to 10cents plus...
Its going to be real slow going in the mean time, limited downside...
I will pop the BAS Thread up tonight and discuss more...
baggers for a BESB play...

look at what MOG did...
:cool:
.^sc

[JBmurc]

Well the bank would take its .75% cut if I transfer the $aud to nzd.

I am just looking at my interest options for AUD. e.g. I was looking for responses such as

Open a bank account with an australian bank (i'm with ASB so I assume CBA would be the easiest?)
Draw a bank cheque in AUD
Deposit the funds into the savings account

Ideally the savings account would be similar to the ASB fastsaver so I could easily withdraw the funds if I wish to buy some shares or make other use of the money.

Cheers



.75% over interbank rate is better than the 2%-3%+ some banks charge