Foreign currency accounts
 

There's currently much talk about the Australian dollar going beyond parity with the U.S. dollar. The Aussie is also strong against most other currencies.

I'm interested in setting up a NZ dollar or Canadian dollar denominated bank account and locking in the favourable exchange rate. Does anyone have any experience doing this from Australia? I'm considering purchasing an investment property in either of these countries and taking advantage of the strong Aussie dollar and lower property prices over there. Both countries have good long term prospects. You can buy a really nice 3-bedroom condo in Montreal with good rental returns for $250 K. My brother in law who lives over there has even offered to manage it for me.

I think you can also negatively gear NZ properties, is that correct? I'm not sure this is possible for Canadian properties. It would be nice to be able to deduct the odd trip over there to check up on my property.

Any advice appreciated.