exchanging $ - £... when?
Feb 26th 2005, 5:12 am
#1
Superfreak!!
Thread Starter
Joined: Jan 2004
Location: Thornlie, Perth, W.A.
Posts: 1,177
exchanging $ - £... when?
We`ll be changing $15k to £`s soon (to fund our return to Oz). Tranzfers charge $15 to convert which is good, but seem £50 less than hifx.co.uk once converted via the respective currency converters. So do hifx offer a better rate, and what are their charges (as they don`t seem to say on their site).
Finally, as the $ is hopefully going to get stronger in the next few weeks, I`m guessing it would be better to wait a wee while before converting?
Finally, as the $ is hopefully going to get stronger in the next few weeks, I`m guessing it would be better to wait a wee while before converting?
Feb 26th 2005, 6:23 am
#2
BE Enthusiast
Joined: Sep 2004
Posts: 368
Re: exchanging $ - £... when?
Originally Posted by Stormz
We`ll be changing $15k to £`s soon (to fund our return to Oz). Tranzfers charge $15 to convert which is good, but seem £50 less than hifx.co.uk once converted via the respective currency converters. So do hifx offer a better rate, and what are their charges (as they don`t seem to say on their site).
Finally, as the $ is hopefully going to get stronger in the next few weeks, I`m guessing it would be better to wait a wee while before converting?
Finally, as the $ is hopefully going to get stronger in the next few weeks, I`m guessing it would be better to wait a wee while before converting?
If you are not sure which one to use, then perhaps the best thing to do is set up accounts with both and see who gives you the best rate on the day.
I wouldn't guarantee that the AUS$ will get stronger over the coming weaks, the currency markets are very volatile and could go up or down. It's a risk deciding when to exchange money. In december it was around $2.55 having gone up from $2.40 it has since dropped down to $2.38 climbed back to $2.43 dropped back to $2.38 and now climbed back up to $2.44 or so.
good luck
alex
Feb 26th 2005, 6:34 am
#3
An Australian Citizen !!
Joined: Aug 2004
Location: Terrigal - NSW Central Coast since June 2005
Posts: 1,237
Re: exchanging $ - £... when?
Originally Posted by Alex Hall
HIFX generally don't charge a fee, they make their money on the exchange rate difference, not you will normally get around $0.01 below the bank interchange rate (i.e. the rate listed on their website)
If you are not sure which one to use, then perhaps the best thing to do is set up accounts with both and see who gives you the best rate on the day.
I wouldn't guarantee that the AUS$ will get stronger over the coming weaks, the currency markets are very volatile and could go up or down. It's a risk deciding when to exchange money. In december it was around $2.55 having gone up from $2.40 it has since dropped down to $2.38 climbed back to $2.43 dropped back to $2.38 and now climbed back up to $2.44 or so.
good luck
alex
If you are not sure which one to use, then perhaps the best thing to do is set up accounts with both and see who gives you the best rate on the day.
I wouldn't guarantee that the AUS$ will get stronger over the coming weaks, the currency markets are very volatile and could go up or down. It's a risk deciding when to exchange money. In december it was around $2.55 having gone up from $2.40 it has since dropped down to $2.38 climbed back to $2.43 dropped back to $2.38 and now climbed back up to $2.44 or so.
good luck
alex
With the news coming out this week that the US economy is in no great shakes, the Au$ was suddenly a better buy for your sterling than , say, over the past 3 weeks or so. You're right, though, it really is a rollercoaster of a currency although my uneducated guess is that this recovery for the £ against the Au$ may continue for a while again yet.
Whether it gets past $2.50 again though in this run is anyone's guess.
My (again uneducated) advice would be to buy in a forward contract at the rate you'd be happy with and have done with it, if, of course, you have the 10% upfront fee at the time. We did this some weeks ago when it was trading at $2.55 and seeing what's happened since, we have been happy with this. Watch it hit $2.65 next month now just to prove me wrong!!!!!
Whatever, don't anyone shoot me if it dives back the other way!!
Jim
Feb 26th 2005, 6:48 am
#4
Forum Regular
Joined: Jul 2004
Location: Bentleigh, Melbourne
Posts: 142
Re: exchanging $ - £... when?
Originally Posted by Stormz
We`ll be changing $15k to £`s soon (to fund our return to Oz). Tranzfers charge $15 to convert which is good, but seem £50 less than hifx.co.uk once converted via the respective currency converters. So do hifx offer a better rate, and what are their charges (as they don`t seem to say on their site).
Finally, as the $ is hopefully going to get stronger in the next few weeks, I`m guessing it would be better to wait a wee while before converting?
Finally, as the $ is hopefully going to get stronger in the next few weeks, I`m guessing it would be better to wait a wee while before converting?
Feb 26th 2005, 9:30 am
#5
Superfreak!!
Thread Starter
Joined: Jan 2004
Location: Thornlie, Perth, W.A.
Posts: 1,177
Re: exchanging $ - £... when?
Originally Posted by Jimclevs
Alex
With the news coming out this week that the US economy is in no great shakes, the Au$ was suddenly a better buy for your sterling than , say, over the past 3 weeks or so. You're right, though, it really is a rollercoaster of a currency although my uneducated guess is that this recovery for the £ against the Au$ may continue for a while again yet.
Whether it gets past $2.50 again though in this run is anyone's guess.
