currency advice please
May 25th 2005, 2:15 pm
#1
Forum Regular
Thread Starter
Joined: Feb 2005
Posts: 46
currency advice please
Hello everyone. Well our house is now sold - yipee - which means I dont have to cancel any of the flight arrangements I have made 
I am now in a quandary. We have money in the bank which I need to change into Aus $ but the rate is SO low. HIFX quoted me 2.38 today which is awful.
I am feeling a bit "unsure" about this part of the process, and I am scared of getting it wrong as it my daughter and my nestegg. Therefore please can someone advise me what I should do........Please.....
Thank you in advance for any advice.
Racheybabe
I am now in a quandary. We have money in the bank which I need to change into Aus $ but the rate is SO low. HIFX quoted me 2.38 today which is awful.
I am feeling a bit "unsure" about this part of the process, and I am scared of getting it wrong as it my daughter and my nestegg. Therefore please can someone advise me what I should do........Please.....
Thank you in advance for any advice.
Racheybabe
May 25th 2005, 3:43 pm
#2
Just Joined
Joined: Apr 2005
Posts: 13
Re: currency advice please
Originally Posted by racheybabe
Hello everyone. Well our house is now sold - yipee - which means I dont have to cancel any of the flight arrangements I have made
I am now in a quandary. We have money in the bank which I need to change into Aus $ but the rate is SO low. HIFX quoted me 2.38 today which is awful.
I am feeling a bit "unsure" about this part of the process, and I am scared of getting it wrong as it my daughter and my nestegg. Therefore please can someone advise me what I should do........Please.....
Thank you in advance for any advice.
Racheybabe
I am now in a quandary. We have money in the bank which I need to change into Aus $ but the rate is SO low. HIFX quoted me 2.38 today which is awful.
I am feeling a bit "unsure" about this part of the process, and I am scared of getting it wrong as it my daughter and my nestegg. Therefore please can someone advise me what I should do........Please.....
Thank you in advance for any advice.
Racheybabe
will possibly soon be in the same dilema, we will most likely transfer enough to rent and live on, (can always transfer more later) leave the bulk in either off shore account or interest account here, until the rate improves.
can't see any other way, hope this helps, even just a little
May 25th 2005, 5:25 pm
#3
Jonah & Suzie's Daddy!!!
Joined: Jan 2005
Location: Wakefield, West Yorks
Posts: 352
Re: currency advice please
Originally Posted by racheybabe
Hello everyone. Well our house is now sold - yipee - which means I dont have to cancel any of the flight arrangements I have made
I am now in a quandary. We have money in the bank which I need to change into Aus $ but the rate is SO low. HIFX quoted me 2.38 today which is awful.
I am feeling a bit "unsure" about this part of the process, and I am scared of getting it wrong as it my daughter and my nestegg. Therefore please can someone advise me what I should do........Please.....
Thank you in advance for any advice.
Racheybabe
I am now in a quandary. We have money in the bank which I need to change into Aus $ but the rate is SO low. HIFX quoted me 2.38 today which is awful.
I am feeling a bit "unsure" about this part of the process, and I am scared of getting it wrong as it my daughter and my nestegg. Therefore please can someone advise me what I should do........Please.....
Thank you in advance for any advice.
Racheybabe
have heard some people having to wait weeks for there money from these kinds of companies ...is it worth the saving of money on exchange to actually having the cash waiting there for you when you get off the plane with a cashcard in your pocket ...............
sir les
May 25th 2005, 5:39 pm
#4
Where's the bbq?
Joined: Feb 2003
Posts: 168
Re: currency advice please
We are simply playing the waiting game with the xchange rate, last week it was at 2.43, I haven't seen it much above that for months, but quite right below 2.4 is not good.
We have an oz account, and have been sending money over on a periodic basis and taking advantage of the fluctuation in the rates.
The process takes just a couple of days from bank to bank.
