View Poll Results: What should we do?
Exchange it all now
2
9.09%
Exhange a bit and hope the rate improves
20
90.91%
Voters: 22. You may not vote on this poll
exchange rate: what would you do?
Oct 6th 2005, 4:03 pm
#1
Thread Starter
Joined: Jul 2004
Posts: 6,360
exchange rate: what would you do?
Exchange rate crept up a bit but still not as good as it was a few months ago.
So, should we:
a) Transfer all our money and be grateful, after all it might go down not up!
b) Transfer enough to keep us going and hope the rate improves?
So, should we:
a) Transfer all our money and be grateful, after all it might go down not up!
b) Transfer enough to keep us going and hope the rate improves?
Oct 6th 2005, 4:18 pm
#2
Sydney Bound Jan 2006
Joined: Feb 2005
Posts: 74
Re: exchange rate: what would you do?
Originally Posted by bridiej
Exchange rate crept up a bit but still not as good as it was a few months ago.
So, should we:
a) Transfer all our money and be grateful, after all it might go down not up!
b) Transfer enough to keep us going and hope the rate improves?
So, should we:
a) Transfer all our money and be grateful, after all it might go down not up!
b) Transfer enough to keep us going and hope the rate improves?
Cheers Andy
Oct 6th 2005, 4:22 pm
#3
BE Enthusiast
Joined: Mar 2005
Location: Brisbane!
Posts: 968
Re: exchange rate: what would you do?
Originally Posted by bridiej
Exchange rate crept up a bit but still not as good as it was a few months ago.
So, should we:
a) Transfer all our money and be grateful, after all it might go down not up!
b) Transfer enough to keep us going and hope the rate improves?
So, should we:
a) Transfer all our money and be grateful, after all it might go down not up!
b) Transfer enough to keep us going and hope the rate improves?
Bridie...we need a "don't know" option because I really "don't know". At least I have slightly longer than you to decide. Hope it turns out good for you though.
Oct 6th 2005, 4:30 pm
#4
BE Forum Addict
Joined: Dec 2003
Location: Adelaide - South Australia
Posts: 1,820
Re: exchange rate: what would you do?
Go on - live dangerously :scared:
I'd wait and see.
I'd wait and see.
Oct 6th 2005, 4:34 pm
#5
Forum Regular
Joined: Jun 2004
Posts: 38
Re: exchange rate: what would you do?
As a family, we felt that with all the current factors taken into account we simply had to buy into the market at whatever price we could get a few weeks ago and managed to get 2.33 per pound.
UK market factors seem gloomy, whilst Australian factors are booming.
Our perspective was coming from the fact that we are heading out in mid-November. Knowing our luck, the market will shoot up to 2.6 by the time we land and we will be cursing our hastiness, but that's life for you.
If, by the time we are there, the AU$ has dropped below 2.3 or further, we will really be counting our decisiveness.
UK market factors seem gloomy, whilst Australian factors are booming.
Our perspective was coming from the fact that we are heading out in mid-November. Knowing our luck, the market will shoot up to 2.6 by the time we land and we will be cursing our hastiness, but that's life for you.
If, by the time we are there, the AU$ has dropped below 2.3 or further, we will really be counting our decisiveness.
Oct 6th 2005, 5:58 pm
#6
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Joined: Oct 2004
Location: manchester/secret harbour (perth)
Posts: 412
Re: exchange rate: what would you do?
Originally Posted by bridiej
Exchange rate crept up a bit but still not as good as it was a few months ago.
So, should we:
a) Transfer all our money and be grateful, after all it might go down not up!
b) Transfer enough to keep us going and hope the rate improves?
So, should we:
a) Transfer all our money and be grateful, after all it might go down not up!
b) Transfer enough to keep us going and hope the rate improves?
One piece of advice was given to me by the lady who i got some $ from yesterday at a travel agent.Take this how you like but she said to me it will go up in a couple of weeks.Oh why i said what makes you think that.She said i,ve been doing this for years and one thing i,ve noticed is when the children break up for school holidays here the rate definatley improves.
Like i said take that how you like the final decision is with yourself.Sometimes you have to go with your gut feeling.lets hope for all our sakes it improves a little.
dave
Oct 6th 2005, 5:59 pm
#7
Victorian Evangelist
Joined: Sep 2005
Location: Melbourne, by the beach, living the dream.
Posts: 7,704
Re: exchange rate: what would you do?
Originally Posted by bridiej
Exchange rate crept up a bit but still not as good as it was a few months ago.
So, should we:
a) Transfer all our money and be grateful, after all it might go down not up!
b) Transfer enough to keep us going and hope the rate improves?
So, should we:
a) Transfer all our money and be grateful, after all it might go down not up!
b) Transfer enough to keep us going and hope the rate improves?
Oct 6th 2005, 6:01 pm
#8
BE Enthusiast
Joined: Oct 2004
Location: manchester/secret harbour (perth)
Posts: 412
Re: exchange rate: what would you do?
Just had a look on ozforex 2.34 at this time.
