Looking to Exchange Monies
May 16th 2011, 8:00 pm
#1
Forum Regular
Thread Starter
Joined: Feb 2009
Posts: 136
Looking to Exchange Monies
Hi Guys
As you can appreciate the transfer of the pound to the Aussie Dollar is not good and probably not likely to be in the not too distant future.
I have been speaking to several Companies today ie. UK Forex and there advice to me is to transfer the whole amount and put it into high interest account over in Oz.
Is anybody else looking to do this? It is so difficult to know what to do.
Any info. would be greatly appreciated.
Many thanks
Debbie
As you can appreciate the transfer of the pound to the Aussie Dollar is not good and probably not likely to be in the not too distant future.
I have been speaking to several Companies today ie. UK Forex and there advice to me is to transfer the whole amount and put it into high interest account over in Oz.
Is anybody else looking to do this? It is so difficult to know what to do.
Any info. would be greatly appreciated.
Many thanks
Debbie
May 16th 2011, 8:25 pm
#2
BE Enthusiast
Joined: Feb 2008
Location: Perth from Paisley
Posts: 327
Re: Looking to Exchange Monies
I move in 4 weeks. Fortunately I only need to buy a car so there's no need to transfer all my money.
It's a difficult scenario as the exchange rate won't improve unless there is a significant upturn in the Uk or downturn in Oz.
It did reach 1.61 a few weeks ago so there is a chance that it may get back there in the short term. Long term I think it will be a while before it improves past this.
Currency exchange rates are fickle at the best of times and alot of the time it's down to investor sentiment. If the Uk increases it interest rates then expect an upturn but I don't think that's going to happen in the near future.
Be careful moving all your money. The savings interest rate is approx 5% in Oz per annum so if you have £1000/$1530 then that will give you $76 in interest a year. Alternatively if the exchange rate goes to $1.61 (currently 1.53) then you have made the 5% with no tax to pay.
Some people say bite the bullet, the exchange rate is what it is and if your moving permenantly you'll be earning in Oz dollars.
It really depends on your outlook although I would say that the lowest rate seems to be around $1.50 as this is where the currency is currently getting support.
This is not financial advice only my outlook on the two currencies.
It's a difficult scenario as the exchange rate won't improve unless there is a significant upturn in the Uk or downturn in Oz.
It did reach 1.61 a few weeks ago so there is a chance that it may get back there in the short term. Long term I think it will be a while before it improves past this.
Currency exchange rates are fickle at the best of times and alot of the time it's down to investor sentiment. If the Uk increases it interest rates then expect an upturn but I don't think that's going to happen in the near future.
Be careful moving all your money. The savings interest rate is approx 5% in Oz per annum so if you have £1000/$1530 then that will give you $76 in interest a year. Alternatively if the exchange rate goes to $1.61 (currently 1.53) then you have made the 5% with no tax to pay.
Some people say bite the bullet, the exchange rate is what it is and if your moving permenantly you'll be earning in Oz dollars.
It really depends on your outlook although I would say that the lowest rate seems to be around $1.50 as this is where the currency is currently getting support.
This is not financial advice only my outlook on the two currencies.
