The exchange rate is crap at the moment - A little help and advice!
Feb 16th 2008, 3:52 pm
#1
Banned
Thread Starter
Joined: Aug 2007
Posts: 375
The exchange rate is crap at the moment - A little help and advice!
The exchange rate is crap at the moment, you do not want to change over that hard earned lump sum, and cost yourself thousands and thousands, so here is a short term or long term way out?
Firstly, so go open a;
Nationwide Building Society Flex account (Current account in the UK)
and also at the same time a;
Nationwide Building Society e-saver account (Savings account in the UK)
Note: Also open a high interest rate paying savings account or fixed rate bond in the UK, make sure first though the institution accept the HMRC R105 form, this form should be handed into the institution which provides the savings account product; so will allow them to pay you your interest free of any tax being deducted, as you are no longer a UK tax resident. If your tax is being deducted at source on you interest, then you will have to claim it back at the end of the tax year; only if the interest received is your only source of income. You can keep your tax allowances in the UK, as long as you retain savings paying interest in the UK. The tax not paid back to you after your allowances can be used to offset against the tax you owe the Oz tax man, you do not pay tax twice, only once to the highest tax regime on the overall sum of tax owed to both in this case.
Then once you arrive in OZ, go and;
Open a Telesaver account with BankWest (High interest savings account in Oz)
Open a Westpac transaction account (A no low interest current account in Oz)
Link the Westpac transaction account (cash feeder account) to the Telesaver account with BankWest.
Transfer through OZForex any amount of pounds sterling into the newly opened transaction account with Westpac then transfer it into the Telesaver account with Bankwest. Higher Interest! This is for any money you intend to move into Oz dollars. If you want to hold any money in Oz dollars for emergency, but want to earn a good rate of interest in Oz? But lose out on the current exchange rate?
Leave all pounds sterling you do not want to change into Oz dollars (crap exchange rate) in the (high interest rate paying savings account or fixed rate bond) or the Nationwide e-saver account which is linked to the Nationwide current account (Flex account) online for withdrawal purposes in Oz. Anytime you want to withdraw money from the hole in the wall in Oz. Just make sure the funds are in the Nationwide current account (Flex account), if not just go online and do a quick transfer of funds from the e-saver account into the flex account.
Withdraw any money from the hole in the wall in OZ as and when required, this cash will be extracted from the Nationwide current account (Flex account), no fees, but at the mercy of the exchange rate.
If you have a very large amount of cash held in the UK, and at the moment do not want to change it into Oz dollars, then find a home for it, a high interest paying savings account or a fixed rate bond. Then should you ever wish to change it into Oz dollars, just do a CHAPS sameday transfer to the Ozforex account in your name, and it will be processed and sent to the account of your choice in Oz, preferably the Telesaver account with Bankwest as quick as possible. High interest you see. If cash is held in another savings account other than the Nationwide B/S, you can do a CHAPS transfer from any savings account held in the UK, into your Nationwide Flex current account, and do an online quick transfer of funds into your e-savings account for higher interest. You could even open a Nationwide fixed rate e-bond online for a constant higher interest rate in the UK?
The Nationwide internet banking facility is a must, it is excellent for expats!
If the interest payment from the cash lump sum held in the UK savings account can be paid monthly, then have it paid into the Nationwide Flex current account. If you are an Oz tax resident, then this can be paid Gross free of UK tax (HMRC Form 105), you can then withdraw this monthly in Oz dollars from the hole in the wall in Oz (Visa sign hole in the wall) and live off it without eating away at the lump sum held in the UK? If this is the only income in Oz, then some tax with be owed to the Oz tax man at the end of the tax year. But the tax owed could be paid out of the lump sum held in the UK, or you could put a bit away every month just to cover the tax owed in Oz to the Oz tax man?
All in all a nice position to be in as long as the lump sum is substantial enough to generate a good monthly income by way of interest earned in the UK. The monthly interest after Oz tax/paid deducted could pay your rent?