Oct 6th 2005, 6:03 pm
#9
Forum Regular
Joined: Jun 2005
Location: halstead, essex now Cleveland, Brisbane!
Posts: 178
Re: exchange rate: what would you do?
Hi Bridie
Have you looked at the forward contract rates offered by HIFX etc...
These will give an indication of what they think the rates will be doing in the future.
Hope this does not add to the confusion too much!
Cheers
AnitaB
Have you looked at the forward contract rates offered by HIFX etc...
These will give an indication of what they think the rates will be doing in the future.
Hope this does not add to the confusion too much!
Cheers
AnitaB
Oct 6th 2005, 6:09 pm
#10
Joined: Sep 2004
Posts: 2,129
Re: exchange rate: what would you do?
Bridie I got 2.37 after a lot of haggling a month or so back - since then i've still kept an eye on the rate and what you would actually get (NOT what the companies buy at) has never got close. Today seems to be a good day and its getting nearer again but the financial forecast e-mails I get have not been good and it dosen't look like the pound will pick up any time soon - personally i'd buy now - i'm not convinced we are ever going to see the great rates of 6-months to ayear ago again.
Good luck whatever you do - it is very worrying and the more money you have the worse it gets.
Lynn
Good luck whatever you do - it is very worrying and the more money you have the worse it gets.
Lynn
Oct 6th 2005, 6:27 pm
#11
Forum Regular
Joined: Jul 2004
Location: Hemel Hempstead UK
Posts: 49
Re: exchange rate: what would you do?
Originally Posted by Buzzy--Bee
Is there a tax implication in this? Lets say you have £100,000 in a bank in UK at 5% annual interest? If the AU$ is say 2:1, then you have AU$200,000 at the beginning of the year. But if the AU$ drops to 3:1 (for the sake of the maths) then at the end of the year you would have AU$315,000 (including the interest). Would the Australian government tax you as if you had earned AU$115,000 during the year? Other posts seem to indicate they might.
We are in 'talks' with an accountant who sspecializes in UK/Oz tax iimplications and this is an area that he has highlighted- yes you will be taxed. There is away around it to minimize your tax bill but I don't know what it is, not sure if I have paid enough money to find out yet!
Oct 6th 2005, 6:33 pm
#12
BE Enthusiast
Joined: Aug 2004
Location: Adelaideish
Posts: 896
Re: exchange rate: what would you do?
Originally Posted by Robmichellef
We are in 'talks' with an accountant who sspecializes in UK/Oz tax iimplications and this is an area that he has highlighted- yes you will be taxed. There is away around it to minimize your tax bill but I don't know what it is, not sure if I have paid enough money to find out yet!
Give your money to someone who is also moving to Oz but at a later date (when hopefully the exchange rate is better) they change it with all their money when they move(hence no tax ) and then give it back to you when they arrive in Oz. Job done. Just don't give it all back in one lump sum.
Oct 6th 2005, 7:03 pm
#13
BE Forum Addict
Joined: Jun 2004
Location: The Gold Coast
Posts: 3,069
Re: exchange rate: what would you do?
Originally Posted by Gjn200
Give your money to someone who is also moving to Oz but at a later date (when hopefully the exchange rate is better) they change it with all their money when they move(hence no tax ) and then give it back to you when they arrive in Oz. Job done. Just don't give it all back in one lump sum.
Tracey
Oct 6th 2005, 10:23 pm
#14
BE Enthusiast
Joined: Nov 2004
Location: Halpine Lake, Brisbane
Posts: 492
Re: exchange rate: what would you do?
Originally Posted by bridiej
Exchange rate crept up a bit but still not as good as it was a few months ago.
So, should we:
a) Transfer all our money and be grateful, after all it might go down not up!
b) Transfer enough to keep us going and hope the rate improves?
So, should we:
a) Transfer all our money and be grateful, after all it might go down not up!
b) Transfer enough to keep us going and hope the rate improves?
Transfer enough to keep you for a while, and if it goes anywhere near the $2.40 mark i would go for it and transfer the lot.
My wife and i had a conversation about this last night and as we are away to start buying a plot of land and building if we get anywhere near that 2.4 we are going to take the lot over.
Just wish we had done it 5 months ago when we were getting $2.45!!!
Oct 7th 2005, 8:02 am
#15
Forum Regular
Joined: Jul 2004
Location: Hemel Hempstead UK
Posts: 49
Re: exchange rate: what would you do?
Originally Posted by BillnLinz
Transfer enough to keep you for a while, and if it goes anywhere near the $2.40 mark i would go for it and transfer the lot.
My wife and i had a conversation about this last night and as we are away to start buying a plot of land and building if we get anywhere near that 2.4 we are going to take the lot over.
Just wish we had done it 5 months ago when we were getting $2.45!!!
My wife and i had a conversation about this last night and as we are away to start buying a plot of land and building if we get anywhere near that 2.4 we are going to take the lot over.
Just wish we had done it 5 months ago when we were getting $2.45!!!
wow...$2.45 the things dreams are made of!