Funding a Schwab account

I have been looking at NAB Connect to fund my Schwab account in US Dollars.
I only trade with an SMSF account in the US.
The idea is to open a US dollar account with NAB Connect in my SMSF name and to fund it with USD conversions through OFX.
Then I would transact direct from NAB to Schwab in USD using my own details (as opposed to OFX details which Schwab won’t accept apparently) and have my rate conversion selected at a known and competitive rate of my choosing.
Am I missing something in this logic??

Not sure if I’m fully understanding the process, but if you are using smsf money but placing the trade in your own name, it might it be seen as a withdrawal of the money from your super account - even if you “return” it later. I would probably check this with a super advisor/expert

Hi Phillip,
What you are saying is exactly how to do it.
It is just a matter of what your costs of doing it that are.
I used World first who have very competitive FX rates if the amounts are decent
WorldFirst, Level 7, 33 York Street, Sydney, NSW 2000
Direct Line: +61 2 8298 4984
I used CBA to do the wire Transfer they only charge a flat rate of 30 AUD no matter what the amount sent

Hi Steve, The money stays within the SMSF. OFX, NAB and Schwab accounts are all in the funds name.

Hi Peter, Thanks, I will check out World 1st. OFX rate is spot + approx .50c You can get quotes and pick the rate when suitable. I hedge with Saxo so have live aud/usd rates at hand. NAB charge $20 when transferring FX. No limit.

When transferring a large amount via OFX it might be worth calling them to get a better rate than they advertise on their web site.

Don’t ask, don’t get I suppose.
I did check out World 1st and they are the best rates I have seen. 0.5% + spot for for up to 750K per annum, .25% up to 7.5m and .15% over that. World 1st is a subsidiary of Ant Financial.

Talk to OFX and mention alternatives. They’ll probably match them.

Found AirWallex which charges .3% above interbank (appears close or better than spot fx) They are an Australian firm developed in 2015 and seem to tick all the boxes.