onepearlyb

Hallo again folks,

Well, it's not looking good is it? Gone is the 2.5+ rate of a few weeks ago.
Now it's back down to $2.48au on Ozforex. ( lower at national banks )
Anyone got a chrystal ball??
Toying with the idea of putting our cash in a high interest account here in Uk until we're ready to go ( hopefully Jan )
If we'd moved quick enough we could have got the lovely rate a few weeks back.
Predictions anyone?????????

*pearly*

Bix

In my opinion it's gonna piss in my face.

Would love to have grabbed a forward rate 2 weeks ago but didn't have the money for the deposit.

House has now completed and have to bring the dosh over soon as buying here.

Such is life.

arkon

Sorry but I'm willing it to drop to 2:1 so I can go home.

renth

Don't forget the UK Bank of England is almost certain to raise rates the day after the Federal Reserve so I'm not convinced there will be a huge raise or drop.

Bix

I think you have as much chance of that before retirement as I have of getting 2.60 in the next week.

Sleeping Beauty

dont do what we did, leave it to the last minute, it went over 2.5, but we had left it too late, and missed the boat. ended up with 2.48 or something.
register with ozforex to let you know when it reaches a certain level, and exchange then. we left it until the last minute and ballsed up.

onepearlyb

Cheers everyone for your views.
Hmmm, might just have to hang onto my dosh until Jan then.
Arkon, I hope you get the price you need to move back here soon ( but not until I've got the same AU$2.6 that Bix is waiting for )

;o)

*pearly*

arkon

It was 1.9 the year before we came here!

onepearlyb

Now there was an omen if ever there was one.

TheAshleys

6 months ago it was around 2.35, so now is good ! Not as good as it has been, but you pays your money, you takes your chance.

OriginalSunshine

you need to do the sums

what is the interest rate paying on accounts in Aus & how much in the UK?

in a spreadsheet work out at what exchange rate you need for it to make a difference - ie you may be better off accepting a lower exchange rate now and making more money on the interest than in waiting for a theoretical higher rate of exchange but lower savings interest rate

if that makes sense!

onepearlyb

Yip - does make sense. I just wondered what the financial predicted price change there was if anyone knew. I get the daily Ozforex commentary but it doesn't like to indulge in too many future predictions.

*pearly*

lollyno1

jeez...im that confused over opening bank account..transferring money etc

ill but just glad to get it there..

astonmartinv8

Hi all,

Have a look at this forecast from ANZ bank. Looks like things will improve again up to circa $2.70 next March if it is correct (their opinion and my hope!).

Page 26 has the forecasts.

http://www.anz.com/business/info_cen...y/AEODec06.pdf

Best regards,

Marcus.

esperanza

I did a whole spreadsheet a few weeks ago to see what the possible outcomes were of transferring money at various exchange rates & rates of interest.
I found that typically interest rates were higher in Oz by about 1%.
Depending on how much you are planning to move, an X-rate fluctuation of 1 0r 2c down might be wiped out by the increased interest rates in Oz.
HOWEVER matters were then complicated by the fact that in Oz any interest paid would be taxed, whereas in the UK a lot of out cash is in ISAs (having used the full allowance for a few years) so the interest would be tax-free - which may negate the higher interest rates in Oz savings accounts.

One thing which I haven't looked in to is whether we are likely to be taxed on any large-ish sums of money brought in to Australia (possibly up to about £50,000) - also whether the situation would be different if we waited a few years rather than bringing the cash straight over when immigrating. Any advice on that would be very welcome!