Firstly, so go open a;
Nationwide Building Society Flex account (Current account in the UK)
and also at the same time a;
Nationwide Building Society e-saver account (Savings account in the UK)
Note: Also open a high interest rate paying savings account or fixed rate bond in the UK, make sure first though the institution accept the HMRC R105 form, this form should be handed into the institution which provides the savings account product; so will allow them to pay you your interest free of any tax being deducted, as you are no longer a UK tax resident. If your tax is being deducted at source on you interest, then you will have to claim it back at the end of the tax year; only if the interest received is your only source of income. You can keep your tax allowances in the UK, as long as you retain savings paying interest in the UK. The tax not paid back to you after your allowances can be used to offset against the tax you owe the Oz tax man, you do not pay tax twice, only once to the highest tax regime on the overall sum of tax owed to both in this case.
Then once you arrive in OZ, go and;
Open a Telesaver account with BankWest (High interest savings account in Oz)
Open a Westpac transaction account (A no low interest current account in Oz)
Link the Westpac transaction account (cash feeder account) to the Telesaver account with BankWest.
Transfer through OZForex any amount of pounds sterling into the newly opened transaction account with Westpac then transfer it into the Telesaver account with Bankwest. Higher Interest! This is for any money you intend to move into Oz dollars. If you want to hold any money in Oz dollars for emergency, but want to earn a good rate of interest in Oz? But lose out on the current exchange rate?
Leave all pounds sterling you do not want to change into Oz dollars (crap exchange rate) in the (high interest rate paying savings account or fixed rate bond) or the Nationwide e-saver account which is linked to the Nationwide current account (Flex account) online for withdrawal purposes in Oz. Anytime you want to withdraw money from the hole in the wall in Oz. Just make sure the funds are in the Nationwide current account (Flex account), if not just go online and do a quick transfer of funds from the e-saver account into the flex account.
Withdraw any money from the hole in the wall in OZ as and when required, this cash will be extracted from the Nationwide current account (Flex account), no fees, but at the mercy of the exchange rate.
If you have a very large amount of cash held in the UK, and at the moment do not want to change it into Oz dollars, then find a home for it, a high interest paying savings account or a fixed rate bond. Then should you ever wish to change it into Oz dollars, just do a CHAPS sameday transfer to the Ozforex account in your name, and it will be processed and sent to the account of your choice in Oz, preferably the Telesaver account with Bankwest as quick as possible. High interest you see. If cash is held in another savings account other than the Nationwide B/S, you can do a CHAPS transfer from any savings account held in the UK, into your Nationwide Flex current account, and do an online quick transfer of funds into your e-savings account for higher interest. You could even open a Nationwide fixed rate e-bond online for a constant higher interest rate in the UK?
The Nationwide internet banking facility is a must, it is excellent for expats!
If the interest payment from the cash lump sum held in the UK savings account can be paid monthly, then have it paid into the Nationwide Flex current account. If you are an Oz tax resident, then this can be paid Gross free of UK tax (HMRC Form 105), you can then withdraw this monthly in Oz dollars from the hole in the wall in Oz (Visa sign hole in the wall) and live off it without eating away at the lump sum held in the UK? If this is the only income in Oz, then some tax with be owed to the Oz tax man at the end of the tax year. But the tax owed could be paid out of the lump sum held in the UK, or you could put a bit away every month just to cover the tax owed in Oz to the Oz tax man?
All in all a nice position to be in as long as the lump sum is substantial enough to generate a good monthly income by way of interest earned in the UK. The monthly interest after Oz tax/paid deducted could pay your rent?
Feb 16th 2008, 4:42 pm
#2
BE Enthusiast
Joined: Apr 2007
Location: In A Much Happier Place Now !!
Posts: 652
Re: The exchange rate is crap at the moment - A little help and advice!
The exchange rate is crap at the moment, you do not want to change over that hard earned lump sum, and cost yourself thousands and thousands, so here is a short term or long term way out?
