itxrd

I'd defo take it now. Its never been this low so waiting is just being greedy. Although we're all greedy ;-)

I'm not saying for sure it won't go a bit lower. All I know is over the course of 2-3 yrs things will stabilise and we'll be back to at least 2 oz to 1 £.

freebo

Really, how do you know this? I'm not saying you're wrong just that its impossible to be sure, you may think this is very likely, I think its less so but neither of us know for sure.

itxrd

Trust me ;-)

iamthecreaturefromuranus

No.

freebo

This makes for interesting reading...

http://www.moneyweek.com/news-and-ch...ion-00908.aspx

pomtastic

The 30's depression lasted for about 20 years and the Global Financial Crisis this time round is more severe due to personal debt on top. I'd like it to be all over in a couple of years but I think you're dreamin'.

It's time to batten down the hatches and tread carefully.

hwilson

It's not all doom and gloom. There are some hopeful things happening, like an election, and Oil exploration in the Falklands. You never know!

danjones1

...and a possible war with the whole of Latin America!

Britain is buggered, as the Aussies would say!

itxrd

All the differing views are interesting. Its easy to say things will improve or others to say they won't. The hard part is putting your money where your mouth is.

So pomtastic. Lets say you had a choice to either convert your money now (at 1.66) or to wait 2-3 years. What would you do? Because lets while none of us know for sure whether it will go up or go down it is far, far more likely to go back up in that time. Even if worst case scenario the £ was to go down the Ozzie $ can't sustain current growth over the next few years. Not with a 6 to 1 income - house price ratio. US crashed cause of that and mountains of debt. UK followed. And Oz has the same problem.

Anyone out there now thinking of changing their lifesavings please don't. just sit tight and wait. Thats all I'm saying.

Now you should all agree with me and we can put this 95 page thread to bed. Ha ha

xzibit

I was planning on changing all my money when I go over at the end of the Summer, but that was when it was back at 1.9 last year. And I was annoyed at that rate.

Now, I'm planning on changing enough to see me through 6 months, and hopefully then I would have found some kind of employment, and can support myself on that income.

Then, in a few months/years/decades when the rate picks back up towards the 2.0 area, I will think about bringing it across. It may go down, and I may lose out, but history shows that it generally goes back up eventually.

hwilson

Just be careful though. There is a time limit for bringing assets over, with hefty tax penalties for transfers afterwards.

freebo

Does anyone know what the time limit is?

xzibit

Yes, I've heard about that. 6 months isn't it? But surely if my Mother sent me the money as a birthday present, I wouldn't have to pay tax on it?

6 months I think.

freebo

I expect there'd be a (fairly low) tax exemption on gifts.

harrip

When I brought my funds over from the UK I did it over a period of time. I didn't get the best exchange rate but I didn't get the worst. Thankfully it was a few years ago so it was better than now, but I think there is sense in staggering bringing funds over if you can - unless you have a crystal ball and know your at the top of the exchange rate.