exchange rate move or best u.k saving rate
#46
Re: exchange rate move or best u.k saving rate
All this assumes that you intend your move to Australia to be permanent, of course.
#47
BE Enthusiast
Joined: Jun 2003
Location: Melbourne, Victoria
Posts: 524
Re: exchange rate move or best u.k saving rate
In that case - why not buy real estate? (or hold onto what you own). I still don't see the reason to speculate on exchange rate movements by holding cash in a foreign currency. If you intend to buy in Australia longer term and want to hold cash meantime, your base currency should be Australian dollars.
All this assumes that you intend your move to Australia to be permanent, of course.
All this assumes that you intend your move to Australia to be permanent, of course.
#48
Forum Regular
Joined: Mar 2009
Posts: 33
Re: exchange rate move or best u.k saving rate
JAJ -The vast majority of people posting (I would assume) have just arrived here or are about to move and would all love to move their funds from the UK. Personally it's certainly not a choice for me to speculate but rather a necessity. I don't know about everyone else but I budgeted nearer 1.8/1.9. It's only as recently as September (was around then anyway) that the exchange rate was at 1.9 and, going back slightly further, in April it was definitly at 2.2 so you can see why people want to hang on for the pound to recover even slightly!
Annoyingly I was going to move my money a couple of weeks ago when it was 1.79 but then our shipping arrived with some of it missing and lost personal items took priority. By the time I thought about moving money again the pound had plummeted back down so for the time being I'm still stuck with the daily checking of the exchange rate!!!
Annoyingly I was going to move my money a couple of weeks ago when it was 1.79 but then our shipping arrived with some of it missing and lost personal items took priority. By the time I thought about moving money again the pound had plummeted back down so for the time being I'm still stuck with the daily checking of the exchange rate!!!
#49
Re: exchange rate move or best u.k saving rate
JAJ -The vast majority of people posting (I would assume) have just arrived here or are about to move and would all love to move their funds from the UK. Personally it's certainly not a choice for me to speculate but rather a necessity. I don't know about everyone else but I budgeted nearer 1.8/1.9. It's only as recently as September (was around then anyway) that the exchange rate was at 1.9 and, going back slightly further, in April it was definitly at 2.2 so you can see why people want to hang on for the pound to recover even slightly!
Annoyingly I was going to move my money a couple of weeks ago when it was 1.79 but then our shipping arrived with some of it missing and lost personal items took priority. By the time I thought about moving money again the pound had plummeted back down so for the time being I'm still stuck with the daily checking of the exchange rate!!!
Annoyingly I was going to move my money a couple of weeks ago when it was 1.79 but then our shipping arrived with some of it missing and lost personal items took priority. By the time I thought about moving money again the pound had plummeted back down so for the time being I'm still stuck with the daily checking of the exchange rate!!!
#50
Devil's Advocate
Joined: Feb 2008
Location: Mandurah
Posts: 2,269
Re: exchange rate move or best u.k saving rate
One thing to consider guys (and everyone's situation is different) and of course it's all gamble.
If you hold on to sterling for a better rate, if you need that money to secure/buy a house (which most do for a mortgage - 10% deposit minimum) then in the interim you will probably be renting. At say $400 per week thats
$20K p.a which could be going against a mortgage. i.e. depending on how much you have to change, what you gain in forex by waiting could be easily offset by rent.
Housing does seem to still be rising here (will the alleged bubble burst or not) so waiting to buy could also mean it costs you more.
Personally I think it will be some years before the exchange rate improves back significantly above 2:1.
No-one knows whats going to happen with all these variables (and don't let anyone tell you otherwise).
If you hold on to sterling for a better rate, if you need that money to secure/buy a house (which most do for a mortgage - 10% deposit minimum) then in the interim you will probably be renting. At say $400 per week thats
$20K p.a which could be going against a mortgage. i.e. depending on how much you have to change, what you gain in forex by waiting could be easily offset by rent.
Housing does seem to still be rising here (will the alleged bubble burst or not) so waiting to buy could also mean it costs you more.
Personally I think it will be some years before the exchange rate improves back significantly above 2:1.
No-one knows whats going to happen with all these variables (and don't let anyone tell you otherwise).
#51
Home and Happy
Joined: Dec 2002
Location: Keep true friends and puppets close, trust no-one else...
Posts: 93,815
Re: exchange rate move or best u.k saving rate
I have to just read this type of post and realise the quality of financial content on this site at times is much the same as the Beano. Go back to your comics pal, you seriously believe i read this cr@p and take note without any kind of effort or research to back up such a stupid statement on your part?
Read the thread, you might get some answers, at least i can back up my posts with research in a real physical sense. I even give you the address and phone number.
I have to sometimes remind myself that it is human nature for many to want to inflict as much financial pain on another human fellow. Envy, greed, the monster with green eyes? Why is that, why do posters on this board get so much enjoyment trying to scare other posters with such nonsense. You really are some kind of sad nonse!
.
Read the thread, you might get some answers, at least i can back up my posts with research in a real physical sense. I even give you the address and phone number.
I have to sometimes remind myself that it is human nature for many to want to inflict as much financial pain on another human fellow. Envy, greed, the monster with green eyes? Why is that, why do posters on this board get so much enjoyment trying to scare other posters with such nonsense. You really are some kind of sad nonse!
.
#52
funky monkey.
Thread Starter
Joined: Jul 2008
Location: Leeds originally, now in Kallangur, Brisbane.