Firstly, so go open a;
Nationwide Building Society Flex account (Current account in the UK)
and also at the same time a;
Nationwide Building Society e-saver account (Savings account in the UK)
Note: Also open a high interest rate paying savings account or fixed rate bond in the UK, make sure first though the institution accept the HMRC R105 form, this form should be handed into the institution which provides the savings account product; so will allow them to pay you your interest free of any tax being deducted, as you are no longer a UK tax resident. If your tax is being deducted at source on you interest, then you will have to claim it back at the end of the tax year; only if the interest received is your only source of income. You can keep your tax allowances in the UK, as long as you retain savings paying interest in the UK. The tax not paid back to you after your allowances can be used to offset against the tax you owe the Oz tax man, you do not pay tax twice, only once to the highest tax regime on the overall sum of tax owed to both in this case.
Then once you arrive in OZ, go and;
Open a Telesaver account with BankWest (High interest savings account in Oz)
Open a Westpac transaction account (A no low interest current account in Oz)
Link the Westpac transaction account (cash feeder account) to the Telesaver account with BankWest.
Transfer through OZForex any amount of pounds sterling into the newly opened transaction account with Westpac then transfer it into the Telesaver account with Bankwest. Higher Interest! This is for any money you intend to move into Oz dollars. If you want to hold any money in Oz dollars for emergency, but want to earn a good rate of interest in Oz? But lose out on the current exchange rate?
Leave all pounds sterling you do not want to change into Oz dollars (crap exchange rate) in the (high interest rate paying savings account or fixed rate bond) or the Nationwide e-saver account which is linked to the Nationwide current account (Flex account) online for withdrawal purposes in Oz. Anytime you want to withdraw money from the hole in the wall in Oz. Just make sure the funds are in the Nationwide current account (Flex account), if not just go online and do a quick transfer of funds from the e-saver account into the flex account.
Withdraw any money from the hole in the wall in OZ as and when required, this cash will be extracted from the Nationwide current account (Flex account), no fees, but at the mercy of the exchange rate.
If you have a very large amount of cash held in the UK, and at the moment do not want to change it into Oz dollars, then find a home for it, a high interest paying savings account or a fixed rate bond. Then should you ever wish to change it into Oz dollars, just do a CHAPS sameday transfer to the Ozforex account in your name, and it will be processed and sent to the account of your choice in Oz, preferably the Telesaver account with Bankwest as quick as possible. High interest you see. If cash is held in another savings account other than the Nationwide B/S, you can do a CHAPS transfer from any savings account held in the UK, into your Nationwide Flex current account, and do an online quick transfer of funds into your e-savings account for higher interest. You could even open a Nationwide fixed rate e-bond online for a constant higher interest rate in the UK?
The Nationwide internet banking facility is a must, it is excellent for expats!
If the interest payment from the cash lump sum held in the UK savings account can be paid monthly, then have it paid into the Nationwide Flex current account. If you are an Oz tax resident, then this can be paid Gross free of UK tax (HMRC Form 105), you can then withdraw this monthly in Oz dollars from the hole in the wall in Oz (Visa sign hole in the wall) and live off it without eating away at the lump sum held in the UK? If this is the only income in Oz, then some tax with be owed to the Oz tax man at the end of the tax year. But the tax owed could be paid out of the lump sum held in the UK, or you could put a bit away every month just to cover the tax owed in Oz to the Oz tax man?
All in all a nice position to be in as long as the lump sum is substantial enough to generate a good monthly income by way of interest earned in the UK. The monthly interest after Oz tax/paid deducted could pay your rent?
