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Say, I have some USD cash ~$2K. I want to transfer it to an overseas USD bank account in USD (must be SWIFT). However an Ozzi bank will make me first convert USD cash in AUD, then deposit into my account, then convert it back in USD to send. Is there any way to save on conversions and fees given I have already the destination currency?

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However an Ozzi bank will make me first convert USD cash in AUD, then deposit into my account, then convert it back in USD to send. Is there any way to save on conversions and fees given I have already the destination currency?

There is no option. You have to convert the cash into AUD before a wire transfer is possible. Even if you open a USD account in Australia, and want to just deposit USD cash into this account, you have to surrender the USD cash to Bank, get AUD, deposit AUD into USD account, this will again convert it.

  • That's sad... So broadly speaking all you can do with foreign cash is convert it into local currency (unless you travel again and use it)? – Jay Random Aug 31 '17 at 6:29
  • @JayRandom Ya pretty much. – Dheer Aug 31 '17 at 7:45
  • Even though this may be correct, do you have a source for your claim? Why doesn't the bank take a deposit in USD directly? Is there a regulation or law covering this? – Alexander Kosubek Aug 31 '17 at 10:32
  • @AlexanderKosubek I don't have a regulation from Bank of Australia to support this. – Dheer Aug 31 '17 at 11:29
  • Just checked with CBA. One can open a foreign currency account in USD and they say they will take cash in USD over the counter for max($8, 1%), no ongoing fees. But you have to open a transaction account with them as well and that is $4 per month if balance is below AUD2K. – Jay Random Sep 1 '17 at 1:13

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