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1. In your experience, what is the easiest and most cost effective way to transfer large sums of foreign currency into AUD? In my case, it would be USD/AUD.
2. I’m interested in investing in the NYSE and would like to draw on your experience around the best brokering companies that offer the most seamless and cost effective options for their products/services (though their online trading platforms) including international share transactions in foreign currencies and/or local currencies.
A: 1. Banks are going to be the cheapest. Shop around. Also, consider Ozforex.
2. CommSec offers a good service – however, unless you are going to hold a portfolio of shares, the initial custody fees are high.
NAB charges a much lower brokerage rate. Online access is good. Downside with NAB is that they convert each transaction back into AUD – so you effectively pay an FX spread on each side. Others allow you to hold USD.
Try also IG markets.