Firstly, so go open a;
Nationwide Building Society Flex account (Current account in the UK)
and also at the same time a;
Nationwide Building Society e-saver account (Savings account in the UK)
Note: Also open a high interest rate paying savings account or fixed rate bond in the UK, make sure first though the institution accept the HMRC R105 form, this form should be handed into the institution which provides the savings account product; so will allow them to pay you your interest free of any tax being deducted, as you are no longer a UK tax resident. If your tax is being deducted at source on you interest, then you will have to claim it back at the end of the tax year; only if the interest received is your only source of income. You can keep your tax allowances in the UK, as long as you retain savings paying interest in the UK. The tax not paid back to you after your allowances can be used to offset against the tax you owe the Oz tax man, you do not pay tax twice, only once to the highest tax regime on the overall sum of tax owed to both in this case.
Then once you arrive in OZ, go and;
Open a Telesaver account with BankWest (High interest savings account in Oz)
Open a Westpac transaction account (A no low interest current account in Oz)
Link the Westpac transaction account (cash feeder account) to the Telesaver account with BankWest.
Transfer through OZForex any amount of pounds sterling into the newly opened transaction account with Westpac then transfer it into the Telesaver account with Bankwest. Higher Interest! This is for any money you intend to move into Oz dollars. If you want to hold any money in Oz dollars for emergency, but want to earn a good rate of interest in Oz? But lose out on the current exchange rate?
Leave all pounds sterling you do not want to change into Oz dollars (crap exchange rate) in the (high interest rate paying savings account or fixed rate bond) or the Nationwide e-saver account which is linked to the Nationwide current account (Flex account) online for withdrawal purposes in Oz. Anytime you want to withdraw money from the hole in the wall in Oz. Just make sure the funds are in the Nationwide current account (Flex account), if not just go online and do a quick transfer of funds from the e-saver account into the flex account.
Withdraw any money from the hole in the wall in OZ as and when required, this cash will be extracted from the Nationwide current account (Flex account), no fees, but at the mercy of the exchange rate.
If you have a very large amount of cash held in the UK, and at the moment do not want to change it into Oz dollars, then find a home for it, a high interest paying savings account or a fixed rate bond. Then should you ever wish to change it into Oz dollars, just do a CHAPS sameday transfer to the Ozforex account in your name, and it will be processed and sent to the account of your choice in Oz, preferably the Telesaver account with Bankwest as quick as possible. High interest you see. If cash is held in another savings account other than the Nationwide B/S, you can do a CHAPS transfer from any savings account held in the UK, into your Nationwide Flex current account, and do an online quick transfer of funds into your e-savings account for higher interest. You could even open a Nationwide fixed rate e-bond online for a constant higher interest rate in the UK?
The Nationwide internet banking facility is a must, it is excellent for expats!
If the interest payment from the cash lump sum held in the UK savings account can be paid monthly, then have it paid into the Nationwide Flex current account. If you are an Oz tax resident, then this can be paid Gross free of UK tax (HMRC Form 105), you can then withdraw this monthly in Oz dollars from the hole in the wall in Oz (Visa sign hole in the wall) and live off it without eating away at the lump sum held in the UK? If this is the only income in Oz, then some tax with be owed to the Oz tax man at the end of the tax year. But the tax owed could be paid out of the lump sum held in the UK, or you could put a bit away every month just to cover the tax owed in Oz to the Oz tax man?
All in all a nice position to be in as long as the lump sum is substantial enough to generate a good monthly income by way of interest earned in the UK. The monthly interest after Oz tax/paid deducted could pay your rent?
Feb 16th 2008, 4:46 pm
#3
Top Dog
Joined: Apr 2006
Location: Uk - hopefully to VIC
Posts: 374
Re: The exchange rate is crap at the moment - A little help and advice!
Bloody hell - is this roughly interpreted as "bank it for now, keep or live off the interest and move it across when the rate gets better..."?
Feb 16th 2008, 4:56 pm
#4
Forum Regular
Joined: Feb 2008
Location: Surrey
Posts: 74
Re: The exchange rate is crap at the moment - A little help and advice!
The exchange rate is crap at the moment, you do not want to change over that hard earned lump sum, and cost yourself thousands and thousands, so here is a short term or long term way out?
