OFX 2020 Review - Foreign transfers with OFX compared

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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🔥Top News Of The Day🔥

🔥Top News Of The Day🔥

PipsWin - The Day
👉𝐹𝑒𝑑 ℎ𝑜𝑙𝑑𝑠 𝑟𝑎𝑡𝑒𝑠 𝑠𝑡𝑒𝑎𝑑𝑦, 𝑎𝑓𝑓𝑖𝑟𝑚𝑠 𝑐𝑜𝑚𝑚𝑖𝑡𝑚𝑒𝑛𝑡 𝑡𝑜 ℎ𝑖𝑔ℎ𝑒𝑟 𝑖𝑛𝑓𝑙𝑎𝑡𝑖𝑜𝑛.
🔰The central bank’s Federal Open Market Committee said Wednesday it will hold its benchmark funds rate in a range between 1.5% to 1.75%, where it has been since the latter part of last year.
🔰The committee adjusted the language in its statement to reflect that policy is geared toward “inflation returning to the Committee’s symmetric 2 percent objective.”
🔰The decision was unanimous. Several board members last year objected to the Fed’s rate cuts.
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Source: CNBC
submitted by ronykhanfx to PipsWin [link] [comments]

ARCHIVE - Tesla Model 3 pricing could start at $60,000 in Australia, but hinges on Autopilot

Tesla Model 3 pricing could start at $60,000 in Australia, but hinges on Autopilot
Submitted April 16, 2019 at 03:01PM by SheridanVsLennier http://bit.ly/2II6pOz
via /teslamotors ---- Content:
Tesla Model 3 pricing could start at $60,000 in Australia, but hinges on AutopilotThe arrival of the Tesla Model 3 in Australia is fast approaching, and the question on the lips of many a reservation holder – and there are believed to be thousands – is still this: how much will it cost?Musk confirmed on the weekend that order pages for the RHD drive Model 3 will be online with weeks (and word is that this is for all RHD drive markets, which includes of course Australia), setting off discussion again about where the Model 3 will fit into the (limited) Australian EV market price-wise.There are a number of theories, although as noted by Giles Parkinson in his article on how much the Model 3 will cost, Tesla is keeping tight-lipped.However an email purported to be from Tesla written to a potential Australian customer has now come to light via a Whirlpool forum post that indicates that the Model 3 may start as low as $A60,000, although it comes with a big caveat about whether auto-pilot will now come standard, or remain an option.AU$60k is in the lower end of the region I expected. Taking into account the FOREX rate (70c to the $) and allowing for registration and other on-road costs, the absolute minimum I would expect a Mod3 to cost would be AU$55k. Tesla has apparently missed the opportunity to add the Australia tax, thankfully.
submitted by teslamotorsarchive to TeslaMotorsArchive [link] [comments]

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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)

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]

Alternatives to OzForex?

Hi All,
Has anyone tried alternatives to OzForex? They used to be very quick and good rates, but their service has been iffy lately. I haven't been happy with my last few dealings with them. I know regulators are tightening down on them, but I feel that their business processes and communication has really lagged lately.
I'm thinking of trying Transferwise or Currencyfair next and looking for opinions on them.
Thanks for your feedback! FNC
Edit: Currencies used are AUD <-> EUR <-> USD
submitted by fnc872 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]

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submitted by payxander to Payxander [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*
submitted by ugliestpub to ugliestpub [link] [comments]

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Interbank rates, also commonly referred to as market rates, are the official live conversion rates for a given currency pair. The interbank rate is the constantly fluctuating price at which banks trade currencies with each other. Unfortunately for consumers, most banks charge up to a 5% margin on the interbank rate when they send your money overseas, which could cost you hundreds depending on ... How do exchange rates work? Banks use the mid-market rate, also known as the interbank rate, when exchanging currencies between themselves. They add hidden fees to the rate they give their customers. This is why you’ll see different exchange rates across providers – you’re paying the difference between the mid-market rate and the rate quoted by your bank. Customers lose money to these ... 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 closed on 30 November 2015. Business ... [email protected] Contact form. KYC/AML/CFT POLICY; RISK DISCLOSURE; TERMS AND CONDITIONS +65 6264 1814; [email protected]; Regulated by the Finance Services Authority (FSA) of ST. Vincent and the Grenadines, Registrartion No, : 23901 IBC 2017. High Risk Warning : Foreign exchange trading carries a high level of risk that may not be suitable for all investors. Leverage creates ... OFX offers exchange rates that put the banks to shame, though they aren’t quite as good value as those offered by the industry’s lowest-cost services. With OFX, the cost of sending, for example, 5,000 Australian dollars to the US equates to 0.85 percent of the transferred amount, or roughly AUD42.5. We've got better rates and fees than the banks, and have securely transferred over AUD $100 billion worldwide since 1998. Register Now Money Transfer. Popular Currencies: USD - US Dollar. INR - Indian Rupee. EUR - The Euro. GBP - Pound Sterling. PHP - Philippine Peso. NZD - New Zealand Dollar. HKD - Hong Kong Dollar . IDR - Indonesian Rupiah. JPY - Japanese Yen. Global offices. Level 19 60 ... We offer our corporate clients excellent exchange rates, fee-free dealing and great 24-hour service. Corporate. We help our corporate customers reduce costs and manage FX risk more effectively. Our high-technology dealing platform and dedicated FX dealers offer a tailored and proactive service. International Payment Solutions. Visiting the branch for an international money transfer isn’t ... Exchange foreign currency for 60+ countries worldwide with Travel Money Oz. Check out our Forex rates online. No fees, no commissions and great rates! Quick Contact . Call us. instant response. 1300 426 997 . Visit us. for a face-to-face chat. Find a store . Email us. reply time 24-48 hrs. Enquire Now . Find a Store . 1300 426 997 . Help . 1300 426 997 . Call us for immediate assistance ... Our rates are trusted and used by major corporations, tax authorities, auditing firms, and individuals around the world. ... Please refer to the NFA's FOREX INVESTOR ALERT where appropriate. OANDA Europe Limited is a company registered in England number 7110087, and has its registered office at Floor 3, 18 St. Swithin's Lane, London EC4N 8AD. It is authorised and regulated by the Financial ... 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 closed on 30 November 2015. Business ...

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