Posts: 66
Re: exchange rate move or best u.k saving rate
JAJ -The vast majority of people posting (I would assume) have just arrived here or are about to move and would all love to move their funds from the UK. Personally it's certainly not a choice for me to speculate but rather a necessity. I don't know about everyone else but I budgeted nearer 1.8/1.9. It's only as recently as September (was around then anyway) that the exchange rate was at 1.9 and, going back slightly further, in April it was definitly at 2.2 so you can see why people want to hang on for the pound to recover even slightly!
Annoyingly I was going to move my money a couple of weeks ago when it was 1.79 but then our shipping arrived with some of it missing and lost personal items took priority. By the time I thought about moving money again the pound had plummeted back down so for the time being I'm still stuck with the daily checking of the exchange rate!!!
Annoyingly I was going to move my money a couple of weeks ago when it was 1.79 but then our shipping arrived with some of it missing and lost personal items took priority. By the time I thought about moving money again the pound had plummeted back down so for the time being I'm still stuck with the daily checking of the exchange rate!!!
On starting this thread its the general perception that MOST people are moving from The U.K TO Australia and some people have houses still the sell in the u.k or Funds still in the u.k.
Myself personally i only have a small amount of 20k pounds in sterling left in the u.k, but i am ONLY on a 4 year,tempory 457 buisness sponsored visa with a VIEW to looking for residencey within the 4 year visa.
HENCE this is why i am firstly reluctant to send over the remainder of my life savings( not been that lucky like MOST with the property boom in England previously) to Australia and secondly reluctant because the exchange around this time last year was approx 2.5.
No way of getting ahold of my funds at that stage has worked out really bad for me!!
I am somewhat of the opinion that the bubble will burst here eventually, ( please dont shoot me down here LOL) everyday things here are soooo expensive, general wages dont tend to go up enough each year to be consistant. SOME SAY its NO longer the land of oppertunity..
ALthough there is so many emigrating here and they cannot build enough houses quick enough,things may still stay strong. Whos knows if they will cap the emigration population but they have been talking about it just this evening on the news here!! Make your own opinion on that!
I believe everyone has some sort of positive answers to what they believe, but why carnt some agree to disagree on this thread instead of nasty jibes at one another??
#53
Forum Regular
Joined: Nov 2008
Location: Sydney
Posts: 123
Re: exchange rate move or best u.k saving rate
Well stated, Chiefster! We are not looking to make money, but simply to ease in to, what's now an expensive country.
#54
Banned
Joined: Aug 2008
Posts: 22,348
Re: exchange rate move or best u.k saving rate
Well if we could make money along the way then we would but for the moment we just want to preserve what we have.
#55
funky monkey.
Thread Starter
Joined: Jul 2008
Location: Leeds originally, now in Kallangur, Brisbane.
Posts: 66
Re: exchange rate move or best u.k saving rate
Thats exactly it. No one wants to loose the little they do have exchanging now at the rates at the moment! I get the feeling that that its better to leave the cash in the u.k for now until things get a little better in the exchange rate...
There was a report on morning T.V here in queensland that there is going to be FURTHER hikes in interest rates later this year and is inevetable.
A financial boffin on the news stated,(quote on the lines of) that with the interest rate increases due to happen, Australia is not getting any cheaper, prices in all sectors have NOT dropped what so ever and Australia did not get into a real recession but may see it happen if things progress the way they are.' (unquote)
I believe there may alot of truth in this and if OZ carrys on down this track of being one of NOW the most expensive places to live then it may end up in a U.K type resession..
In the short 2 years of living here these are Examples of my experience in increases or expensive products and services are food, Insurance , Breakdown cover, Mobile phone contracts, creeping up fuel prices, unaffordable houses and being pushed further out of the citys.
It is well Known that there is not enough houses being built for demand and its now being shown that to get people away from the MAIN citys in regional areas there needs to be more work and housing.
I do still believe at you can sustain a better life in Australia than the u.k at present, but its anyones guess to the future..
ALthough i am NO boffin or can tell what is going to happen its just my view..
I would like to get others opinions on their views too...
There was a report on morning T.V here in queensland that there is going to be FURTHER hikes in interest rates later this year and is inevetable.
A financial boffin on the news stated,(quote on the lines of) that with the interest rate increases due to happen, Australia is not getting any cheaper, prices in all sectors have NOT dropped what so ever and Australia did not get into a real recession but may see it happen if things progress the way they are.' (unquote)
I believe there may alot of truth in this and if OZ carrys on down this track of being one of NOW the most expensive places to live then it may end up in a U.K type resession..
In the short 2 years of living here these are Examples of my experience in increases or expensive products and services are food, Insurance , Breakdown cover, Mobile phone contracts, creeping up fuel prices, unaffordable houses and being pushed further out of the citys.
It is well Known that there is not enough houses being built for demand and its now being shown that to get people away from the MAIN citys in regional areas there needs to be more work and housing.
I do still believe at you can sustain a better life in Australia than the u.k at present, but its anyones guess to the future..
ALthough i am NO boffin or can tell what is going to happen its just my view..
I would like to get others opinions on their views too...
#56
funky monkey.
Thread Starter
Joined: Jul 2008
Location: Leeds originally, now in Kallangur, Brisbane.
Posts: 66
Re: exchange rate move or best u.k saving rate
Any advice on best investments in england to get into between 0- 2 years, whether it be;
Fixed rate ISAs
Ivestment bonds,
fixed tern bonds,
Easy access accounts.
or others??
Standard ISAs are limited to 3600 GBP?
Fixed rate ISAs
Ivestment bonds,
fixed tern bonds,
Easy access accounts.
or others??
Standard ISAs are limited to 3600 GBP?
#60
Re: exchange rate move or best u.k saving rate
If you are over 50 the above is the limit now.