Firstly, so go open a;
Nationwide Building Society Flex account (Current account in the UK)
and also at the same time a;
Nationwide Building Society e-saver account (Savings account in the UK)
Note: Also open a high interest rate paying savings account or fixed rate bond in the UK, make sure first though the institution accept the HMRC R105 form, this form should be handed into the institution which provides the savings account product; so will allow them to pay you your interest free of any tax being deducted, as you are no longer a UK tax resident. If your tax is being deducted at source on you interest, then you will have to claim it back at the end of the tax year; only if the interest received is your only source of income. You can keep your tax allowances in the UK, as long as you retain savings paying interest in the UK. The tax not paid back to you after your allowances can be used to offset against the tax you owe the Oz tax man, you do not pay tax twice, only once to the highest tax regime on the overall sum of tax owed to both in this case.
Then once you arrive in OZ, go and;
Open a Telesaver account with BankWest (High interest savings account in Oz)
Open a Westpac transaction account (A no low interest current account in Oz)
Link the Westpac transaction account (cash feeder account) to the Telesaver account with BankWest.
Transfer through OZForex any amount of pounds sterling into the newly opened transaction account with Westpac then transfer it into the Telesaver account with Bankwest. Higher Interest! This is for any money you intend to move into Oz dollars. If you want to hold any money in Oz dollars for emergency, but want to earn a good rate of interest in Oz? But lose out on the current exchange rate?
Leave all pounds sterling you do not want to change into Oz dollars (crap exchange rate) in the (high interest rate paying savings account or fixed rate bond) or the Nationwide e-saver account which is linked to the Nationwide current account (Flex account) online for withdrawal purposes in Oz. Anytime you want to withdraw money from the hole in the wall in Oz. Just make sure the funds are in the Nationwide current account (Flex account), if not just go online and do a quick transfer of funds from the e-saver account into the flex account.
Withdraw any money from the hole in the wall in OZ as and when required, this cash will be extracted from the Nationwide current account (Flex account), no fees, but at the mercy of the exchange rate.
If you have a very large amount of cash held in the UK, and at the moment do not want to change it into Oz dollars, then find a home for it, a high interest paying savings account or a fixed rate bond. Then should you ever wish to change it into Oz dollars, just do a CHAPS sameday transfer to the Ozforex account in your name, and it will be processed and sent to the account of your choice in Oz, preferably the Telesaver account with Bankwest as quick as possible. High interest you see. If cash is held in another savings account other than the Nationwide B/S, you can do a CHAPS transfer from any savings account held in the UK, into your Nationwide Flex current account, and do an online quick transfer of funds into your e-savings account for higher interest. You could even open a Nationwide fixed rate e-bond online for a constant higher interest rate in the UK?
The Nationwide internet banking facility is a must, it is excellent for expats!
If the interest payment from the cash lump sum held in the UK savings account can be paid monthly, then have it paid into the Nationwide Flex current account. If you are an Oz tax resident, then this can be paid Gross free of UK tax (HMRC Form 105), you can then withdraw this monthly in Oz dollars from the hole in the wall in Oz (Visa sign hole in the wall) and live off it without eating away at the lump sum held in the UK? If this is the only income in Oz, then some tax with be owed to the Oz tax man at the end of the tax year. But the tax owed could be paid out of the lump sum held in the UK, or you could put a bit away every month just to cover the tax owed in Oz to the Oz tax man?
All in all a nice position to be in as long as the lump sum is substantial enough to generate a good monthly income by way of interest earned in the UK. The monthly interest after Oz tax/paid deducted could pay your rent?
Firstly, so go open a;
Nationwide Building Society Flex account (Current account in the UK)
and also at the same time a;
Nationwide Building Society e-saver account (Savings account in the UK)
Note: Also open a high interest rate paying savings account or fixed rate bond in the UK, make sure first though the institution accept the HMRC R105 form, this form should be handed into the institution which provides the savings account product; so will allow them to pay you your interest free of any tax being deducted, as you are no longer a UK tax resident. If your tax is being deducted at source on you interest, then you will have to claim it back at the end of the tax year; only if the interest received is your only source of income. You can keep your tax allowances in the UK, as long as you retain savings paying interest in the UK. The tax not paid back to you after your allowances can be used to offset against the tax you owe the Oz tax man, you do not pay tax twice, only once to the highest tax regime on the overall sum of tax owed to both in this case.
