2.4801 £ - $ . Its still going Up
Apr 19th 2005, 3:39 am
#16
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Re: 2.4801 £ - $ . Its still going Up
Originally Posted by TOB
I am not really sure how all this changing money lark works but I thought that you got a better rate if you transferred your money to a currency broker such as Currencies Direct or HIFX who then give you a more competitive rate. They then transfer the funds direct to your Oz bank account. I was under the impression that the brokers give a better rate of exchange than the high street banks.
Does anyone have anymore adice on this please?
Does anyone have anymore adice on this please?
lesley
Apr 19th 2005, 4:30 am
#17
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Re: 2.4801 £ - $ . Its still going Up
Originally Posted by JJL family
Dont think we can just transfer our funds straight to oz account, its got to go to london first then they transfer it, also not sure if commonwealth bank is just an high street bank? will get my fella to answer this when he gets in he's the one that sorted it out.
lesley
lesley
We got ours last summer for a rate of 2.56
and we still get 2.56 today.
Apr 19th 2005, 4:42 am
#18
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Re: 2.4801 £ - $ . Its still going Up
Originally Posted by pompeywill
Best to open an account with HIFX, then get a forward contract for todays rate, which they will guarantee for one year. (for an amount that you specify)
We got ours last summer for a rate of 2.56 and we still get 2.56 today.
We got ours last summer for a rate of 2.56
and we still get 2.56 today.To get the rate on the forward contract it has to reach that rate first .
can't see them giving you 2.56 if in the last 12 months it never reached that rate.
we are also getting a forward contract with the common wealth bank for the rest of our funds, has we have decided we probably won't buy a house for at least 6-12 months so will hang on for a better rate. preferably 2.60 if not more. because you can always up your forward contract if it looks like its rising.
lesley
lesley
Apr 19th 2005, 4:48 am
#19
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Re: 2.4801 £ - $ . Its still going Up
[QUOTE=JJL family]To get the rate on the forward contract it has to reach that rate first .
can't see them giving you 2.56 if in the last 12 months it never reached that rate.
we are also getting a forward contract with the common wealth bank for the rest of our funds, has we have decided we probably won't buy a house for at least 6-12 months so will hang on for a better rate. preferably 2.60 if not more. because you can always up your forward contract if it looks like its rising.
lesley
Hi
In my experience you will lose approx 3 cents off the current spot rate when you do your transaction ie if the spot rate is currently 2.49 for example you will be offered 2.46ish. That is where the exchange companies make their profit but 2.46 would still be a better rate than you will get with a UK High Street bank.
Hope that helps.
If anyone manages to beat the "3 cent" deal anywhere then please share your good news with those who are waiting to exchange!!
Regards
Jim
can't see them giving you 2.56 if in the last 12 months it never reached that rate.
we are also getting a forward contract with the common wealth bank for the rest of our funds, has we have decided we probably won't buy a house for at least 6-12 months so will hang on for a better rate. preferably 2.60 if not more. because you can always up your forward contract if it looks like its rising.
lesley
Hi
In my experience you will lose approx 3 cents off the current spot rate when you do your transaction ie if the spot rate is currently 2.49 for example you will be offered 2.46ish. That is where the exchange companies make their profit but 2.46 would still be a better rate than you will get with a UK High Street bank.
Hope that helps.
If anyone manages to beat the "3 cent" deal anywhere then please share your good news with those who are waiting to exchange!!
Regards
Jim
Apr 19th 2005, 5:01 am
#20
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Joined: Jan 2002
Posts: 164
Re: 2.4801 £ - $ . Its still going Up
Not sure what you mean by "because you can always up your forward contract if it looks like its rising.".
As far as I know once you agree a rate then that's it. It's fixed. You can't go up or down. You can delay when you have to transfer the amount but not directly change the amount if it goes up.
Hope that makes sense!
Adrian
As far as I know once you agree a rate then that's it. It's fixed. You can't go up or down. You can delay when you have to transfer the amount but not directly change the amount if it goes up.
Hope that makes sense!
