Foreign Currency Exchange Rates - Travel Money Oz

What would happen if sovereign governments gave bitcoin a gold peg?

This is a totally theoretical post, but I believe it is a really interesting idea and would love to get the Internet's feedback on it, and what you think the ripple effects would be in the scenario described. Am very interested in writing this up and republishing it widely so it can be read by monetary policymakers in all major developed countries - if you know anyone like that, pass it on. In a move that would act like a bridge to a pre-Bretton Woods type of gold peg, (here is a great paper on a history of this in the US: https://fas.org/sgp/crs/misc/R41887.pdf) sovereign governments with gold holdings could (again, it is a theoretical idea - I am saying they COULD do this NOT that anyone or any country is doing this that I know of) establish open market operations to purchase bitcoins (partly as a diversification strategy) using their physical gold holdings at a fixed peg rate of 5 ounces per bitcoin. The reason I say 5 is because the current chart here seems to suggest that somewhat of a convergence to 5 oz is already occurring: https://www.xe.com/currencycharts/?from=XBT&to=XAU&view=10Y
If any government did this and offered to buy physically delivered bitcoins from private holders of bitcoin (no other coins just BTC) in exchange for private delivery of physical gold, then the standard governmental unit of physical gold (held in places like Fort Knox) - known as the Good Delivery Bar which is 400oz of gold - could be procured by any holder of 80 or more coins in a secure and sanctioned exchange with the government in question - the most impactful of course would be if the US did this.
My theory is that any time the exchange rate mechanisms in the forex or crypto markets violated the peg, there would be arbitrage opportunities that would bring the peg back in line. It would not only stabilize BTC, but the stabilization might spread via the 24/7 exchange rate mechanism in the crypto market to stabilize many cryptos that are still somewhat worthy experimental stores of value. Depending on the strength, credit, and depth of gold holdings of whatever governments engaged in this, it would seem that such a strategy could transform bitcoin into a new type of sound money, and also signal that owning bitcoin and gold is a priority of governments as well as their citizens. The gold standard was powerful both because it was tethered to something of limited quantity in the earth's crust with unique properties, but also because pre-Bretton Woods gold standards acted very much like a peg - and the government honored the peg no matter what. So in some sense it was still the "faith and credit of the government" that made that peg work so famously. I was partly inspired by this recent award-winning documentary www.inmoneywetrust.org in formulating this idea, and partly by my own academic interest in cryptocurrency. I believe bitcoin, above all others, because of its deflationary nature and algorithmically fixed quantity, is powerful all in itself - but with a peg from a real government to a real precious metal that many governments do in fact hoard (for whatever reason) - it could become both an international currency, and a form of truly sound money backed by governments' physical gold reserves and a legal or policy commitment to a peg of 5 ounces to 1 bitcoin.
What do you all think would happen if a major government or many major governments did this? Remember the idea is to convince monetary policymakers in governments to willingly and openly bypass completely the fiat currencies of their governments and to make no informational commitment to those free-floating fiat markets for forex - so the bitcoins transacted for in the peg wouldn't be bought with dollars or yen or anything that could be printed by fiat. This would simply be a convertibility guarantee by major governments that 1 bitcoin, transferred to the Treasury by a private citizen or business (again so the Treasury could diversify holdings of sound money), would be convertible and be guaranteed to be convertible to 5 oz of physical, deliverable gold bullion (or 80 bitcoins per bar). Here is a list of the largest physical gold holders on earth who could theoretically engage in this type of operation: https://www.investopedia.com/ask/answers/040715/what-countries-have-largest-gold-reserves.asp
Thanks Reddit! Looking forward to your thoughts!
Alex Kaufman
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Australian based brokers with international trading supporting advanced order types for a SMSF

I'm currently setting up my SMSF, and looking at which stockbroker to use. I am looking for a broker that offers good til cancelled (GTC) trailing stops on international (preferably US and German shares), reasonable exchange rates, and without custody fees (I'm not worried about inactivity fees; but I want to avoid custody fees as a % of my balance).
My preference is for a broker with an Australian office / interface, to simplify the reporting and audit requirements.
I currently use Schwab on my personal account, and would love to use them for the SMSF - except they're almost completely US based, and the AU office is basically sales only (I don't want to be trying to use OzForex with my SMSF account).
Any suggestions? I liked the look of IG until I realised that they only offer day orders, and am avoiding Saxo due to their custody fee.
submitted by h-kissinger to ausstocks [link] [comments]

Best way to transfer $3k AUD -> US Bank Account (without OzForex)

Yo!
I'm in America for the next 3 months, and need to transfer a bunch of cash over (about AU$2k/mo). I've tried to set up an account with OzForex but as I'm currently in the US they say they need to use my US address - and I don't have proof of this address as I've only just gotten here and don't have any utility bills or statements with my address on it (and won't for my duration, I'm AirBNBing).
So what are my best options for doing a transfer to a US bank account?
I have Coinjar set up and could maybe do something with bitcoin, I also have a CBA account but their exchange rate is abysmal (~.68c plus international transfer fees, when the Ozforex rate is 0.73c!)
submitted by notadickheadiswear to AusFinance [link] [comments]

Currency conversion and travel card help? AUD to USD

Hi everyone, I have a holiday to the US booked for later this year. The majority of flights and accommodation are paid for so I really only have my spending money that I need to worry about. As per my title, I don't know what to do with the money. I'll explain my situation.
I would like to convert my money now, before the AUD falls even further against the USD (really wish I converted my money months ago). I've read up about where to convert currencies, and people have suggested United Currency Exchange stores, Currencyfair.com and OzForex.
I haven't organised anything money wise for my holiday (e.g. travel card), so I did some research on this sub, and I'm really keen on getting a Citibank Plus account + debit card over other options such as travel cards etc.
My issue is that the Citibank account seems to be in AUD and converts to USD when you make purchases (during my holiday when the exchange rate is likely to be worse).
If I want to convert my AUD right now, where would this money be stored, and could I keep those USD dollars in the Citibank account?
Think of this as a /explainlikeimfive question about spending money overseas haha.
submitted by turtleonitsback1 to AusFinance [link] [comments]

Best exchange rate for small foreign currency purchases?

