Exchange rates and how to benefit from them

It was Marielle’s idea to check out the exchange rate between the Australian dollar (AUD) and the Canadian dollar (CAD). In September 2008, nine months before our expected departure, the exchange rate was in our favour by 21%. That is every $1 CAD could buy $1.21 AUD. I immediately set up a chequing account in Australia and transferred money into it. Despite the steep bank charges, by the time we were ready to leave I had made an average of 15% on every dollar. To avoid bank charges ($35 CAD per transaction), do a few large transactions rather than many small ones.