Exchanging Sterling to Aus Dollars
Apr 15th 2005, 3:18 pm
#1
Forum Regular
Thread Starter
Joined: Feb 2004
Posts: 187
Exchanging Sterling to Aus Dollars
Hi all
We have now managed to sell our house and will soon be on our way. Sunny (or not so we care not) Melbourne here we come. In total we will be taking approx £150,000 with us. 10k savings and 140k proceeds of house. How do we make sure that we get the most dollars for pounds??
We have a Aussie bank account open and ready (westpac located in London).
Is it simply the going rate is what we are going to get when we place our funds in London. Will the rate change if we were to leave it there till needed in Aus? I have also heard we dont have to use a bank to exchange our money. Do any of you money wizards know the best option?
What is the rate at the moment??
Regards Chris and Andrea
We have now managed to sell our house and will soon be on our way. Sunny (or not so we care not) Melbourne here we come. In total we will be taking approx £150,000 with us. 10k savings and 140k proceeds of house. How do we make sure that we get the most dollars for pounds??
We have a Aussie bank account open and ready (westpac located in London).
Is it simply the going rate is what we are going to get when we place our funds in London. Will the rate change if we were to leave it there till needed in Aus? I have also heard we dont have to use a bank to exchange our money. Do any of you money wizards know the best option?
What is the rate at the moment??
Regards Chris and Andrea
Apr 15th 2005, 6:47 pm
#2
Joined: Feb 2005
Posts: 4,337
Re: Exchanging Sterling to Aus Dollars
You can just change your money at any time if you are happy with the rate or wait till it gets better but it may get worse ? its up 2 u .
Talk to your bank or http://www.hifx.co.uk/pservices/overview.asp
just make sure you get the comercial rate.
Talk to your bank or http://www.hifx.co.uk/pservices/overview.asp
just make sure you get the comercial rate.
Apr 15th 2005, 7:01 pm
#3
An Australian Citizen !!
Joined: Aug 2004
Location: Terrigal - NSW Central Coast since June 2005
Posts: 1,237
Re: Exchanging Sterling to Aus Dollars
Originally Posted by Handyandy180
Hi all
We have now managed to sell our house and will soon be on our way. Sunny (or not so we care not) Melbourne here we come. In total we will be taking approx £150,000 with us. 10k savings and 140k proceeds of house. How do we make sure that we get the most dollars for pounds??
We have a Aussie bank account open and ready (westpac located in London).
Is it simply the going rate is what we are going to get when we place our funds in London. Will the rate change if we were to leave it there till needed in Aus? I have also heard we dont have to use a bank to exchange our money. Do any of you money wizards know the best option?
What is the rate at the moment??
Regards Chris and Andrea
We have now managed to sell our house and will soon be on our way. Sunny (or not so we care not) Melbourne here we come. In total we will be taking approx £150,000 with us. 10k savings and 140k proceeds of house. How do we make sure that we get the most dollars for pounds??
We have a Aussie bank account open and ready (westpac located in London).
Is it simply the going rate is what we are going to get when we place our funds in London. Will the rate change if we were to leave it there till needed in Aus? I have also heard we dont have to use a bank to exchange our money. Do any of you money wizards know the best option?
What is the rate at the moment??
Regards Chris and Andrea
There are numerous currency exchange companies who will do the business for you. With all of them, however, you have to open an account in order to "deal". Do not even consider talking to the High Street banks for this =their rates will be lower than elsewhere.
The 2 main ways of transferring funds are either:
A "spot" deal whereby you get the rate of exchange applicable at the exact time of the deal or
A "forward contract" whereby you can arrange the transfer for a future date at a rate agreed at the time with the dealer. You will be obliged to pay 10% upfront with the balance of 90% payable at the completion date. The rate will not be changed during this period so you can either end up having made a good deal or one which could have been improved had you waited to do a spot transaction. Pays your money etc....
One advantage of a forward contract is that you will be able to "roll it forward" to a later date if you are unable to complete at the initially agreed date - for example, if your house is taking longer to proceed to sale completion and yiu do not have the 90% funding available.
Once your deal is done, the dealer is able to "sit" on your money until you are able to provide a suitable account in Australia for the funds to be transferred to.