With the gradual decline of the AUD to around parity with the USD, and predictions of worse to come, I've been thinking it'd probably be a good move to convert some of my for-travel savings intended to use over the next few years. Probably be looking at moving $7-8000 into a mix of USD/GBP/Euros
I've got a Commbank Travel Money card, which I've used when travelling in the past, but the rates aren't fantastic (about 4 cents below the market rate). Are there any realistic alternatives that offer better rates?
I've seen that HSBC offer foreign currency accounts for relatively low minimum deposit amounts, which I understand would let me take advantage of the more favourable exchange rates offered by OzForex/XE/etc, but I'm wondering if that sort of thing would be really worth it, since I'd only be saving a a few hundred bucks all up, and it doesn't look like it can be used as a transaction account when travelling (no ATM/EFTPOS/BPay facilities), meaning I'd presumably have to withdraw cash and cart that around when it actually came time to travel?
Does anyone have any favourite methods for this sort of thing?
submitted by David_McGahan to AusFinance [link] [comments]

good advice please, how to transfer money from new zealand to australia

good advice please, how to transfer money from new zealand to australia
Great savings on overseas money transfers OzForex ozforex au personal transfer money OzForex If you transfer money internationally through your bank you could be losing How do you know that your Australian Dollar transfer is secure with OzForex? ‎Travel Card ‎Fees & How you Save ‎FX Products ‎Living Overseas Moving Your Money From New Zealand To Australia movetoaustralia moving money to australia Open an Australian bank account before leaving NZ and get the best exchange rate you can Here's how International money transfers | ANZ anz personal travel international money transfers ANZ International money transfers offer a secure and convenient service that Australia and New Zealand Banking Group Limited (ANZ) ABN Sending funds overseas ASB Bank New Zealand https: asb co nz personal sending funds overseas ASB Bank Currency exchange traveller`s cheques foreign currency deposits and travel insurance Find more information on ASB international banking Can I transfer money from my Westpac NZ account to Ask westpac custhelp app answers detail a_id transactions in NZ can't be directly processed to a Westpac Australia account even if the account holder is the same; we recommend transferring money Moving money to Australia from New Zealand Move to movingtoaustralia co nz moving money to Australia from New Ze Moving to Australia and need to move money to Australia from New Zealand? For Foreign Exchange advice and rates visit us now at MovingtoAustralia co nz Sending money to or from overseas | International & Migrant westpac co nz fx sending money to or from overseas Westpac We make it easy for you to send money overseas with telegraphic transfers and bank payments in NZD (New Zealand Dollars) are not accepted by all banks International money transfers Kiwibank https: kiwibank co nz sending international transfers Kiwibank International money transfers make sending money to an overseas account simple and only available to accounts in the UK in GBP Australia in AUD and the United States in USD From outside New Zealand fax to + Money Transfer | Western Union | West *good advice please, how to transfer money from new zealand to australia*
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Currencies which use a floating exchange rate regime include the USD, GBP and EUR amongst others. Managed float exchange rates. Also known as a ‘pegged float’, in this exchange rate system, the central bank will intervene in the market to ensure that the currency value stays within a predetermined band. Countries employing a managed float include Indonesia and Singapore. Fixed exchange ... Exchange rates change all the time, and our live Currency Converter updates with it, making it the ideal tool to keep your eye on the market rate for any given currency. You don’t even need an account with us; just select the currency pair you want to see and our inbuilt market Exchange Rate Calculator will give you their latest market values. Exchange foreign currency for 60+ countries worldwide with Travel Money Oz. Check out our Forex rates online. No fees, no commissions and great rates! The exchange rate was much higher and we avoided all of the fees associated with international transfers. I must admit I was very hesitant at first. There aren’t very many reviews about the clear fx online, so I was a little scared that I was going to send my money away and never see it again. Fortunately it did turn up in my bank account! We spoke to people on the phone numerous times and ... Historical exchange rate tools. Free and fast plus a resource centre for forex market analysis and data trends. Check rates, returns and seasonality. Home; Personal. Transfer Money . Send money overseas at competitive rates and low or no fees at all. FX Products. Setting up regular international payments is easy and can save you time and money. Travel Card. The OzForex Pre-Paid Travel Card ... OFX provides international money transfer services to private clients and business customers. Use our free currency converter, exchange rate charts, economic calendar, in-depth currency news and updates and benefit from competitive exchange rates and outstanding customer service. OFX is regulated in Australia by ASIC (AFS Licence number 226 484) Currency converter - OFX ... Disclaimer Forex News. The latest currency market news brought to you by Reuters. Forex Wiki. Glossary of forex terms, currency encyclopedia and key terms & acronyms Video news. Our latest foreign exchange market updates from the dealing room. TransferWise gives you the mid-market exchange rate, with our small, fair fee – so you always know what you’re getting. Compare Ozforex money transfer rate vs TransferWise. How expensive is the Ozforex money transfer rate? If you convert AU$1000 to GBP with Ozforex, you could lose almost AU$13 on each transfer. We regularly check our prices against banks and other providers to show you how ...

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Foreign exchange rate and its types - YouTube

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