Swerv-o

Just to confuse everybody further...

HIFX called me today and asked if I wanted to place an order as the GBP/AUD exchange rate had passed a key trigger point at 2.32, and they felt that the only way was down from now on - possibly as low as 1.90. Is this standard practice, or were they just trying to scare me into a sale do you think?

It's very difficult to know what to do now - Hold and hope, or secure at about the 2.30 mark. I have planned and calculated all my finances on a rate of 2.40, so I guess that's not as bad as it could be for me.

Does anybody else have any info or rumours from the money people?


S

lynnlovessun

Thats scary :scared: I wonder why no one has commented on this - maybe everyone is away changing their money as we speak

I am going to maybe transfer half my money just now - 8k and hope for the best for the other half - would hope to achieve at least 2.4 for that. I have been told by financial advisor that no one can predict the exchange rate - market conditions change on an hourly/ daily basis - a forward contract at least secures todays rate.

Lynn

faye_gillan

Hiya,

We spoke to Money corp today a nice guy (ozzie) who was really helpful, he has been watching as he is also waiting to change his money. Anyways he said that it won't be likely to get much higher, but there is a figure going to be released on Friday from the US (not sure exactly what) but this would hopefully have a good impact on the AUS $ and he advised us to hold off until then!!!! It keeps dropping at the moment so we are waiting till then then gonna go for it!

P.S. - If you leave your money in the UK do you not get taxed more when you transfer at a later stage??????????? This is why we were transferring all now..

Sleeping Beauty

P.S. - If you leave your money in the UK do you not get taxed more when you transfer at a later stage??????????? This is why we were transferring all now..[/QUOTE]

so, if we sold our house b4 we got the PR visas, and the finances were sitting nicely in a financial institution, if we dont transfer straight away to aus $, we will get taxed on it. but we wouldn't be ready to do that?

is that right?

michelle

marco121068

As we're all wanting to change from £ to A$ then I hope this info from the US is going to have a BAD impact on the A$. Don't forget - if it's good for the Aussie Dollar it'll be bad for Sterling.

Take a look at www.gomatilda.com. There is a news article dating from October 2004 that details what you can and cannot do with money left in the UK. No rush in changing it if you don't need it (if you think the future might hold a better rate).

faye_gillan

You don't get taxed in the UK but (from what we can gather - might be totally worng we cant get any one to confirm!) if you dont transfer the funds (at the same time as you arrive in OZ) i.e. at a later stage you will be taxed by OZ on any prfit you make on the exchange??????

If anyone knows the ins and outs would like to hear from you ........

Swerv-o

Apparently the relative strength of the pound is also very dependent upon whether the European bank decide to reduce interest rates, and then how the pound responds to such a cut. If you have a look at the Moneycorp website, they offer a daily bulletin, which explains the various movements of the money markets and how well the pound deals with them.

I think it's pretty much sure that the rate won't get much better anytime soon though - The UK economy really does seem to be stagnating, and the pundits were discussing a second rate cut in Sept. I think I will see how the rate is on Friday, after the US figures are released, and then see what I can get around the 2.30 mark, if it stays that high after tomorrow.

Fingers crossed eh?

S

faye_gillan

Thanks for this I think I will give this company a call tomorrow to ask for some further advice. Collett and Co. thanks so confused!!!!!!!! ............. Ah leaving a week today