Owen Rascovitch

Some people have a fundamental misunderstanding of currencies and why they fluctuate.

Yet they are also the people that try and time.

they're you know they get in and get out it uh it kind of just bamboozles me but basically you could do what you you're saying and advocate for like a dollar cost averaging approach where you kind of like just do one third now one third a month out and then one third a week out or something like that and you kind of get the average of all three that's one way to do it another way is just to go yep it's done it's certain if i get the money now it goes into the secure bank account it's done it's another way to do it um when you do transfer some things to note

Even if they say that they don't charge a commission, they charge a split on the fee.

So let's say the Australian dollar gets you 60 cents US.

They might give you 55 cents US.

So they're actually taking a lot.

It's almost 10% of the money that you're transferring.

So it actually pays to shop around.

And there is a company that I've learned about over the years, which is a company called TransferWise.com.

It effectively, again, we're not advocating for this, it's just an example, but it effectively gives you the rate that you'll see in Google.

So not always check the T's and C's and fees and all that sort of junk, but you can effectively go between like dozens of currencies and super quick and you can do it at the market rate and they just charge you a flat fee for it.

So it kind of takes about that old commission model.

And...

Yeah, that's it.

It could be, for example, it could be, you know, if you transfer $1,000 and then if you go onto their website, it actually does comparisons for you.

It could be if you transfer $1,000 into whatever currency you're going into, it could be the difference of like $30 or $50 between one of the major banks here in Australia.

And typically the major banks are pretty good here in Australia.

So, you know, they're even better again.

And that $50, if you're backpacking,