Exchange Rate
Feb 22nd 2017, 11:24 pm
#1
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Joined: Feb 2017
Posts: 5
Exchange Rate
Hi, we've been here just 5 months. We applied for aged parent contrib visa and we've been granted a bridging visa for when our tourist one runs out. We're now wondering if we should have gone for the non contrib in light of the terrible rate of exchange. On a similar subject, we are planning a house build on Sunshine Coast. So far we've just paid deposits for land and build...but we are dreading being asked to make stage payments as this would mean transferring money from UK. Any comments/advice from anyone gone,or going through, a similar situation would be much appreciated.
Feb 23rd 2017, 12:00 am
#2
Lost in BE Cyberspace
Joined: Dec 2010
Posts: 14,040
Re: Exchange Rate
Hi, we've been here just 5 months. We applied for aged parent contrib visa and we've been granted a bridging visa for when our tourist one runs out. We're now wondering if we should have gone for the non contrib in light of the terrible rate of exchange. On a similar subject, we are planning a house build on Sunshine Coast. So far we've just paid deposits for land and build...but we are dreading being asked to make stage payments as this would mean transferring money from UK. Any comments/advice from anyone gone,or going through, a similar situation would be much appreciated.
The moral is don't play the FX market like you are.
Feb 23rd 2017, 1:18 am
#4
Lost in BE Cyberspace
Joined: Dec 2010
Posts: 14,040
Re: Exchange Rate
Really? It doesn't sound to me like you are on holiday withdrawing a quick $200 from an ATM here and there.
If you are transferring big chunks of pounds over that's playing the market.
Who knows where the FX rate is going to go. Perhaps you should transfer it all now and work on certainty, rather than uncertainty
If you are transferring big chunks of pounds over that's playing the market.
Who knows where the FX rate is going to go. Perhaps you should transfer it all now and work on certainty, rather than uncertainty
Feb 23rd 2017, 2:57 am
#5
Just Joined
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Joined: Feb 2017
Posts: 5
Re: Exchange Rate
Really? It doesn't sound to me like you are on holiday withdrawing a quick $200 from an ATM here and there.
If you are transferring big chunks of pounds over that's playing the market.
Who knows where the FX rate is going to go. Perhaps you should transfer it all now and work on certainty, rather than uncertainty
If you are transferring big chunks of pounds over that's playing the market.
Who knows where the FX rate is going to go. Perhaps you should transfer it all now and work on certainty, rather than uncertainty
Feb 23rd 2017, 2:59 am
#6
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Joined: Feb 2017
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Re: Exchange Rate
[QUOTE=Msybeleen;12187354]Oh I see what you mean, although we've been living off funds we transferred before Brexit, but they're fast running out. Never thought Brexit would happen or we'd have transferred more...the benefits if foresight!
Feb 23rd 2017, 3:01 am
#7
Home and Happy
Joined: Dec 2002
Location: Keep true friends and puppets close, trust no-one else...
Posts: 93,809
Re: Exchange Rate
Hi, we've been here just 5 months. We applied for aged parent contrib visa and we've been granted a bridging visa for when our tourist one runs out. We're now wondering if we should have gone for the non contrib in light of the terrible rate of exchange. On a similar subject, we are planning a house build on Sunshine Coast. So far we've just paid deposits for land and build...but we are dreading being asked to make stage payments as this would mean transferring money from UK. Any comments/advice from anyone gone,or going through, a similar situation would be much appreciated.
Feb 23rd 2017, 5:04 am
#8
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Joined: Feb 2017
Posts: 5
Re: Exchange Rate
Yep! No other way to do it though, we found the land and builder whilst we were visiting our daughters and decided this is where we want to be. We went home and sold our home of 32 years and packed up all of our belongings which are in a container in U.K. waiting to be shipped over 😬
Feb 23rd 2017, 9:59 pm
#9
BE Forum Addict
Joined: Sep 2005
Posts: 1,200
Re: Exchange Rate
I assume you got FIRB approval for the purchase.
Approval used to say you had one year to commence building on the site, but no one ever checked us afaik.
Maybe you could delay the build? Mind you you will have to transfer to pay the visa charge at some point and won't get much notice to do that.
We too have funds in the UK still, luckily we don't need them yet but watching the exchange rate is painful. We did transfer a chunk pre brexit vote just in case.........glad we did.
Approval used to say you had one year to commence building on the site, but no one ever checked us afaik.
Maybe you could delay the build? Mind you you will have to transfer to pay the visa charge at some point and won't get much notice to do that.
We too have funds in the UK still, luckily we don't need them yet but watching the exchange rate is painful. We did transfer a chunk pre brexit vote just in case.........glad we did.
