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Old Apr 3rd 2005, 12:08 pm   #16
 
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Talking Re: $ exchange rate-should i buy now?

Quote:
Originally Posted by threlly
Hi Flying Banana,
i didnt realise u could do that. i was thinking of exchanging this week as i only have 4 weeks till we go and i just want it sorted. when i put my £'s in my cba a/c, does it go straight to dollars or do i ask them to exchange it to dollars when i am ready, say just b4 i go if i want to wait to see if the rate goes up?
cheers
When you pay your money in in £ using your London Account Number it goes into a UK savings account. You need to let them know if you want to leave it there or they will convert it and transfer it all to your Aussie account when you pay it in.

You can also give them a rate to watch for and if it reaches that rate your cash will be transferred as soon as it hits that amount.

The only problem I had initially was the first two months it took them a week to transfer the cash and funds made available here. I complained and a very helpful girl in the London Office sorted it out immediately. It appears unles you contact them with full Aussie account details it is transferred to a central account at the city branch in Aus and then they put it in your current account which adds a couple of days.

I now have the number to ring the London Office, they confirm account details on the phone and action transfer there and then, money available in Aus 48 hours later, £15 per transfer charge.

There appears to be no limit on amounts transferred, I've done as little as $400 and as much as $30000. They will also be able to transfer money back to a UK account if required (ie to pay credit card as am still using my UK one as CBA wouldn;t give me one until I find work)

Have just reread all that and don't think i've written it very well lol,

In summary, contact CBA in London discuss what you want to do with the cash BEFORE you pay it in.

If you keep it in London in £ make sure they send you and you fill in tax form as you are UK tax exempt once you emigrate.

Money can stay in UK account for 2 years from date of departure, earns interest (not sure what rate)

Set a target rate if you want and they will exchange automatically at that rate.

Once you get your Aussie account number/details over here, phone London, make sure they update your London file and get their name and direct no.

When you want to transfer, phone your contact in London, 48 hours later money is here and available.

Hope that's clearer
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Old Apr 3rd 2005, 2:01 pm   #17
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Default Re: $ exchange rate-should i buy now?

Hi again Flying Banana,
thanks for your help. i am going to put my £ into the cba a/c this week and get them to transfer it straight away to $. am i right in thinking that i then phone them a week b4 i go to oz and then my money and cash card will be sent to the oz a/c and available when i get over there.
cheers for any help again


Quote:
Originally Posted by Flying Banana
When you pay your money in in £ using your London Account Number it goes into a UK savings account. You need to let them know if you want to leave it there or they will convert it and transfer it all to your Aussie account when you pay it in.

You can also give them a rate to watch for and if it reaches that rate your cash will be transferred as soon as it hits that amount.

The only problem I had initially was the first two months it took them a week to transfer the cash and funds made available here. I complained and a very helpful girl in the London Office sorted it out immediately. It appears unles you contact them with full Aussie account details it is transferred to a central account at the city branch in Aus and then they put it in your current account which adds a couple of days.

I now have the number to ring the London Office, they confirm account details on the phone and action transfer there and then, money available in Aus 48 hours later, £15 per transfer charge.

There appears to be no limit on amounts transferred, I've done as little as $400 and as much as $30000. They will also be able to transfer money back to a UK account if required (ie to pay credit card as am still using my UK one as CBA wouldn;t give me one until I find work)

Have just reread all that and don't think i've written it very well lol,

In summary, contact CBA in London discuss what you want to do with the cash BEFORE you pay it in.

If you keep it in London in £ make sure they send you and you fill in tax form as you are UK tax exempt once you emigrate.

Money can stay in UK account for 2 years from date of departure, earns interest (not sure what rate)

Set a target rate if you want and they will exchange automatically at that rate.

Once you get your Aussie account number/details over here, phone London, make sure they update your London file and get their name and direct no.

When you want to transfer, phone your contact in London, 48 hours later money is here and available.

Hope that's clearer
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Old Apr 3rd 2005, 2:09 pm   #18
 
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Default Re: $ exchange rate-should i buy now?

Give London your arrival date. They will send you a letter which will detail the branch in Aus that your account is at (will be the main city branch wherever you are moving to). When you arrive in Aus phone the branch, amke an appointment to see the Migrant Banking Dept, when you go in take passport and the letter from London CBA (and Aussie Tax Number if you have one), if all to plan your cards/cheque books etc should be there waiting for you at this appointment and you leave with account all up and running.