We have an oz account, and have been sending money over on a periodic basis and taking advantage of the fluctuation in the rates.
The process takes just a couple of days from bank to bank.
May 25th 2005, 8:55 pm
#5
Forum Regular
Thread Starter
Joined: Feb 2005
Posts: 46
Re: currency advice please
Originally Posted by Sir Les Patterson
hi to be honest we have thought about this and are really seriously just whacking our money into a commonwealth bank account opened in london and your money is available at the nearest branch to you when you get to oz
have heard some people having to wait weeks for there money from these kinds of companies ...is it worth the saving of money on exchange to actually having the cash waiting there for you when you get off the plane with a cashcard in your pocket ...............
sir les
have heard some people having to wait weeks for there money from these kinds of companies ...is it worth the saving of money on exchange to actually having the cash waiting there for you when you get off the plane with a cashcard in your pocket ...............
sir les
Thank you fro your ideas. There is a difference in about $35,000 dollars between just taking it and buying currency, for me at least!!! I need that $35k. I will keep my daughter in phone calls to UK for at least 6 months.
May 25th 2005, 10:06 pm
#6
ah-beng
Joined: Aug 2004
Location: ^.^
Posts: 3,113
Re: currency advice please
This is a very very easy thing to do.
I cannot advise you on currency rates and nor can anyone else because nobody on here knows what they will do. If you look at them historically they bump around quite a bit plus or minus 5 cents and are 'low' compared to the last 6mths. They may well bump back - in fact I think they took a hit last night. They may well go lower - but likely in the next 6mths that the right circumstances will arise that they'll be better than they are today. they could also go drastically lower....
What we did was leave the larger pot of money in the UK and transfer lump sums.
You can transfer VERY easily with tranzfers.com , register on line now from the UK www.tranzfers.com - they are safe & reliable. Rate is marginally the same as HIFX , tranzfers charge you £7 per deal. In the scheme of losing 35K$ 7£ is peanuts.
You can
- Leave your money in the UK bank , BUT , make sure you know how you can get it into Tranzfers bank acount from Australia theirs is a barclays account. Your online banking will have limits like £2k / day.
- Transfer enough to survive a couple of months (Car purchase, rent deposit, etc, rent, incidental furniture , food etc).
- If you have an emergency or big purchase you can use UK Credit Cards/Debit Cards (VISA) and wont pay too much different to the rate you get from HIFX/Tranzfers.
- Then watch the rates and when they pick up tranfser the bulk of your money over here.
You can setup a bank account here in minutes , ours at Bank of Queensland they give you the eftpos cardover the counter immediately. You need passport, rental agreement, and we had international drivers licences from UK (from post office £10) before we left.
Again - you setup whatever you can quickly and you change it all later. Not a big hassle.
I cannot advise you on currency rates and nor can anyone else because nobody on here knows what they will do. If you look at them historically they bump around quite a bit plus or minus 5 cents and are 'low' compared to the last 6mths. They may well bump back - in fact I think they took a hit last night. They may well go lower - but likely in the next 6mths that the right circumstances will arise that they'll be better than they are today. they could also go drastically lower....
What we did was leave the larger pot of money in the UK and transfer lump sums.
You can transfer VERY easily with tranzfers.com , register on line now from the UK www.tranzfers.com - they are safe & reliable. Rate is marginally the same as HIFX , tranzfers charge you £7 per deal. In the scheme of losing 35K$ 7£ is peanuts.
You can
- Leave your money in the UK bank , BUT , make sure you know how you can get it into Tranzfers bank acount from Australia theirs is a barclays account. Your online banking will have limits like £2k / day.
- Transfer enough to survive a couple of months (Car purchase, rent deposit, etc, rent, incidental furniture , food etc).
- If you have an emergency or big purchase you can use UK Credit Cards/Debit Cards (VISA) and wont pay too much different to the rate you get from HIFX/Tranzfers.
- Then watch the rates and when they pick up tranfser the bulk of your money over here.
