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Old Oct 30th 2016, 11:52 am   #451
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Default Re: Exchange rate AUD Vs GBP £1 buys $1.83

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Originally Posted by paulry View Post
But all of the banks are the same, they're all as bad as eachother.
Looking at the bigger picture and not just how CBA does on FX - all banks are not the same; Australian banks are the most profitable of any developed country over the last 5 years (only some banks in China and Brazil have been more profitable but they are emerging economies).

Were Australian banks exposed to the GFC to the degree of their counterparts in USA and Britain for example? Did they have to be bailed out by the Australian taxpayer? Are they still making losses long after the GFC finished? Have they had scandals of mis-selling (e.g. PPI) which they have to fork billions out for?

e.g. RBS, still 74% owned by the British taxpayer, just posted quarterly losses of over £450 mill which was down from the same period in the previous year. It had £46 bill pumped in by the government and in 8 years has lost all that with consecutive losses of more than £50 bill.

Big four banks most profitable in developed world: BIS

https://www.ft.com/content/2b9428ec-...f-1e7744c66818
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Old Oct 30th 2016, 12:29 pm   #452
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Default Re: Exchange rate AUD Vs GBP £1 buys $1.83

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Originally Posted by spouse of scouse View Post
I had to laugh at myself after my most recent fx transaction. I'd been waiting until the referendum results were in before completing the biggest transaction I'd ever done.

Sat up until about 3am, monitoring the OFX exchange rate, and had 3 long distance telephone conversations with a broker at the Sydney desk.

When it looked like the rate had peaked in my favour I completed the transaction and went to bed exhausted but smug.

I should have just gone to bed at my usual time. Next day I could have got a rate that would have seen me AU$9,000 better off
I feel your pain

I've been transferring money between Australia and the UK for over 10 years now, and sometimes I've hit it at the right time, others not. It really is very hard to predict

Best was around the GFC when GBP spiked dramatically against the AUD and I did a big transfer at about 2.80 . But there's been times when its been the opposite
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Old Oct 30th 2016, 12:55 pm   #453
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Default Re: Exchange rate AUD Vs GBP £1 buys $1.83

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Originally Posted by Amazulu View Post
I feel your pain

I've been transferring money between Australia and the UK for over 10 years now, and sometimes I've hit it at the right time, others not. It really is very hard to predict

Best was around the GFC when GBP spiked dramatically against the AUD and I did a big transfer at about 2.80 . But there's been times when its been the opposite
Been dealing much longer, did a big one at $3.026 when the pound was worth nearly twice what it is now. As you say it is difficult with the timing of a transfer sometimes as you have to exchange and take the rate going. Mostly we've moved pounds to $'s when the pound was strong and the other way when the dollar was strong - been lucky to be able to pick when.
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Old Oct 30th 2016, 7:54 pm   #454
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Default Re: Exchange rate AUD Vs GBP £1 buys $1.83

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Originally Posted by Amazulu View Post
I feel your pain

I've been transferring money between Australia and the UK for over 10 years now, and sometimes I've hit it at the right time, others not. It really is very hard to predict

Best was around the GFC when GBP spiked dramatically against the AUD and I did a big transfer at about 2.80 . But there's been times when its been the opposite
It's a weird old game alright, this fx stuff.

Haven't spoken with you for ages Zulu, hope all's well with you and that spring has sprung up in those lovely hills of my home town.
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