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-   -   Dollar to the pound??? (https://britishexpats.com/forum/australia-54/dollar-pound-260832/)

scottalison6 Oct 18th 2004 5:36 pm

Dollar to the pound???
 
Got an offer of $2.46.5 to the £ from commonwealth banks today for £70000...worth it or should i hang on..any business bods let us know!!!!!

cheers

scott :thumbs up:

mrsridge Oct 18th 2004 5:46 pm

Re: Dollar to the pound???
 

Originally Posted by scottalison6
Got an offer of $2.46.5 to the £ from commonwealth banks today for £70000...worth it or should i hang on..any business bods let us know!!!!!

cheers

scott :thumbs up:


if you have an aussie bank account already you could use www.ela.co.nz - its a N.Z. forex company and we do our transfers through them, we seem to get a better rate that way, but of course check it out for yourself

mrsridge Oct 18th 2004 5:50 pm

Re: Dollar to the pound???
 
out of interest I just did a spot check of their current rate for £70K and its 2.4713. the rates change constantly though, you can watch it go up and down and then press accept when you are ready

scottalison6 Oct 18th 2004 6:47 pm

Re: Dollar to the pound???
 

Originally Posted by mrsridge
out of interest I just did a spot check of their current rate for £70K and its 2.4713. the rates change constantly though, you can watch it go up and down and then press accept when you are ready


cheers guys!!!!


i have 70k now and another 70 k in around 10 days...any tips??

cheers

ps i know i'm being dumb!!!

scott

sassie Oct 18th 2004 7:10 pm

Re: Dollar to the pound???
 

Originally Posted by scottalison6
cheers guys!!!!


i have 70k now and another 70 k in around 10 days...any tips??

cheers

ps i know i'm being dumb!!!

scott



Hi there

I guess it all depends on how soon you need the money transferred. we are going to have about 150K to transfer, once the house money comes through, but we are not in any hurry. we've just opened an ING Direct account here in the UK and the money will sit in that for a while earning 4.89% interest, and we'll wait and see if the exchange rate improves.

Deadmeat Oct 18th 2004 7:24 pm

Re: Dollar to the pound???
 

Originally Posted by scottalison6
cheers guys!!!!


i have 70k now and another 70 k in around 10 days...any tips??

cheers

ps i know i'm being dumb!!!

scott

Hi Scott,

Tigers Lair in the 2:10 at Exeter
19th October 2004

Keep it under your hat
;) :D

Go Banana's !! Oct 18th 2004 9:14 pm

Re: Dollar to the pound???
 
No-one can tell u the right or wrong answer. Listen to all the advice and them gamble.

If they all it got it right we would be laughing all the way to the bank ! Life ain't like that !

Personally, I am sitting on ours until after the US elections as that appears to be a watershed for financial decisions at the moment - but I'm no expert.

Warren
Perth in almost 1 week ! :cool:

GLR Oct 19th 2004 8:29 am

Re: Dollar to the pound???
 

Originally Posted by scottalison6
Got an offer of $2.46.5 to the £ from commonwealth banks today for £70000...worth it or should i hang on..any business bods let us know!!!!!

cheers

scott :thumbs up:

Hi Scott

Just make sure you get a couple of quotes rather than just accepting the first one that comes along. You're changing quite a lot of money so small changes in the rate will make a big difference.

Try HIFX,Ozforex and Moneycorp for starters:

www.hifx.co.uk
www.moneycorp.co.uk
www.ozforex.com.au

Cheers

GLR

Jimbo9 Oct 19th 2004 9:44 am

Re: Dollar to the pound???
 

Originally Posted by mrsridge
out of interest I just did a spot check of their current rate for £70K and its 2.4713. the rates change constantly though, you can watch it go up and down and then press accept when you are ready

I hadn't heard of them before - but they seem to offer very good rates, just half of a cent below the actual bank market rate. I don't know personally but from what I read some of the other exchangers seemed to be 1 or 1.5 cents below.

Have you used them often?

elksa Oct 19th 2004 10:02 am

Re: Dollar to the pound???
 