There are other ways of doing things, of course, but hopefully you will find this info of some help.
Regards
Jim
Apr 15th 2005, 7:07 pm
#4
An Australian Citizen !!
Joined: Aug 2004
Location: Terrigal - NSW Central Coast since June 2005
Posts: 1,237
Re: Exchanging Sterling to Aus Dollars
Originally Posted by Jimclevs
Hello
There are numerous currency exchange companies who will do the business for you. With all of them, however, you have to open an account in order to "deal". Do not even consider talking to the High Street banks for this =their rates will be lower than elsewhere.
The 2 main ways of transferring funds are either:
A "spot" deal whereby you get the rate of exchange applicable at the exact time of the deal or
A "forward contract" whereby you can arrange the transfer for a future date at a rate agreed at the time with the dealer. You will be obliged to pay 10% upfront with the balance of 90% payable at the completion date. The rate will not be changed during this period so you can either end up having made a good deal or one which could have been improved had you waited to do a spot transaction. Pays your money etc....
One advantage of a forward contract is that you will be able to "roll it forward" to a later date if you are unable to complete at the initially agreed date - for example, if your house is taking longer to proceed to sale completion and yiu do not have the 90% funding available.
Once your deal is done, the dealer is able to "sit" on your money until you are able to provide a suitable account in Australia for the funds to be transferred to.
There are other ways of doing things, of course, but hopefully you will find this info of some help.
Regards
Jim
There are numerous currency exchange companies who will do the business for you. With all of them, however, you have to open an account in order to "deal". Do not even consider talking to the High Street banks for this =their rates will be lower than elsewhere.
The 2 main ways of transferring funds are either:
A "spot" deal whereby you get the rate of exchange applicable at the exact time of the deal or
A "forward contract" whereby you can arrange the transfer for a future date at a rate agreed at the time with the dealer. You will be obliged to pay 10% upfront with the balance of 90% payable at the completion date. The rate will not be changed during this period so you can either end up having made a good deal or one which could have been improved had you waited to do a spot transaction. Pays your money etc....
One advantage of a forward contract is that you will be able to "roll it forward" to a later date if you are unable to complete at the initially agreed date - for example, if your house is taking longer to proceed to sale completion and yiu do not have the 90% funding available.
Once your deal is done, the dealer is able to "sit" on your money until you are able to provide a suitable account in Australia for the funds to be transferred to.
There are other ways of doing things, of course, but hopefully you will find this info of some help.
Regards
Jim
.......... further to the above, you may find this useful www.xe.com which shows you up to the minute rates of exchange. You will see that the dollar is currently suffering a bit and you may be advised to sit tight until next week to see if you can get even more dollars for your sterling.
It is, however, a notoriously difficult market to call - put up a search on here on this and you will see what I mean.
Whatever - good luck and happy hunting!
Jim
Apr 17th 2005, 11:41 am
#5
Forum Regular
Thread Starter
Joined: Feb 2004
Posts: 187
Re: Exchanging Sterling to Aus Dollars
Originally Posted by Jimclevs
Hello again
.......... further to the above, you may find this useful www.xe.com which shows you up to the minute rates of exchange. You will see that the dollar is currently suffering a bit and you may be advised to sit tight until next week to see if you can get even more dollars for your sterling.
It is, however, a notoriously difficult market to call - put up a search on here on this and you will see what I mean.
Whatever - good luck and happy hunting!
Jim
.......... further to the above, you may find this useful www.xe.com which shows you up to the minute rates of exchange. You will see that the dollar is currently suffering a bit and you may be advised to sit tight until next week to see if you can get even more dollars for your sterling.
It is, however, a notoriously difficult market to call - put up a search on here on this and you will see what I mean.
Whatever - good luck and happy hunting!
Jim
Regards Chris and Andrea
Apr 17th 2005, 6:11 pm
#6
An Australian Citizen !!
Joined: Aug 2004
Location: Terrigal - NSW Central Coast since June 2005
Posts: 1,237
Re: Exchanging Sterling to Aus Dollars
Originally Posted by Handyandy180
Many thanks for that
Regards Chris and Andrea
Regards Chris and Andrea
Jim