Adrian
Apr 19th 2005, 5:08 am
#21
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Re: 2.4801 £ - $ . Its still going Up
Originally Posted by alrobson
Not sure what you mean by "because you can always up your forward contract if it looks like its rising.".
As far as I know once you agree a rate then that's it. It's fixed. You can't go up or down. You can delay when you have to transfer the amount but not directly change the amount if it goes up.
Hope that makes sense!
Adrian
As far as I know once you agree a rate then that's it. It's fixed. You can't go up or down. You can delay when you have to transfer the amount but not directly change the amount if it goes up.
Hope that makes sense!
Adrian
I agree with you - once the contract is made, the rate stays static and its the completion only which can be moved to a later date.
Jim
Apr 19th 2005, 5:11 am
#22
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Re: 2.4801 £ - $ . Its still going Up
Originally Posted by alrobson
Not sure what you mean by "because you can always up your forward contract if it looks like its rising.".
As far as I know once you agree a rate then that's it. It's fixed. You can't go up or down. You can delay when you have to transfer the amount but not directly change the amount if it goes up.
Hope that makes sense!
Adrian
As far as I know once you agree a rate then that's it. It's fixed. You can't go up or down. You can delay when you have to transfer the amount but not directly change the amount if it goes up.
Hope that makes sense!
Adrian
We were told by the commonwealth bank that we could up the rate at a later date if we wanted to (for a £15-£20 administration charge)
if you are right and its not possible to do this then we will just ask for $2.70 in the forward contract. Also you must be able to go down ,if you ask for 2.60 and it never reaches 2.60 after the 12 months what happens then.
maybe i am wrong but both the commonwealth bank< and hifx have said this is possible.
lesley
Apr 19th 2005, 5:19 am
#23
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Re: 2.4801 £ - $ . Its still going Up
Originally Posted by JJL family
To get the rate on the forward contract it has to reach that rate first .
can't see them giving you 2.56 if in the last 12 months it never reached that rate.
we are also getting a forward contract with the common wealth bank for the rest of our funds, has we have decided we probably won't buy a house for at least 6-12 months so will hang on for a better rate. preferably 2.60 if not more. because you can always up your forward contract if it looks like its rising.
lesley
I think you have misunderstood, the rate at the time was 2.56 so I purchased £100,000 at that rate. But I had a year to transfer the funds.
I haven't transferred all the funds yet but if I do it tomorrow I still get 2.56.
The downside is that if the rate shoots up to 2.60 I still only get 2.56.
lesley
can't see them giving you 2.56 if in the last 12 months it never reached that rate.
we are also getting a forward contract with the common wealth bank for the rest of our funds, has we have decided we probably won't buy a house for at least 6-12 months so will hang on for a better rate. preferably 2.60 if not more. because you can always up your forward contract if it looks like its rising.
lesley
I think you have misunderstood, the rate at the time was 2.56 so I purchased £100,000 at that rate. But I had a year to transfer the funds.
I haven't transferred all the funds yet but if I do it tomorrow I still get 2.56.
The downside is that if the rate shoots up to 2.60 I still only get 2.56.
lesley
I haven't transferred all the funds yet but if I do it tomorrow I still get 2.56.
The downside is that if the rate shoots up to 2.60 I still only get 2.56.
Apr 19th 2005, 5:20 am
#24
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Re: 2.4801 £ - $ . Its still going Up
Originally Posted by JJL family
We were told by the commonwealth bank that we could up the rate at a later date if we wanted to (for a £15-£20 administration charge)
if you are right and its not possible to do this then we will just ask for $2.70 in the forward contract. Also you must be able to go down ,if you ask for 2.60 and it never reaches 2.60 after the 12 months what happens then.
maybe i am wrong but both the commonwealth bank< and hifx have said this is possible.
lesley
if you are right and its not possible to do this then we will just ask for $2.70 in the forward contract. Also you must be able to go down ,if you ask for 2.60 and it never reaches 2.60 after the 12 months what happens then.
maybe i am wrong but both the commonwealth bank< and hifx have said this is possible.
lesley
This is very strange! If CBA and HIFX are telling you this then they have changed their procedures. You have never been able to move the goalposts in your favour if the rate increases before your completion date or, likewise, if it decreases you will have "bought in" at a more favourable rate.