My (again uneducated) advice would be to buy in a forward contract at the rate you'd be happy with and have done with it, if, of course, you have the 10% upfront fee at the time. We did this some weeks ago when it was trading at $2.55 and seeing what's happened since, we have been happy with this. Watch it hit $2.65 next month now just to prove me wrong!!!!!
Whatever, don't anyone shoot me if it dives back the other way!!
Jim
With the news coming out this week that the US economy is in no great shakes, the Au$ was suddenly a better buy for your sterling than , say, over the past 3 weeks or so. You're right, though, it really is a rollercoaster of a currency although my uneducated guess is that this recovery for the £ against the Au$ may continue for a while again yet.
Whether it gets past $2.50 again though in this run is anyone's guess.
My (again uneducated) advice would be to buy in a forward contract at the rate you'd be happy with and have done with it, if, of course, you have the 10% upfront fee at the time. We did this some weeks ago when it was trading at $2.55 and seeing what's happened since, we have been happy with this. Watch it hit $2.65 next month now just to prove me wrong!!!!!
Whatever, don't anyone shoot me if it dives back the other way!!
Jim
I want it to go the other way!
I need to convert my $ into as many £`s as possible, otherwise we may have to swim back to Perth.
Feb 26th 2005, 9:56 am
#6
Joined: Apr 2003
Location: Northamptonshire
Posts: 204
Re: exchanging $ - £... when?
Originally Posted by Jimclevs
My (again uneducated) advice would be to buy in a forward contract at the rate you'd be happy with and have done with it, if, of course, you have the 10% upfront fee at the time. We did this some weeks ago when it was trading at $2.55 and seeing what's happened since, we have been happy with this. Watch it hit $2.65 next month now just to prove me wrong!!!!!
Whatever, don't anyone shoot me if it dives back the other way!!
Jim
Whatever, don't anyone shoot me if it dives back the other way!!
Jim
With current exchange rates backing the AS$ (and us sitting on a nice little profit) I've looked at forward contracts and our bank (Barclays) won't charge us a 10% upfront fee - they make their margin on the exchange rate. Looking to do this next week but the current forward rates (I'm looking for July) are looking on par with today's - apparently there are thoughts of interest rises in Australia over the next few months (?)
Again though, to quote Jim, don't shoot me if...
Chris
Mar 22nd 2005, 8:06 am
#7
Just Joined
Joined: Feb 2005
Posts: 8
Re: exchanging $ - £... when?
Slightly off the subject but how does the general election in UK usually affect the rate of £ ?
Mar 22nd 2005, 10:37 am
#8
Joined: Mar 2005
Posts: 582
Re: exchanging $ - £... when?
A friend who works in the finance industry has advised me to hold off exchanging for a few months, he reckons the election could cause the pound to go up and if the Aussie interest rate increases again it will only help, if you look at the BBC website http://newsvote.bbc.co.uk/1/shared/f...elve_month.stm
The Exchange rate was up to $2.7/£ last June/July and it is generally higher around that time of year. No guarantees these days the market is so volatile but if you can afford to wait and see it might be worth it.
The Exchange rate was up to $2.7/£ last June/July and it is generally higher around that time of year. No guarantees these days the market is so volatile but if you can afford to wait and see it might be worth it.
Mar 23rd 2005, 6:07 am
#9
An Australian Citizen !!
Joined: Aug 2004
Location: Terrigal - NSW Central Coast since June 2005
Posts: 1,237
Re: exchanging $ - £... when?
Originally Posted by Flying Banana
A friend who works in the finance industry has advised me to hold off exchanging for a few months, he reckons the election could cause the pound to go up and if the Aussie interest rate increases again it will only help, if you look at the BBC website http://newsvote.bbc.co.uk/1/shared/f...elve_month.stm
The Exchange rate was up to $2.7/£ last June/July and it is generally higher around that time of year. No guarantees these days the market is so volatile but if you can afford to wait and see it might be worth it.
The Exchange rate was up to $2.7/£ last June/July and it is generally higher around that time of year. No guarantees these days the market is so volatile but if you can afford to wait and see it might be worth it.
Sit tight.
Jim
Mar 23rd 2005, 2:25 pm
#10
Forum Regular
Joined: Mar 2003
Location: Brisbane
Posts: 169
Re: exchanging $ - £... when?
Originally Posted by chris n
As we haven't sold our house we are validating our visas in three weeks and then trying the 'house thing' again later this year / early next - my point is that I therefore have looked into how we can transfer the $100k bond money back into sterling in the meantime.
With current exchange rates backing the AS$ (and us sitting on a nice little profit) I've looked at forward contracts and our bank (Barclays) won't charge us a 10% upfront fee - they make their margin on the exchange rate. Looking to do this next week but the current forward rates (I'm looking for July) are looking on par with today's - apparently there are thoughts of interest rises in Australia over the next few months (?)
Again though, to quote Jim, don't shoot me if...
Chris
With current exchange rates backing the AS$ (and us sitting on a nice little profit) I've looked at forward contracts and our bank (Barclays) won't charge us a 10% upfront fee - they make their margin on the exchange rate. Looking to do this next week but the current forward rates (I'm looking for July) are looking on par with today's - apparently there are thoughts of interest rises in Australia over the next few months (?)
Again though, to quote Jim, don't shoot me if...
Chris
Cheers
GLR