Remember there is a charge for every transaction out here. Ie for each withdrawl, be it EFTPOS (switch type payment for goods), cheque or ATM. If you go to another bank's ATM charges increase and they will even charge you 50c to check your balance on another bank's ATM!!

If you need cash to buy a car or any large purchases you can use a bank cheque, there is a five dollar charge but they are accepted as hard currency as once issued cannot be cancelled and funds are definitely there. If you use one to buy a car hand the cheque over and the car is yours, no wandering round with huge amounts of cash.
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Old Apr 3rd 2005, 2:58 pm   #19
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Smile Re: $ exchange rate-should i buy now?

Quote:
Originally Posted by threlly
hi there,
I have just set up my ozzie bank account with CBA and am now ready to exchange all my money and put it in my new a/c. however, should i wait and see if the exchange rate improves? i know this is a difficlut ? to give advice on as the market is hard to predict, but any advice would be very welcome.

99.9% of me just wants to exchange all my money, get it in my ozzie a/c and forget about it until i get to oz in 8 weeks time, i can then concentrate on sorting out all the other things that need doing. what do you all think?
cheers
Please can you tell me how you set up your Australian Bank Account while you still live in the UK. We would like to have an account in Australia before we go over in January, but dont know how to go about it.
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Old Apr 3rd 2005, 4:13 pm   #20
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Default Re: $ exchange rate-should i buy now?

Quote:
Originally Posted by April11
Please can you tell me how you set up your Australian Bank Account while you still live in the UK. We would like to have an account in Australia before we go over in January, but dont know how to go about it.
Hiya

If you are wanting to set up a CBA account - checkout www.migrantbanking.co.uk or ring 0207 710 3990.

They will send you the relevant pack and application form. Be prepared to provide the usual documentation to set it up ie latest utility bill, latest UK bank sratement, certified copy of your passport(s) and certified copy of of driving licence(s).
For a joint application they will want all the above from both of you. Just like the visa application eh!!?

Once completed and posted off to the London office, they state it takes 5 working days to open the account and they will give you a London a/c number.

Once in Australia, follow the info given by the earlier posts.

Hope that helps?

Jim
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Old Apr 3rd 2005, 4:14 pm   #21
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Default Re: $ exchange rate-should i buy now?

Quote:
Originally Posted by April11
Please can you tell me how you set up your Australian Bank Account while you still live in the UK. We would like to have an account in Australia before we go over in January, but dont know how to go about it.
Hi April11
We were going to use HSBC so set up an account here, but since setting up that account we have been shocked by the incredibly bad service they provide.
We are now going to use Common Wealth Bank of Australia. They set up 2 accounts for you, one in London and one in Australia, we have nominated Brisbane as that's where we are heading. We have been told that we can start paying money into the Australian account via London before we leave the UK. Not sure whether this is a good idea though as we will be charged for every transaction but it's what Andrew wants to do. I think we should just put all our money in London account and when we sell the house change the lot in one go. If we exchange 30k or more the transaction is free.
Hope this helps.
Sarah
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Old Apr 3rd 2005, 4:27 pm   #22
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Default Re: $ exchange rate-should i buy now?

Quote:
Originally Posted by threlly
Hi again Flying Banana,
thanks for your help. i am going to put my £ into the cba a/c this week and get them to transfer it straight away to $. am i right in thinking that i then phone them a week b4 i go to oz and then my money and cash card will be sent to the oz a/c and available when i get over there.
cheers for any help again
Hello Sarah

Not long for you now then!

It looks as though you didn't do a forward contract then for your dollars with the CBA? At least there seems to be an improvement with the exchange rate recently - if you are happy with that rate - do it!

At this moment it is just shy of $2.44 which means you will probably get $2.41 - not good - but not atrocious.

We've now been looking at garden units round Dee Why, Collaroy etc recently as the prices seem to be dropping and deals appear to be available, so we may not need to get out to the Central coast in order to get a reasonable property at a price we want to pay. It would appear that there may well be a further interest rate rise over there, either this month or next, so the buying for cash situation could be even better in a couple of months time. Not good news, of course, if you are needing a mortgage over there.

Regards

Jim
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Old Apr 3rd 2005, 6:19 pm   #23
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Default Re: $ exchange rate-should i buy now?

Quote:
Originally Posted by 65 million
We exchanged our in November, 2004 and got a rate of 2.45 which although at the time did not seem that great, it seems quite reasonable now. I made the exchange pretty soon after getting the account sset up. For nights i lay in bed thinking about how and when to move the money. Glad I just done it and could then sleep at night.

