Exchange Rates - Again!
 

Hi

........ back to my (least) favourite subject!

Any thoughts on the current and near-future exchange rates - talk about a rollercoaster ride! It looks like it may stay in the doldrums ie low $2.40s for a while now - can't see any major reason why though !?

Anyone got any hot news on this?

At least we got the last upwards correction right - it didn't stay at $2.50 plus for many days - and hopefully those who were able to jump in then, did so.

Regards

Jim

Re: Exchange Rates - Again!
 

Been advised by source at tranzfers that although it is down now there may be a rise in a copule of weeks but only back up to 2.5

dunno why though.

Re: Exchange Rates - Again!
 

Im confused - bought aussie dollars the other day at $2.33 - where are you getting your 2.4???? I've not seen it above 2.4 since sept last year but i do remember when it was 2.6 a few years ago! LOL

Re: Exchange Rates - Again!
 

I think the 2.4 is the rate you get if you are changing up large amounts
of money i.e if you are emigrating. You get a lower rate known as the
tourist rate if you are just travelling. I think this is right anyway.

Tracey.

Re: Exchange Rates - Again!
 

This is correct. Yer average tourist gets a lower rate than those with a big wedge who are migrating.

Re: Exchange Rates - Again!
 

Can anyone help I need to change 10,000 GBP to Aus Doll before we go over on Frb 19 we have opened a commonwealth bank account but not put the money in yet
is £10,000 enough to get a non tourist rate and where do you get the higher rates from (complete novice !!)
thanks mary

Re: Exchange Rates - Again!
 

You've obviously been lucky enough to not get the multiple HIFX pop ups. But they seem a reliable company, despite the screw up with their advert on here.

www.hifx.co.uk

I haven't used them myself, but have heard good reports about them,

Cheers,
JTL

Re: Exchange Rates - Again!
 

They have started writing to me now and I think the missed call on my mobile may have been them too. If I can go with someone else I will do as I hate that pressure marketing. :mad: If they are good enough they will have a strong reputation, that's the sort of marketing I like.

Re: Exchange Rates - Again!
 

Mary

That's more than enough for the interbank rate. Try your new CBA account for their rates and also the other usual suspects - HIFX etc (they've never bothered me with phone calls - maybe because we have used them a couple of times) plus a few others. You have plenty of time to shop around before your deadline. If you choose one of the Exchange dealers for your business, as opposed to your already open account with CBA, you will have to open an account with them first also - utility bills etc for proof - but all is done in no time.

Last but not least, you may want to hold fire for a few days (once you have opened the account) in the hope that the rate starts moving upwards again - even a couple of cents will give you more dollars for your pounds. When you want to do the deal it is a simple matter of a phone call, which will be recorded so that you cannot back out if the exchange rate suddenly changes for the better!

There was a long thread on here on this in Nov/Dec last year which you might want to access to bet further info and website addresses of exchange companies. Look under "Exchange Rates" I think!

Hope that helps?

Jim

Re: Exchange Rates - Again!
 

Thanks Jum I have phoned Hifx and they were really helpful
Mary

Re: Exchange Rates - Again!
 

Exchange rates reflect future estimates of numerous factors and some of the best minds in the world are paid to try and second guess what the rates will be in the future so the banks can profit but it is really only an educated guess. A couple of months ago there was an FX thread on here where the concensus (backed up by media reports) was that it was going to continue falling from the $2.35:£1 that it was then to something like $2.20. A week later it was at $2.55. No one knows. :)

Re: Exchange Rates - Again!
 

Hi

I vaguely remember posting at that time that it would reach $2.50 and for people to grab it because it would not likely last for long. It did, and a bit more, and, as predicted, it didn't last.

My only reason I have started this new thread is to get general feelings on "the way ahead" over the next couple of months, no more no less. I reckon we could do as good a job at predicting as some of the "experts".

Having said that, if it does happen to drop to $2.20-ish there will be a lot of unhappy chappies on here (me included!!)

Regards

Jim

Re: Exchange Rates - Again!
 

I take your point but if it does drop to $2.20 that probably means the UK economy has strengthened against the Australian economy. And if that is the case then UK property prices should be rising faster than in Australia (or falling less sharply) so you should either have more GBP to convert or your A$ will buy you more. Swings and roundabouts.

Re: Exchange Rates - Again!
 

Hi

I take your point also. Property, of course, is the other very emotive subject at the moment.

What is this about HIFX giving you grief on the telephone? Was this as a result of pure "cold calling"? They've usually appeared very professional in their dealings with me - other than they haven't ever let me know (as advertised in their blurb) when I might want to check out the rises and falls on some of the more hectic days in the market ie one day last week when the dollar lost nearly 4 cents in a few hours!!

Jim

Re: Exchange Rates - Again!
 

For starters there was the pop up on this forum that wouldn't go away and kept advertising to anyone that walked past me at work that I might be emigrating.

I filled in a competition form (I wonder if anyone won that free move or whatever it was) at the Sandown show in October. As a result there has been quite a steady flow of mailshots. The phone call I missed on my mobi may not have been them but I had one day recently where migration agents and others connected with the process sent 3 letters and made 2 calls to my mobi and it pi55ed me off a bit. As I already decided not to like them I decided to blame them for the missed call.