newstartnz

www.oanda.com has got:

1 British Pound = 2.90578 Australian Dollar
1 Australian Dollar (AUD) = 0.34414 British Pound (GBP)

Median price = 2.90267 / 2.90578 (bid/ask)
Estimated price based on daily US dollar rates

Getting close to your hoped-for 1:3 ratio, Aus migrants!

a1macc

I am holding my breath that the 3 dollar mark will be reached and maintained in line with my house sale at the end of Sept!!!

Fingers Crossed

shaun/lor

someone mentioned on this forum about fixing a price, sort of buy now pay later type thing, but i cant find the thread now. does anyone know anything about this type of thing
cheers shaun and lor

Finch

Hi

You can forward buy Aussie dollars. I used TTT MoneyCorp for our exchange. Contact is Dominic Le Croissette on 020 7235 4200, we found him extremely helpful.

Basically at your will you can purchase dollars when you like at the prevailing rate on any particular day. You have to deposit 10% of the amount you wish to purchase immediately. The rate £/AU$ goes down slightly the further ahead you wish settle.

Foe example, I purchased dollars in October 01 on a 12 month contract. For this, I got a rate slightly lower than the spot rate on the day I purchased. I forwarded 10% of the amount I purchased immediatley and I have 12 months in which to find the balance. This will then be forwarded (via a sterling cheque) to TTT who will then deposit in dollars into any dollar account.

a1macc, I could look to wait until you feel that you would want to buy (eg around $3 mark if it gets this high, although you may feel that 2.9 is a good rate at which to convert), purchase dollars with say a 6 month forward contract, this allows you time to sell the house and realise the money. Today for example you may get offered a rate of say 2.88 for 6 months. Don't know, the transaction is done real time whilst talking to the dealer. Only problem I see is trying to raise 10% at the time you decide to purchase. Does this all make sense??

Finch

pateln

this is called a forward FX, you can do a 6 month forward FX, to fix the rate today. You just pay 10% now, so on a forward FX of GBP 100,000 (netting approx AUS $ 290,000 in six months) you pay £10,000 now. 2 days before the forward Fx needs to be settled, you will need to stump the remaining 90%.

2 companies do this,
you need to open an account with both or either, this can be done via internet and fax, the account opening can be done really fast, so as to make a deal today.

the two companies are TTT Money corp
contact
Dominic Le Croissette Account Executive
(Private Client Division)

TTT Moneycorp Limited Office: +44 (0)20 7235 4200
2, Sloane Street Fax: +44 (0)20 7235 4250
London SW1X 9LA [email protected]
United Kingdom http://www.moneycorp.co.uk



OR HaleFX
contact detials

Tel: 01753 859159
Fax: 01753 859169
www: <http://www.hifx.co.uk>

moneycorp gave me a slighty better rate on forward FX, But Hifax gives you 2% interest on your 10% deposit, however this did not compensate for the slighty worse FX rate over a six month period

Generally the 6m month forward rate is slightly better than the spot rate, one more thing, is the spok rate is 2.90, you will get a spot/forward rate of approx 2.88 from these companies (the difference is their cut). There is also a TT charge of £15 which you pay now, but it means they willTT the money to an AUS $ account when the hedge is settled.

Alan Collett

Hello Shaun and Lor.

Halewood International (with whom we work) offer forward contracts, although you have to lodge an amount equal to 10% (I recall) of the total amount you want to buy at the time of entering into the contract.

It's probably worth having a discussion with Alex Wright on 01753 859159, or look at their website, which you can get to via:
http://www.gomatilda.com/news/article.cfm?articleid=106

Hope this helps.

Snickers

Also if the time that you have fixed to arrives and you are not in a position to go ahead you can then extend the period without penalty but if you want to call it in earlier than the fixed date they can reduce your rate of exchange.

shaun/lor

paul and adele sorry i didnt quite understand are you saying that if i fix the rate for say 6 months but im ready to pay up the rest in say 3 months they can alter the rate, if so to what back to what it is then if its lower?. or just a bit more off the rate that was when you fixed it.
im sure its straight forward and just me being an idiot sorry guys. and thanks for the info.
allan is the company you recomend part of your own company or just someone you use sometimes.
thanks for your help shaun

Snickers

Shaun its just a case of them reassesing a slightly lower rate and I think there may be an admin charge, best bet if your gonna do a forward exchange is to set the date sooner, that way you can always extend, ie if you want it in 12 mths set fx for say 11mths and if you get held up in processing then extend to a later date and you keep the rate but if you needed it after 9mths then they could penalise you.

Hope that this is a bit clearer than the more muddied version

shaun/lor

cheers everyone lots of help thanks.
now the hard bit of shall we go for it or not.
we have worked all our finances out on 2.5 rate so the 2.9 at the moment would be great, but our main concern is the house has only just gone on the market. oh well lots of us are in the same boat i guess cheers again shaun and lor

Alan Collett

Hi Shaun.

Halewood International are independent of Go Matilda and we have no control over what they do, although having visited their offices in Windsor and seen what they are about we are happy to recommend them. We include them on our list of people that migrants might use (for which we receive an introductory thank you if people mention our name when transferring funds with them).

I have used them personally for moving funds to Australia and the process was straightforward and quick.

Hope this helps.

shaun/lor

thanks again everyone, you have been very helpfull. and hopfully i have secured well above the 2.5 dollars i was hoping to get a few months ago,
all the best shaun and lor

a1macc

2.92 and counting...........................

kitkatz

What's the advantage of using companies like these rather than the normal highstreet bank?

J

shaun/lor

spot rates tend to be better than high street banks, and you can also take your rate now and pay only a deposit then pay the rest when you anticipate being able to? i think well i hope cos thats what im doing shaun