Then once you arrive in OZ, go and;
Open a Telesaver account with BankWest (High interest savings account in Oz)
Open a Westpac transaction account (A no low interest current account in Oz)
Link the Westpac transaction account (cash feeder account) to the Telesaver account with BankWest.
Transfer through OZForex any amount of pounds sterling into the newly opened transaction account with Westpac then transfer it into the Telesaver account with Bankwest. Higher Interest! This is for any money you intend to move into Oz dollars. If you want to hold any money in Oz dollars for emergency, but want to earn a good rate of interest in Oz? But lose out on the current exchange rate?
Leave all pounds sterling you do not want to change into Oz dollars (crap exchange rate) in the (high interest rate paying savings account or fixed rate bond) or the Nationwide e-saver account which is linked to the Nationwide current account (Flex account) online for withdrawal purposes in Oz. Anytime you want to withdraw money from the hole in the wall in Oz. Just make sure the funds are in the Nationwide current account (Flex account), if not just go online and do a quick transfer of funds from the e-saver account into the flex account.
Withdraw any money from the hole in the wall in OZ as and when required, this cash will be extracted from the Nationwide current account (Flex account), no fees, but at the mercy of the exchange rate.
If you have a very large amount of cash held in the UK, and at the moment do not want to change it into Oz dollars, then find a home for it, a high interest paying savings account or a fixed rate bond. Then should you ever wish to change it into Oz dollars, just do a CHAPS sameday transfer to the Ozforex account in your name, and it will be processed and sent to the account of your choice in Oz, preferably the Telesaver account with Bankwest as quick as possible. High interest you see. If cash is held in another savings account other than the Nationwide B/S, you can do a CHAPS transfer from any savings account held in the UK, into your Nationwide Flex current account, and do an online quick transfer of funds into your e-savings account for higher interest. You could even open a Nationwide fixed rate e-bond online for a constant higher interest rate in the UK?
The Nationwide internet banking facility is a must, it is excellent for expats!
If the interest payment from the cash lump sum held in the UK savings account can be paid monthly, then have it paid into the Nationwide Flex current account. If you are an Oz tax resident, then this can be paid Gross free of UK tax (HMRC Form 105), you can then withdraw this monthly in Oz dollars from the hole in the wall in Oz (Visa sign hole in the wall) and live off it without eating away at the lump sum held in the UK? If this is the only income in Oz, then some tax with be owed to the Oz tax man at the end of the tax year. But the tax owed could be paid out of the lump sum held in the UK, or you could put a bit away every month just to cover the tax owed in Oz to the Oz tax man?
All in all a nice position to be in as long as the lump sum is substantial enough to generate a good monthly income by way of interest earned in the UK. The monthly interest after Oz tax/paid deducted could pay your rent?
Feb 16th 2008, 5:35 pm
#5
BE Enthusiast
Joined: Aug 2002
Location: An expat Aussie trying to understand why anyone wants to move to Oz.
Posts: 485
Re: The exchange rate is crap at the moment - A little help and advice!
You guys need to realise that it ain't going to get better. The RBA is much more determined to stop inflation that the Bank of England is and consequently the AUD is likely to be a stellar performer for at least the next few years.
Move your money and take advantage of some of the high interest rates in Australia, I did that about a year even though I have no intention of moving back to Australia.
Move your money and take advantage of some of the high interest rates in Australia, I did that about a year even though I have no intention of moving back to Australia.
Feb 16th 2008, 6:08 pm
#6
Just Joined
Joined: May 2007
Posts: 7
Re: The exchange rate is crap at the moment - A little help and advice!
Hi Sooty, Thanks for posting this info.
