FITCHETT FAMILY

HI ALL,
NEED SOME ADVICE PLEASE, OUR MEDS AND PCC WERE SENT LAST WEEK AND WE ARE CONFIDENT OF VISA SOON
BIG QUESTION IS: WHAT WITH EXCHANGE RATE SEEMING TO BE DROPPING, DO WE RISK CHANGING OUR APPROX £30K INTO AUSSIE DOLLARS, OR HOPE THAT THE EXCHANGE RATES WILL GET BETTER FOR US ??????????????????
DONT KNOW WHAT TO DO FOR THE BEST.
THANKS
TINA & DAMIAN

nursenancy

The exchange rate always goes in peaks and troughs, it'll dip down to 2.3 but then go up again to around 2.5. It depends on how long you've got until you go? If its a while then it may be worth waiting.

Tincx

Im in the same position as you, i need to exchange some money.
My thoughts (and they are only mine - not professional) are that the trend of AUD $ will continue to get stronger thoughout the year. However i still think it will correct itself a few times thoughout the year but dont have my hopes on it getting weaker than 2.50 to the pound at any given time.

Again, just my thoughts judging by the weakness of the $ US Dollar and the likelyhood of increased Interest Rates in Oz and commodities gaining strength (Exported by the Aussies)

Tincx

FITCHETT FAMILY

Cheers 4 that Tinc

wargod

On a different thread someone has posted that the Aus national bank (or who ever) has increased the interest rate - therefore the exchange rate is going to go through the floor - personally i'd wait

markeh

Hiya Tina & Damian

You have 6 months from when you finally enter to settle to transfer your money over. You can still wait & see how it goes.

It dose seam to be cyclick though, but don't know when the next up turn will be.
In the end of the day if you need the money then you will have to exchange no matter what the rate is.


Bye
Mark

markeh

Just a thought,
there was some discussion a while ago that you could leave 50K overseas and not have to declare it to the tax man.

I don't know if you could do this with converting Uk£ to A$

Bye
Mark