Exchange rate AUD Vs GBP £1 buys $1.83
Oct 30th 2016, 11:52 am
#451
Lost in BE Cyberspace
Joined: Nov 2003
Location: Scotland
Posts: 7,949
Re: Exchange rate AUD Vs GBP £1 buys $1.83
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
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
Last edited by OzTennis; Oct 30th 2016 at 12:14 pm.
Oct 30th 2016, 12:29 pm
#452
Proudly Deplorable
Joined: May 2003
Location: Alloha snack bar
Posts: 24,246
Re: Exchange rate AUD Vs GBP £1 buys $1.83
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
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'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 
Oct 30th 2016, 12:55 pm
#453
Lost in BE Cyberspace
Joined: Nov 2003
Location: Scotland
Posts: 7,949
Re: Exchange rate AUD Vs GBP £1 buys $1.83
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
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
Oct 30th 2016, 7:54 pm
#454
Concierge
Joined: Jan 2013
Location: Western Australia
Posts: 21,138
Re: Exchange rate AUD Vs GBP £1 buys $1.83
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
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 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.