This is exactly what makes this site a breath of fresh air.
Cheers
This is exactly what makes this site a breath of fresh air.
Cheers
Feb 16th 2008, 10:50 pm
#7
Banned
Thread Starter
Joined: Aug 2007
Posts: 375
Re: The exchange rate is crap at the moment - A little help and advice!
You guys need to realise that it ain't going to get better. The RBA is much more determined to stop inflation that the Bank of England is and consequently the AUD is likely to be a stellar performer for at least the next few years.
Move your money and take advantage of some of the high interest rates in Australia, I did that about a year even though I have no intention of moving back to Australia.
Move your money and take advantage of some of the high interest rates in Australia, I did that about a year even though I have no intention of moving back to Australia.
When an individual who reads and posts on these very public forums decides to take advice from me and you with regards to a figure which could be in excess of four to five figures, well a fools and his money are easily divorced?
Read, examine, take stock, has he or she a vested interest in the post/thread etc etc, be very careful, enjoy life, use you head, not your heart, it takes far too much effort and hard work to aquire, do not give it away without a little thought?
Feb 17th 2008, 2:35 am
#8
Emigrated 24/11/07
Joined: Apr 2007
Location: Umina Beach, NSW
Posts: 191
Re: The exchange rate is crap at the moment - A little help and advice!
hi banking expert! thanks for the post, i will print it off and read it properly, albeit a few times! not sure how it will affect me though as i am going out on a temporary 4 year 457 visa so was planning to keep my uk account with my cash in and just live on my salary in oz. do you know if i'm still able to keep a uk bank account if i'm not a uk resident as obviously i'm still a uk citizen. sorry if its a really silly question but everything has moved so quickly for me that i haven't even given this a thought!
Check with your current bank if they allow you to hold the account open as a resident of another country - I imagine some won't but two of the big boys at least will!
Feb 17th 2008, 2:48 am
#9
BE Enthusiast
Joined: Jan 2005
Location: with the Carnaby cockatoos
Posts: 526
Re: The exchange rate is crap at the moment - A little help and advice!
Can definitely recommend the Nationwide current account. This was our main source of funds when we first arrived and it's the cheapest way to transfer over small amounts of money.
Feb 17th 2008, 3:00 am
#10
Emigrated 24/11/07
Joined: Apr 2007
Location: Umina Beach, NSW
Posts: 191
Re: The exchange rate is crap at the moment - A little help and advice!
for those still sceptical - the UK forex rate at close on Friday was 2.158 - what are the banks window rates? 2.10 or less?
Feb 17th 2008, 8:29 am
#11
Lost in BE Cyberspace
Joined: Mar 2003
Posts: 9,397
Re: The exchange rate is crap at the moment - A little help and advice!
FWIW the rate now (Around the 2.16 mark) is exactly the same as when I was working in Sydney in the early nineties. It went, IIRC, to about 2.09 during the stay. So the likes of 3.00 - 2.40 are not the norm.
Having said that, and taking full note of the commodities boom, I think the "natural" rate is around the 2.3 mark. It's being artificially held now by the interest rate prognosis.
Having said that, and taking full note of the commodities boom, I think the "natural" rate is around the 2.3 mark. It's being artificially held now by the interest rate prognosis.
Feb 17th 2008, 10:25 am
#12
BE Forum Addict
Joined: Dec 2003
Location: Gold Coast Hinterland
Posts: 2,359
Re: The exchange rate is crap at the moment - A little help and advice!
hi banking expert! thanks for the post, i will print it off and read it properly, albeit a few times! not sure how it will affect me though as i am going out on a temporary 4 year 457 visa so was planning to keep my uk account with my cash in and just live on my salary in oz. do you know if i'm still able to keep a uk bank account if i'm not a uk resident as obviously i'm still a uk citizen. sorry if its a really silly question but everything has moved so quickly for me that i haven't even given this a thought!
http://www.ato.gov.au/individuals/pa...02_012_014_004
