I run a small Australian business that has the requirement to pay a relatively small but not insignificant (say USD10k-20k equivalent annually) amount of invoices in foreign currencies (EUR and USD).
In an attempt to pay less fees I have opened USD and EUR accounts with my (Australian) bank because they were free of charge, with the aim of purchasing currencies at the times where the exchange rate is favourable, holding them for when I need them, and then taking advantage of the greatly reduced transfer fees offered by my bank when transferring from a native currency account.
However from what I can tell, finding a service where I can electronically buy foreign currencies with AUD and store it in my accounts don't seem to exist outside just doing it with my bank - tourism based services sell foreign cash (not useful) and all other options seem to be FX investing platforms (I have no experience investing whatsoever). The option of exchanging internally with my bank isn't appealing because the rates offered are poor (my benchmark for poor being worse than the rates offered by my local tourist-style cash exchange).
Is there a method of doing this that I am missing, or a better way to achieve my overall goal? Or is my best bet just to figure out how a FX investment platform works and trade my relatively small amounts by depositing and withdrawing to/from one of those investment accounts?
I'm almost tempted settle for my banks bad exchange rates, but would love to save as much as I can on these transactions if possible.