If you wait for $2.70, or $2.60 for that matter, you may be disappointed.
I'll try to dig out HIFXs info pack to get the right wording.
Regards
Jim
Apr 19th 2005, 5:33 am
#25
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Joined: Jan 2002
Posts: 164
Re: 2.4801 £ - $ . Its still going Up
I think you may be getting confused between a forward contract and a price trigger (not sure if that is the correct term). If you agree a forward contract then that's the price you exchange at. If you tell them to buy currency when it reaches $2.60 (let's say) then if it doesn't or you change your mind then you can say trigger the exchange at $2.65 now and not $2.60.
If it never reaches that amount after a period then you cancel the contract.
It's easy to get things like this confused, but it's best that you understand fully before you start entering into agreements, so asking the question on here was a good idea!
Adrian
If it never reaches that amount after a period then you cancel the contract.
It's easy to get things like this confused, but it's best that you understand fully before you start entering into agreements, so asking the question on here was a good idea!
Adrian
Apr 19th 2005, 5:33 am
#26
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Re: 2.4801 £ - $ . Its still going Up
Originally Posted by Jimclevs
Hi
This is very strange! If CBA and HIFX are telling you this then they have changed their procedures. You have never been able to move the goalposts in your favour if the rate increases before your completion date or, likewise, if it decreases you will have "bought in" at a more favourable rate.
If you wait for $2.70, or $2.60 for that matter, you may be disappointed.
I'll try to dig out HIFXs info pack to get the right wording.
Regards
Jim
This is very strange! If CBA and HIFX are telling you this then they have changed their procedures. You have never been able to move the goalposts in your favour if the rate increases before your completion date or, likewise, if it decreases you will have "bought in" at a more favourable rate.
If you wait for $2.70, or $2.60 for that matter, you may be disappointed.
I'll try to dig out HIFXs info pack to get the right wording.
Regards
Jim
cheers jim, somebody is defo giving us wrong information.
will phone them and check. still would like to know though if you decide you want 2.60 and it dose'nt reach that what happens then.
lesley
Apr 19th 2005, 6:29 am
#27
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Re: 2.4801 £ - $ . Its still going Up
Originally Posted by JJL family
cheers jim, somebody is defo giving us wrong information.
will phone them and check. still would like to know though if you decide you want 2.60 and it dose'nt reach that what happens then.
lesley
will phone them and check. still would like to know though if you decide you want 2.60 and it dose'nt reach that what happens then.
lesley
Please Adrian's reply above - you cancel the contract.
Regards
Jim
Apr 19th 2005, 6:35 am
#28
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Re: 2.4801 £ - $ . Its still going Up
Originally Posted by alrobson
I think you may be getting confused between a forward contract and a price trigger (not sure if that is the correct term). If you agree a forward contract then that's the price you exchange at. If you tell them to buy currency when it reaches $2.60 (let's say) then if it doesn't or you change your mind then you can say trigger the exchange at $2.65 now and not $2.60.
If it never reaches that amount after a period then you cancel the contract.
It's easy to get things like this confused, but it's best that you understand fully before you start entering into agreements, so asking the question on here was a good idea!
Adrian
If it never reaches that amount after a period then you cancel the contract.
It's easy to get things like this confused, but it's best that you understand fully before you start entering into agreements, so asking the question on here was a good idea!
Adrian
I believe the "price trigger" is called an "limit order" or "target price" but the mechanism is as you describe it and, yes, it is a different ball game to a forward contract although, just to confuse things even further, you can combine a forward contract with a limit order !!
.......... but let's not go down that route eh!!??
regards
Jim
Apr 19th 2005, 8:55 am
#29
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Re: 2.4801 £ - $ . Its still going Up
Currencies Direct were very good.
Apr 19th 2005, 8:59 am
#30
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Re: 2.4801 £ - $ . Its still going Up
Originally Posted by Stormz
Currencies Direct were very good.
Have you used currencies direct?. do you have website?.
chris
