Les Avalook

You are 100% correct!

pemajoka

Hi Les
Now all we need is the (an acceptable) exchange rate!!!!

paulry

Many thanks Pete . I have the accounts at each end so I just need to determine the best exchange house and set that up.

That's the hard part

freebo

Yes, that's how I transferred our startup money, and waited at the time for a day when rates where up. I actually called them to do the deal but could do it online.

As above, Ozforex (also known as Ukforex in the UK), don't need expensive immediate transfer of funds, just make sure you do your bank transfer the same day you do the deal with them, I've found them really good.

Now I'm earning AUD I hope not to transfer any more GBP the rate improves a bit but will be doing a little at a time, so as not to miss out on any spikes (recently moved a little more at 1.78).

charlie5

I can recommend HiFX. I have accounts with both UK and Aus offices as this gives a longer time window each day to exchange.

Charlie

Les Avalook

How close did you get to $1.78?

Just as banks have banded tables for interest rates depending on how much you save why are these companies so coy about charges?

I know the rate that these Forex/Moneycorp type companies varies with the amount that you exchange but has anyone got a guide as to what % to expect to pay on the rate.

Would you expect 1/2%, 1%, 1.5%, 2% from the rate shown?

We need to pay $68,660 for our CPV visa and each 5 cents the rate improves that is £1,000 less to find, so am looking for any spike up that occurs.

Wol

I have sent you a PM on this.

freebo

I don't have the exact figure here but the 1.78 I was referring to was the approx cross rate at the time, I think after all charges & spreads I got about 1.75. I don't know how exactly they calculate the final figure and suspect it depends on how much you're changing, that one was £10,000; part of our initial set up funds as we've left most of our money in the UK and I started work straight away.

Its worth calling them to discuss, they where very helpful when I set up my account.

freebo

Would you mind fwd'ing to me too; the more I can learn about this stuff the better!

Wol

Done

Bermudashorts

If the rate is trending below 1.70 when you need to pay then it seems it would be worth taking advantage of the below.

http://www.immi.gov.au/allforms/990i/converter.htm

DIAC set FX rates twice a year and you could use their rate to convert the $68,660 into sterling and then pay that. According to the converter one CPV application can be paid for with £20,180 up until the end of June, when they will reset the FX rate for next six months.

Les Avalook

That sounds about what Moneycorp said to me, if I wanted to send £5,000 out at a rate of $1.75 then it would have to hit above $1.78 to trigger the deal on that amount. I guess if it was £50,000 it would be closer to the mark.

We used to do a weekly transfer using our son's Nationwide account of $500 a time and visa charged 1% on the daily rate, but we stopped doing that back in March when the rate fell below $1.70. We have a first year fund of $40,000 at an average of about $2 to £1.

We expect the London payment option to drop $1.60ish from the 01/07/10 so bit of a non starter, but do not expect to pay for visa until end of this year or start of next so that could even become an option if the £ keeps up its trend.

Thanks for comments Guys & Girls

Alfresco

Yeah, keeping my eye on ZAR too which can fluctuate wildly!

http://www.xe.com/currencycharts/?fr...to=ZAR&view=1D

paulry

Same here. Oh for the heady days of 19 to 1

DownUnderPaddy

1.680....and dropping, and it hasn't even been quite 2 weeks !