IMPORTANT, DON'T FORGET!!!! - When you arrive in Australia and have you TFN (Tax File Numbers) you must take these numbers and present them to you bank otherwise the Ozzy government will be helping themselves to nearly 50% of your interest! (This can be refunded).

Good luck eveyone!
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How do you get a Tax File Number
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Old Apr 3rd 2005, 11:35 pm   #24
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Default Re: $ exchange rate-should i buy now?

Quote:
Originally Posted by Aussiecat
How do you get a Tax File Number
You stick this in your web browser and click away

http://ato.gov.au/individuals/pathwa...02_001_008_002

If that doesnt work you goto www.ato.gov.au and 'forms' and its in there.
not sure if you can apply until you arrive.
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Old Apr 4th 2005, 3:08 am   #25
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Default Re: $ exchange rate-should i buy now?

Quote:
Originally Posted by Flying Banana

Remember there is a charge for every transaction out here. Ie for each withdrawl, be it EFTPOS (switch type payment for goods), cheque or ATM. If you go to another bank's ATM charges increase and they will even charge you 50c to check your balance on another bank's ATM!!

.
When we arrived we were horrified to find that the bank (CBA) were charging for EFTPOS and for CBA cash machine withdrawals. We've found though that there are other banks such as National Bank of Australia who'll offer free banking with only a flat $5 per month charge (and even that's waived if you have something like $5k in the account). It's also worth saying to your existing bank that you're thinking of switching to National as they might reduce their own charges to keep your business - they must be losing loads of customers at the moment...

Cheers

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Old Apr 4th 2005, 7:26 am   #26
 
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Default Re: $ exchange rate-should i buy now?

As you say GLR there are accounts over here now offering fixed fees and I reckon it can only be a matter of time till one of them offers UK style fee free banking, once one does they will all have to. It's worth checking account type as some (even with the CBA ) offer a fixed number of free transactions.

Quote:
Originally Posted by teach
Hi April11
We were going to use HSBC so set up an account here, but since setting up that account we have been shocked by the incredibly bad service they provide.
We are now going to use Common Wealth Bank of Australia. They set up 2 accounts for you, one in London and one in Australia, we have nominated Brisbane as that's where we are heading. We have been told that we can start paying money into the Australian account via London before we leave the UK. Not sure whether this is a good idea though as we will be charged for every transaction but it's what Andrew wants to do. I think we should just put all our money in London account and when we sell the house change the lot in one go. If we exchange 30k or more the transaction is free.
Hope this helps.
Sarah
I'd have to say I can't see any advantage in paying the money into the Aussie account before you go. As you say if you wait till the day before you leave, all your money will be in the UK/London account, you tell them to move it and by the time you roll up to the bank in Brisbane it's there waiting for you and it hasn't cost you anything. If you're worried about the exchange rate dropping get a forward contract but it's low enough at the mo I reckon it is most likely to rise if anything. Also keeping it in the London account means if there was some last minute expense/bill etc that you weren't expecting it'll be easier to get some of the money back to a current account than doing an international transfer from Aus which will take a week or so and cost a lot more than £15.
Attached Thumbnails
$ exchange rate-should i buy now?-anzbank.gif   $ exchange rate-should i buy now?-combank.gif   $ exchange rate-should i buy now?-nab.gif   $ exchange rate-should i buy now?-westpac.gif  

Last edited by Flying Banana; Apr 4th 2005 at 7:28 am.
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Old Apr 4th 2005, 8:37 am   #27
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Default Re: $ exchange rate-should i buy now?

Hi Threlly,

We are arriving in Perth on 13th May. I opened a CBA account ages ago and last week received the proceeds from our house sale. My plan is to put in in my ING account (high interest) until the end of April to get a month's interest and then transfer it into the CBA account in London. They will keep it there until I think the rate is good enough and then I can just phone them to transfer. We then just go to the Perth CBA with ID etc. and get all our bank cards etc. and activate the account. We will take a bit of cash with us to start us off and if we need more, we can always ring CBA and transfer a bit if the rates not good enough to do the lot. My friends went over in Oct and their money is still in CBA london because they reckon the rate will be better after the election here. I know absolutely sod all about all this stuff, but am just keeping fingers crossed for 2.5 or above. Good luck to all !

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Old Apr 4th 2005, 12:22 pm   #28
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Default Re: $ exchange rate-should i buy now?

Quote:
Originally Posted by spalen
Guys just a word of warning... I was hanging onto my money because I didnt get round to doing it figured it'd be easy to do when here in Aus... then I tried to do it...

