luis_be

Hi there,

I have just opened my HSBC account in Australia and I am ready to transfer some money to it! (not much, something around £20k)

However, given the current exchange rate, I am not sure what to do. Should I transfer just the minimum required now (in case the exchange rate gets better soon) or all of it (in case the exchange rate gets even worse if that is even possible)?

The website below gives an overview of the exchange rate since January – in March/April it was really bad but recovered a little since then:

http://www.x-rates.com/d/AUD/GBP/hist2010.html

I don’t expect anyone here to be able to see in the future, however I am nil at finances and any advice will be welcome!

Thanks
Luis

Huggkat

Hi,

Know exactly how this feels! We had the proceeds of our UK house sale in our UK account since July 2009 and kept thinking the exchange rate would rise, however, it just kept falling and falling!

We decided to bring half of it over last month when it picked up a bit to put towards the deposit on a piece of land. We have left the other half in the UK but will probably bring it over soon to put towards the building of our house.

I think for us, we just needed to bring it over when it was going towards something purposeful otherwise we might have been silly and spend it on better cars etc. Having said that, if we had brought it over in 2009 I wonder if we would have made near the difference in interest as savings accounts are offering good rates at the moment. However, at least we haven't had to pay tax on the interest that we might have received!!

Anyway, good luck with your decision, it is a very personal one and has to feel right for you.

Kat

MrCro

LATER! alot later!!!!!

on edge of double dip world recession, aussie $ is very vunerable!

ABCDiamond

How long is a piece of string ?

If anyone is certain about this, then every currency trader on the planet will be retiring to the Bahamas soon.