I am moving from Australia to the United States soon. Most of my cash is in AUD. When I arrive in the USA, I will be spending in USD. The AUD has been weakening substantially recently against the USD. To hedge myself against further drops in the AUD before I arrive in the US, I would like to convert some of my money to USD now. This way, when I arrive in the USA, I am guaranteed to have a given number of USD.
What is an easy and affordable method of achieving this objective? From the research I have done:
- Banks in Australia will sell you USD, but usually have a terrible bid-offer spread.
- Opening a US bank account while residing in Australia seems to be tricky. I'm guessing I would have to jump through a lot of hoops to do this and am best off waiting until I arrive in the USA before contemplating a US bank account.