Barclays - wont move more than 2K£ on internet banking, etc , need power of attorney signed in UK before they'll do anything bigger without being present - really awkward.

I was with HIFX to transfer my bond and they were faultless but I was in UK and it was easy. Now Im in Aus I have to re-register with them etc and time didnt allow - so Ive registered with tranzfers.com done some trades online and they've been great . The main advantage of Tranzfers is you can setup a trade, put hte money in their acount and 'hold' it so that you dont actually buy your dollars until you hit the button on the web later - that can be 1 minute, 1 day, or 1 moth I guess no limit... but HIFX will require you to pick a date of a futures contract to do the same thing.... big restriction when you just need to move some money around and have it held somehwere in case .

Tranzfers charge £7 per trade - but the rates are pretty outstanding .even on smaller sums.
we used hifx and they were faultless. no commission and a rate of exchange well above that offered by other banks and brokers. may be worth setting up an advanced trade as the rate is poor at the moment.we set a rate at which we were prepared to sell. when the market hit the mark we then transferred sterling to them so our money was earning interest in our uk bank. we sold our house and moved our money whilst living in oz and did not have any dramas. we just emailed everything to them. they have offices in sydney and aukland. we had a minor problem with natwest in the uk only allowing us to move 10000 in one day. this was overcome using there telephone banking service although we did get the run around until we got to someone who would authorise the transfer of our money. just remember a small difference in the exchange rate can mean tens of thousands of dollars when transferring the proceeds of a house sale
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Old Apr 5th 2005, 11:33 am   #29
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Default Re: $ exchange rate-should i buy now?

It's looking as though the rates are on the up again. The Commonwealth Banks official exchange rate on transfers between £10,000 and £50,000 latest graph. Today rate is ($2.4340/41.08463p)

AU$ UKp
15/02/2005 2.3905 41.83225
16/02/2005 2.3995 41.67535
17/02/2005 2.3875 41.88482
18/02/2005 2.3980 41.70142
19/02/2005 2.3935 41.77982
20/02/2005 2.3913 41.81913
21/02/2005 2.3890 41.85852
22/02/2005 2.3900 41.84100
23/02/2005 2.4030 41.61465
24/02/2005 2.4060 41.56276
25/02/2005 2.4250 41.23711
26/02/2005 2.4195 41.33085
27/02/2005 2.4168 41.37788
28/02/2005 2.4140 41.42502
01/03/2005 2.4225 41.27967
02/03/2005 2.4420 40.95004
03/03/2005 2.4285 41.17768
04/03/2005 2.4195 41.33085
05/03/2005 2.4188 41.34367
06/03/2005 2.4184 41.35008
07/03/2005 2.4180 41.35649
08/03/2005 2.4065 41.55412
09/03/2005 2.4085 41.51962
10/03/2005 2.4125 41.45078
11/03/2005 2.4170 41.37360
12/03/2005 2.4175 41.36505
13/03/2005 2.4175 41.36505
14/03/2005 2.4180 41.35649
15/03/2005 2.4120 41.45937
16/03/2005 2.4145 41.41644
17/03/2005 2.4145 41.41644
18/03/2005 2.4020 41.63197
19/03/2005 2.4033 41.61032
20/03/2005 2.4033 41.61032
21/03/2005 2.4045 41.58869
22/03/2005 2.4030 41.61465
23/03/2005 2.4080 41.52824
24/03/2005 2.4060 41.56276
25/03/2005 2.4075 41.53686
26/03/2005 2.4075 41.53686
27/03/2005 2.4075 41.53686
28/03/2005 2.4075 41.53686
29/03/2005 2.4090 41.51100
30/03/2005 2.4190 41.33940
31/03/2005 2.4165 41.38216
01/04/2005 2.4275 41.19464
02/04/2005 2.4208 41.30951
03/04/2005 2.4208 41.30951
04/04/2005 2.4230 41.27115
05/04/2005 2.4340 41.08463


Quote:
Originally Posted by gajjitt
Been plotting the Commonwealth Banks official exchange rate on transfers between £10,000 and £50,000. Get a daily rate update sent as an email from [email protected], just email and say Australia.

Today they are quoting £1=$2.4065.

See that attached graph for the last few weeks trend.

Cheers Paul
Attached Thumbnails
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Old Jun 6th 2005, 11:14 am   #30
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Default Re: $ exchange rate-should i buy now?

I wouldn't buy now!!

Seen the exchange rates today? 2.3888 right now. And you'll be lucky to get 2.36 from the banks. Def hold ya horses for the moment.

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