Find out how much you could be saving through The Australian Community’s Preferred FOREX Rate.

"If there is a better rate on exchanging AUD to USD or USD to AUD, we have not seen it!"

Members of The Australian Community transfer millions of dollars every year for business and personal needs.  Based on this volume, a preferred rate on International wire transfers has been negotiated with OFX.

Foreign Exchange (FOREX) is confusing.  There is the Interbank or Market Rate and then there is the rate that your FOREX service offers you when you exchange money.

The less money you receive, the more the Banks and FOREX services are charging you in fees.

There is a lot of noise about which company has the best rate so we decided to compare The Australian Community's preferred rate on AUD to USD and USD to AUD through OFX, with TransferWise, a company that many of our members currently use - and claim has the best rate.

For more than a year, we have been comparing the final amounts that each service was offering when transferring AUD to USD and USD to AUD.

The most recent comparisons from August 12, 2019 are in the tables below.

USD to AUDOFXTransferWise Difference
$10,000$14,739.00$14,708.67$30.33
$1,000$1,474.20$1,470.08$4.12
$500$737.00$734.25$2.75

AUD to USDOFXTransferWise Difference
$10,000$6,726.00$6,722.63$3.37
$1,000$672.60$671.12$1.48
$500$336.30$334.92$1.38

The numbers tell us that if you use TransferWise, you are paying more in fees than if you use our Member Preferred Rate through OFX, especially when transferring USD to AUD!

Click here to register and access The Australian Community's Preferred Rate with OFX.  Your registration will automatically associate with the Preferred Rate.

"It makes absolute sense to combine the purchasing power of our members to negotiate a preferred rate on foreign exchange" said James Boland, President and Founder of The Australian Community, "If there is a better rate on International wire transfers, we have not seen it!"

Under this arrangement, members of The Australian Community are not limited just to AUD and USD transfers. Most popular currencies are covered which greatly assists Australian businesses who transfer money around the globe.

In a podcast interview, Mr. David Nicholls, Global Alliance Manager for USForex, now OFX, stated "The cost savings are significant", "Some banks take up to 8% of the total amount you are transferring, hidden in the rate itself".

Mr. Nicholls further explained the benefits to members who sign up for the service which include 24 hour access to dealers, and a downloadable App that enables members to transfer money to pay bills in other countries.

"Our membership continues to grow, fueled by benefits such as our FOREX rate" said Mr. Boland, "If you are not using our rate to transfer money around the globe, chances are you are paying too much in commissions."

10 Reasons to Connect with our Yammer Private Enterprise Social Network

The challenges that face Australians living in New York and teh broader U.S., are constantly evolving.  The Australian Community Yammer private enterprise social network is the perfect platform to access, and share knowledge with other Australians no matter where they are living in America!

The Australian Community is a 501(c)(3) registered public charity whose mission is to connect Australians through social, professional and charitable initiatives.  Since its inception in 2011, we have assisted tens of thousands of Australians overcome the challenges of living in New York and other states across America. Continue reading “10 Reasons to Connect with our Yammer Private Enterprise Social Network”

How to open a Bank Account and Access U.S. Credit – Even before you arrive in the U.S.!

It is a known fact that thousands of Australians obtain Green Cards and U.S. work visas every year.  Most have a credit card, and some have mortgages on their Australian property.

However, one of the main challenges facing these Australian expats every year is how to open a Bank account, let alone access U.S. credit without a U.S. Credit Score.

Solution: Members of The Australian Community can access HSBC's expat banking solutions for opening bank accounts, credit cards and event expat home loans!

Bank Accounts and Credit Cards:

Some credit card companies will issue Australians with a U.S. credit card, to assist them build a credit score.  However, credit cards are only half of the banking equation: You also need a U.S. bank account for money transfers and day to day banking needs.

The Australian Community recognized this challenge and in 2012 introduced a program where Australians arriving in the U.S. can open bank accounts and obtain a U.S. credit card through HSBC's Premier and Advance expat platforms, even if they were not existing customers and without a Social Security Number.

For members in Australia who are on the way, they can open a local account with HSBC and then receive a U.S. credit card to use, and build a credit history, before they arrive in the United States.

This is a unique program to access a U.S. credit card and start building a U.S. credit score.

Home Mortgages:

Under this program our members can also access US Home Loans even if they do not have the 2 year work or credit history or a Social Security Number!.

  • HSBC may finance up to 75% for a primary home, cash out up to 70%
  • HSBC may finance up to 70%, as a second home, condo, co-op, one family etc, cash out up to 65%
  • HSBC may finance up to 60% on an investment property

For those members who have not yet left Australia, you can obtain a US credit card before you arrive in the US and thereby build a US credit score through your daily purchases in Australia!

These programs are being managed by our HSBC Relationship Managers in New York.  You can use the form below to have a Senior Relationship Manager or Mortgage Consultant contact you with all of the details.

Assisting our members overcome the challenges of living in the US is core our Mission.  Providing a way for our members to not only access credit in the US, but to build a US credit score whilst still in Australia makes perfect sense, and is an added value to joining our organization.

Building a credit score while still in Oz is a convenient credit offering from HSBC. Also if you are looking to purchase a property in the U.S. and you do not have a credit history, HSBC is geared to help expats get a mortgage.

At the end of the day it is personal choice and which bank offers you the best service, interest rate etc. is best decided by doing your own due diligence.

Foreign Exchange (FOREX):

If you are transferring money between Australia and the U.S. (or any of more than 30 countries), check out the preferred rate that The Australian Community has negotiated with OFX (formerly OzForex).  Click here to see how much money you could be saving over your existing Bank or online FOREX service.

Please complete the form below to be contacted by a HSBC representative to discuss your credit needs. 

10 Questions asked by Australians Living in New York

On Wednesday June 14, 2017 The Australian Community held a private networking event at Bluestone Lane’s DUMBO location in New York to record a video of the Top 10 Questions asked of The Australian Community.

Some of the answers captured in the thirty minute video revealed a number of common mistakes (and incorrect assumptions) made by Australian expats living in New York and the broader US. Continue reading “10 Questions asked by Australians Living in New York”

10 Reasons to Join The Australian Community

Diving into the deepest end of the most shark infested pool on the planet may be no brainer when it comes to taking your career to the next level.  However, without a social or professional lifeline, you are going to face some serious challenges.

The Australian Community is a 501(c)(3) public charity whose mission is to connect Australians living in the US through social, professional and charitable initiatives.

Continue reading “10 Reasons to Join The Australian Community”

Announcing The Australian Community Mentoring Initiative

Finding better ways to connect Australians living in the US is core to our Mission. Therefore, we are very pleased to announce our latest initiative: The Australian Community Mentoring Initiative.

The Australian Community already has programs to assist our members with overcoming many of the challenges of living in the US.  The Australian Community Mentoring Initiative is the next step in assisting our members accelerate their careers to the next level.

Continue reading “Announcing The Australian Community Mentoring Initiative”

Announcing The Australian Community Corporate Sponsorships!

In response to companies wishing to better connect with The Australian Community’s events, and expat services for their Australian employees, we have good news!

Our Corporate Membership classes promote closer engagement between sponsors and thousands of Australians in the US.  We also provide bespoke in-house seminars to educate Australian employees on overcoming the challenges facing expats living in the US.

Sponsors also receive benefits including access to our private Yammer social network, professional introductions, and complimentary tickets to our member-only events. Continue reading “Announcing The Australian Community Corporate Sponsorships!”