Re: exchange rate
 

I am worried about this exchange rate, i am hoping that it will pick up for May when we make the move to OZ, i stand to loose thousands if this keeps up :curse:

and ditto the person above what a stupid statement to make about the scots:curse:

annkc

Re: exchange rate
 

This something that never crossed my mind when i started out on the visa process.

I just thought about what sum of cash i would have by selling everything up and i converted it.

Just converted it again :blink: Thats a pretty penny of a difference :(

Re: exchange rate
 

I will 3rd that.

Leave the Scots out of it please :)

Re: exchange rate
 

Id like to, if Brown and Co. would fxxk back north of the border and try run Scotland instead.

Re: exchange rate
 

I'm worried that when the exchange rate hits 2.1 that arkon will not keep his promise and go back to the UK :unsure::lol:

Re: exchange rate
 

To be perfectly honest with i could not give two f##k's who runs the country. :p

Re: exchange rate
 

Martin, All this exchange rate is new to me.

Well to be honest i was never all that interested by now i am.

Could you explain who Arkon is? please ignore my stupidty

Re: exchange rate
 

He has been a regular contributor to this website (although that has tailed off a bit in recent times).

He used to run an IT company and came over to Aus for a better life by buying a farm in the middle of the NSW retirement belt. Things have not gone well for him and he wishes to return to the warm bosom of the UK. However in order to recoup his losses he said he had to wait until the exchange rate was 2.1.

Personally I think he really likes it here and will come up with another excuse as to why he can’t go back to the UK.

Re: exchange rate
 

Ahh i see.

I thought he was some money guru :ohmy:

Well i hope to hell its sorts itself out in a years time or something.

I have a fixed rate mortgage so i dont folloe exchange rates, etc.

This will be another thing for people to rub in my face who know i want to emmigrate to Australia.......GRRRRRRRRRRRRRRRRR:mad:

Re: exchange rate
 

You just have to do some sums and work out whether it is better to take the lower exchange rate but put money in 7.5%+ account, OR leave it earning whatever it is in the UK (for god's sake please don't leave it in a 0.5% account, you can do better) and wait (hope) for a better rate.

For me, it was better to wait for a higher rate, but to be honest I've been waiting so long now that I'm thinking I might just bring it all across to start earning the 7.5%+!

If only there was a crystal ball.... :(

Re: exchange rate
 

If you do leave your Sterling in the UK hoping for a better rate down the line you will have to consider capital gains tax. See the following from the Go Matilda web site: http://www.gomatilda.com/news/article.cfm?articleid=327

Re: exchange rate
 

So if someone sells there home in the UK, puts the money in a UK account then moves to Australia but leaves the cash in the UK bank account in the hope the interest rates drop.

How do they avoid capital gains tax?

Re: exchange rate
 

There are people that make millions predicting the forex markets. The reason they make so much is because it is almost impossible to do. Today the rate hit 2.11, in 3 months time it could be 2.30 or 1.90. Nobody knows.

I've attached a chart of the rate for the last year. It's pretty much only going one way and that's down. It does the odd bounce when someone somewhere gets worried but soon comes back to that same downward line.

It may bounce, it may reverse and go into an uptrend.

The reason it's a downward line is because the Australian economy is so strong and everyone want the Australian dollar so they can buy Australian shares or invest in Australian banks.

The reason the Australian economy is so strong is because China is buying chunks of dirt the size of small countries because the dirt contains metal. They also buy islands worth of coal from Aus. So, as long as people keep buying these incredibly cheap power tool the Australian economy will stay strong.

So, stop buying those cheap tools.:sneaky:

Mike.

Re: exchange rate
 

By loosing money. If you leave it in the UK and earn a few percent rather than get 7.5% here then you won't make much of a gain.

Mike.

Re: exchange rate
 

Mike,
I dont understand the savings intrest rate you get from Nationwide e-savings is 5.55% and wespac etc seems to be range 7- 7.5%. This difference in intrest is nice but not enough to warant the exchange rate difference at the moment. It would perhaps bring your $ rate to 2.16 to£ but thats not that great. I think if you can afford to leave some moeny in UK for a better rate then the gamble is worth it?

Cheryl