Originally Posted by scottalison6
cheers guys!!!!


i have 70k now and another 70 k in around 10 days...any tips??

cheers

ps i know i'm being dumb!!!

scott

GO SHOPPING. I'LL GO WITH YOU IF YOU NEED SOME HELP SPENDING IT.

elksa Oct 19th 2004 10:11 am

Re: Dollar to the pound???
 

Originally Posted by sassie
Hi there

I guess it all depends on how soon you need the money transferred. we are going to have about 150K to transfer, once the house money comes through, but we are not in any hurry. we've just opened an ING Direct account here in the UK and the money will sit in that for a while earning 4.89% interest, and we'll wait and see if the exchange rate improves.

You might want to check out the tax implications of this. I'm not a tax man so don't take what I say as concreate but from what I understand the Aussie tax man can tax you on any extra capital you transfer over after you arrive and that is above the exchange rate on the day you moved over. i.e. if you move to Aus on 1 Jan when the exchange rate is at 2.44, but you transfer your savings on the 1 Feb when the exchange rate is at 2.54 the tax man can charge you tax on the additional money you make through the high exchange rate.

I'm sure I read this on another forum a couple of months ago, but might have got it wrong, worth checking out though, particularily if you also have to pay tax on the interest your occuring whilst in your ING Direct account here in England.

65 million Oct 19th 2004 11:28 am

Re: Dollar to the pound???
 

Originally Posted by elksa
You might want to check out the tax implications of this. I'm not a tax man so don't take what I say as concreate but from what I understand the Aussie tax man can tax you on any extra capital you transfer over after you arrive and that is above the exchange rate on the day you moved over. i.e. if you move to Aus on 1 Jan when the exchange rate is at 2.44, but you transfer your savings on the 1 Feb when the exchange rate is at 2.54 the tax man can charge you tax on the additional money you make through the high exchange rate.

I'm sure I read this on another forum a couple of months ago, but might have got it wrong, worth checking out though, particularily if you also have to pay tax on the interest your occuring whilst in your ING Direct account here in England.


You are quite correct!

sassie Oct 19th 2004 1:04 pm

Re: Dollar to the pound???
 

Originally Posted by elksa
You might want to check out the tax implications of this. I'm not a tax man so don't take what I say as concreate but from what I understand the Aussie tax man can tax you on any extra capital you transfer over after you arrive and that is above the exchange rate on the day you moved over. i.e. if you move to Aus on 1 Jan when the exchange rate is at 2.44, but you transfer your savings on the 1 Feb when the exchange rate is at 2.54 the tax man can charge you tax on the additional money you make through the high exchange rate.

I'm sure I read this on another forum a couple of months ago, but might have got it wrong, worth checking out though, particularily if you also have to pay tax on the interest your occuring whilst in your ING Direct account here in England.


Sorry, should have made my position more clearer. I am aware of the tax implications. However, we won't be moving to oz until the new year. house money should be through imminently. so whilst we are still in the UK have decided to sit on it for a while and see if the rate improves over the next couple of months.

Jules In The Nile Oct 19th 2004 2:05 pm

Re: Dollar to the pound???
 

Originally Posted by scottalison6
Got an offer of $2.46.5 to the £ from commonwealth banks today for £70000...worth it or should i hang on..any business bods let us know!!!!!

cheers

scott :thumbs up:

Hi Scott,
My first time to this chat room, but your question caught my eye, I to Im waiting for the rate to go up, just when I transfered all my funds to the Commonwealth Bank, the rate went down!!!! Ive been advised by the bank to wait for the USA Electons. :p

65 million Oct 19th 2004 3:39 pm

Re: Dollar to the pound???
 

Originally Posted by Jules In The Nile
Hi Scott,
My first time to this chat room, but your question caught my eye, I to Im waiting for the rate to go up, just when I transfered all my funds to the Commonwealth Bank, the rate went down!!!! Ive been advised by the bank to wait for the USA Electons. :p


Thats what my currency broker advised me from HIFX, they belive that once the uncertainty is out the way the US $ will gain, thus weakening the AU$

Hope they are right! :o


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