You can setup a bank account here in minutes , ours at Bank of Queensland they give you the eftpos cardover the counter immediately. You need passport, rental agreement, and we had international drivers licences from UK (from post office £10) before we left.
Again - you setup whatever you can quickly and you change it all later. Not a big hassle.
May 26th 2005, 9:07 am
#7
Forum Regular
Thread Starter
Joined: Feb 2005
Posts: 46
Re: currency advice please
Originally Posted by spalen
This is a very very easy thing to do.
I cannot advise you on currency rates and nor can anyone else because nobody on here knows what they will do. If you look at them historically they bump around quite a bit plus or minus 5 cents and are 'low' compared to the last 6mths. They may well bump back - in fact I think they took a hit last night. They may well go lower - but likely in the next 6mths that the right circumstances will arise that they'll be better than they are today. they could also go drastically lower....
What we did was leave the larger pot of money in the UK and transfer lump sums.
You can transfer VERY easily with tranzfers.com , register on line now from the UK www.tranzfers.com - they are safe & reliable. Rate is marginally the same as HIFX , tranzfers charge you £7 per deal. In the scheme of losing 35K$ 7£ is peanuts.
You can
- Leave your money in the UK bank , BUT , make sure you know how you can get it into Tranzfers bank acount from Australia theirs is a barclays account. Your online banking will have limits like £2k / day.
- Transfer enough to survive a couple of months (Car purchase, rent deposit, etc, rent, incidental furniture , food etc).
- If you have an emergency or big purchase you can use UK Credit Cards/Debit Cards (VISA) and wont pay too much different to the rate you get from HIFX/Tranzfers.
- Then watch the rates and when they pick up tranfser the bulk of your money over here.
You can setup a bank account here in minutes , ours at Bank of Queensland they give you the eftpos cardover the counter immediately. You need passport, rental agreement, and we had international drivers licences from UK (from post office £10) before we left.
Again - you setup whatever you can quickly and you change it all later. Not a big hassle.
I cannot advise you on currency rates and nor can anyone else because nobody on here knows what they will do. If you look at them historically they bump around quite a bit plus or minus 5 cents and are 'low' compared to the last 6mths. They may well bump back - in fact I think they took a hit last night. They may well go lower - but likely in the next 6mths that the right circumstances will arise that they'll be better than they are today. they could also go drastically lower....
What we did was leave the larger pot of money in the UK and transfer lump sums.
You can transfer VERY easily with tranzfers.com , register on line now from the UK www.tranzfers.com - they are safe & reliable. Rate is marginally the same as HIFX , tranzfers charge you £7 per deal. In the scheme of losing 35K$ 7£ is peanuts.
You can
- Leave your money in the UK bank , BUT , make sure you know how you can get it into Tranzfers bank acount from Australia theirs is a barclays account. Your online banking will have limits like £2k / day.
- Transfer enough to survive a couple of months (Car purchase, rent deposit, etc, rent, incidental furniture , food etc).
- If you have an emergency or big purchase you can use UK Credit Cards/Debit Cards (VISA) and wont pay too much different to the rate you get from HIFX/Tranzfers.
- Then watch the rates and when they pick up tranfser the bulk of your money over here.
You can setup a bank account here in minutes , ours at Bank of Queensland they give you the eftpos cardover the counter immediately. You need passport, rental agreement, and we had international drivers licences from UK (from post office £10) before we left.
Again - you setup whatever you can quickly and you change it all later. Not a big hassle.
thank you so much!!! I will leave the money here I think until the rate picks up. Thank you everyone for your advise.
May 26th 2005, 11:20 am
#8
BE Forum Addict
Joined: Apr 2004
Location: Wakefield.......now Wellington Point
Posts: 1,284
Re: currency advice please
if you are not wanting to transfer much, lloyds travellers cheques are always at a good rate comparatively. At the moment they are 2.377. This is pretty much the same as HIFX.
