# Online money exchangers



## rubytwo (Jun 22, 2015)

We've not yet opened a bank account in Portugal in preparation for our move from Australia early next year.

However with the volatility of the Oz dollar we want to try and be ready to jump in if the rate is right. We've had an online money exchanger recommended to us and they advised that they can hold any exchanged funds in an account until we have an account in Portugal to transfer them into.

Having never done this before I'm curious as to whether anyone has ever done this before?


----------



## Bob1961 (May 9, 2015)

Hello Rubytwo,
I am not sure what the benefit of an online money exchanger would be. You can simply wait until you have an account set up in Portugal, and then transfer everything from Oz to Portugal. 
The Aussie dollar vs. Euro rate has been moving strongly in your favor from late August (1.65) till now (1.51). 
No one knows what precisely the rate of exchange will be when you move early next year, but due to ongoing quantitative easing in the EU, the direction of the euro is trending downward and the euro is expected by leading analysts and banks to move even lower against other currencies, including the Aussie dollar, for months to come. 
So, I would not put my money into any money exchanger service; it is a service you will pay for but for which the benefit is doubtful. I would just keep it in Oz, then transfer it to Portugal when you are ready, at the prevailing rate at that time. 
I hope that helps! 
-Bob


----------