May 26th 2005, 12:00 pm
#9
Forum Regular
Joined: Nov 2004
Location: Scotland-Perth Jan 2005
Posts: 228
Re: currency advice please
Originally Posted by racheybabe
Thank you fro your ideas. There is a difference in about $35,000 dollars between just taking it and buying currency, for me at least!!! I need that $35k. I will keep my daughter in phone calls to UK for at least 6 months.
ALi
May 26th 2005, 8:51 pm
#10
Have only gone and GOT IT
Joined: Aug 2003
Location: Ex Gerrards Cross now GC.
Posts: 496
Re: currency advice please
Originally Posted by spalen
This is a very very easy thing to do.
I cannot advise you on currency rates and nor can anyone else because nobody on here knows what they will do. If you look at them historically they bump around quite a bit plus or minus 5 cents and are 'low' compared to the last 6mths. They may well bump back - in fact I think they took a hit last night. They may well go lower - but likely in the next 6mths that the right circumstances will arise that they'll be better than they are today. they could also go drastically lower....
What we did was leave the larger pot of money in the UK and transfer lump sums.
You can transfer VERY easily with tranzfers.com , register on line now from the UK www.tranzfers.com - they are safe & reliable. Rate is marginally the same as HIFX , tranzfers charge you ?7 per deal. In the scheme of losing 35K$ 7? is peanuts.
You can
- Leave your money in the UK bank , BUT , make sure you know how you can get it into Tranzfers bank acount from Australia theirs is a barclays account. Your online banking will have limits like ?2k / day.
- Transfer enough to survive a couple of months (Car purchase, rent deposit, etc, rent, incidental furniture , food etc).
- If you have an emergency or big purchase you can use UK Credit Cards/Debit Cards (VISA) and wont pay too much different to the rate you get from HIFX/Tranzfers.
- Then watch the rates and when they pick up tranfser the bulk of your money over here.
You can setup a bank account here in minutes , ours at Bank of Queensland they give you the eftpos cardover the counter immediately. You need passport, rental agreement, and we had international drivers licences from UK (from post office ?10) before we left.
Again - you setup whatever you can quickly and you change it all later. Not a big hassle.
I cannot advise you on currency rates and nor can anyone else because nobody on here knows what they will do. If you look at them historically they bump around quite a bit plus or minus 5 cents and are 'low' compared to the last 6mths. They may well bump back - in fact I think they took a hit last night. They may well go lower - but likely in the next 6mths that the right circumstances will arise that they'll be better than they are today. they could also go drastically lower....
What we did was leave the larger pot of money in the UK and transfer lump sums.
You can transfer VERY easily with tranzfers.com , register on line now from the UK www.tranzfers.com - they are safe & reliable. Rate is marginally the same as HIFX , tranzfers charge you ?7 per deal. In the scheme of losing 35K$ 7? is peanuts.
You can
- Leave your money in the UK bank , BUT , make sure you know how you can get it into Tranzfers bank acount from Australia theirs is a barclays account. Your online banking will have limits like ?2k / day.
- Transfer enough to survive a couple of months (Car purchase, rent deposit, etc, rent, incidental furniture , food etc).
- If you have an emergency or big purchase you can use UK Credit Cards/Debit Cards (VISA) and wont pay too much different to the rate you get from HIFX/Tranzfers.
- Then watch the rates and when they pick up tranfser the bulk of your money over here.
You can setup a bank account here in minutes , ours at Bank of Queensland they give you the eftpos cardover the counter immediately. You need passport, rental agreement, and we had international drivers licences from UK (from post office ?10) before we left.
Again - you setup whatever you can quickly and you change it all later. Not a big hassle.
sounds like a good plan but how do you go about being able to transfer more than 2k a day. Spoke to Barclays today and they say it cant be done without a visit to a branch. A little bit of a hassle if your in Australia anf the dough is in the yUK?
