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What Exchange Rate is offered??

What Exchange Rate is offered??

Old Nov 22nd 2005, 7:56 am
  #1  
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Default What Exchange Rate is offered??

Hi all,

Can anyone give me some good info on exchanging UK money to Aussy$...

When you are ready to leave old blighty, you may have at least £50K, but is there a place where you get a great rate if you are transfering this sort of money?

Is there a scale??


Hope someone can help



Thanks

Yorkie
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Old Nov 22nd 2005, 8:25 am
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Default Re: What Exchange Rate is offered??

Originally Posted by Yorkshire
Hi all,

Can anyone give me some good info on exchanging UK money to Aussy$...

When you are ready to leave old blighty, you may have at least £50K, but is there a place where you get a great rate if you are transfering this sort of money?

Is there a scale??


Hope someone can help



Thanks

Yorkie

Cant give you too much advice but suffice to say, an exchange rate is just that - an exchange rate!! It makes no difference if you are transferring millions or just a fiver....its the same rate!!
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Old Nov 22nd 2005, 8:31 am
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Default Re: What Exchange Rate is offered??

Get in touch with HIFX ... they send out an info pack that will get you started but shop around ... Tranzfers is another to try ... I'm sure others will recommend some others to check out
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Old Nov 22nd 2005, 8:38 am
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Default Re: What Exchange Rate is offered??

Originally Posted by ROBnCAZ
Cant give you too much advice but suffice to say, an exchange rate is just that - an exchange rate!! It makes no difference if you are transferring millions or just a fiver....its the same rate!!
incorrect - there is the market rate (currently around £1=$2.33) and the rate will be based on this. For the tourist changing a few hundred pounds it is much worse than this - currently tourist rate around £1=$2.21.

Exchanging larger amounts you are going to get closer to the market rate rather than the tourist rate. The actual rate difference on that kind of amount I tried asking one exchange company but got a politicians answer (ie he did not answer my question). Other posters here AFAI remember was a couple of cents under market rate.
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Old Nov 22nd 2005, 9:10 am
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Default Re: What Exchange Rate is offered??

Originally Posted by walaj
incorrect - there is the market rate (currently around £1=$2.33) and the rate will be based on this. For the tourist changing a few hundred pounds it is much worse than this - currently tourist rate around £1=$2.21.

Exchanging larger amounts you are going to get closer to the market rate rather than the tourist rate. The actual rate difference on that kind of amount I tried asking one exchange company but got a politicians answer (ie he did not answer my question). Other posters here AFAI remember was a couple of cents under market rate.
Tranzfers quoted me around 100 points off market with no other charges for transfering around £150k
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Old Nov 22nd 2005, 9:14 am
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Default Re: What Exchange Rate is offered??

Originally Posted by walaj
incorrect - there is the market rate (currently around £1=$2.33) and the rate will be based on this. For the tourist changing a few hundred pounds it is much worse than this - currently tourist rate around £1=$2.21.

Exchanging larger amounts you are going to get closer to the market rate rather than the tourist rate. The actual rate difference on that kind of amount I tried asking one exchange company but got a politicians answer (ie he did not answer my question). Other posters here AFAI remember was a couple of cents under market rate.
I stand corrected
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Old Nov 22nd 2005, 9:25 am
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Default Re: What Exchange Rate is offered??

Originally Posted by walaj
incorrect - there is the market rate (currently around £1=$2.33) and the rate will be based on this. For the tourist changing a few hundred pounds it is much worse than this - currently tourist rate around £1=$2.21.

Exchanging larger amounts you are going to get closer to the market rate rather than the tourist rate. The actual rate difference on that kind of amount I tried asking one exchange company but got a politicians answer (ie he did not answer my question). Other posters here AFAI remember was a couple of cents under market rate.
Well, sort of.

Tourist rates are generally speaking for exchanging notes and travellers cheques at airports, travel agents, over the counter in banks, post offices and when buying goods in a shop with foreign currency. You will see 2 rates quoted - Buy and Sell. One will be for exchanging £'s stg into A$'s and the other will be for exchanging $'s into £'s. The $2.21 quoted is what you might get for £1 but if you change the other way you may have to pay say $2.45 to buy a £1. Those who exchange notes in this way make a profit on the difference in rates. Some dealers will promise to buy back unused notes at the same rate you bought them at eg some travel agents.

Roughly speaking the market rate for transfers will be in the middle of the Buy and Sell figure. There is an interbank rate (obviously for transactions between banks) and when private individuals want to do a transfer from one bank account to another or from a cheque into a bank account you will get something vaguely approaching the interbank rate (the 100 points mentioned).

The actual market rate you get will depend on which broker you use (eg HIFX, Commonwealth Bank, Tranzfers, OzForex etc), how much you have to transfer and clearly when you want to transfer (eg a week or two ago $2.37'ish, now the £ has weakended to $2.33'ish).

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Old Nov 22nd 2005, 9:57 am
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Default Re: What Exchange Rate is offered??

Originally Posted by Yorkshire
Hi all,

Can anyone give me some good info on exchanging UK money to Aussy$...

When you are ready to leave old blighty, you may have at least £50K, but is there a place where you get a great rate if you are transfering this sort of money?

Is there a scale??


Hope someone can help



Thanks

Yorkie
This is a link to the chart of the OZ dollar to the pound, may be worth keeping in favourites for you all?

http://www.x-rates.com/d/AUD/GBP/graph120.html
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Old Nov 22nd 2005, 10:31 am
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Default Re: What Exchange Rate is offered??

Originally Posted by OzTennis
Well, sort of.

Tourist rates are generally speaking for exchanging notes and travellers cheques at airports, travel agents, over the counter in banks, post offices and when buying goods in a shop with foreign currency. You will see 2 rates quoted - Buy and Sell. One will be for exchanging £'s stg into A$'s and the other will be for exchanging $'s into £'s. The $2.21 quoted is what you might get for £1 but if you change the other way you may have to pay say $2.45 to buy a £1. Those who exchange notes in this way make a profit on the difference in rates. Some dealers will promise to buy back unused notes at the same rate you bought them at eg some travel agents.

Roughly speaking the market rate for transfers will be in the middle of the Buy and Sell figure. There is an interbank rate (obviously for transactions between banks) and when private individuals want to do a transfer from one bank account to another or from a cheque into a bank account you will get something vaguely approaching the interbank rate (the 100 points mentioned).

The actual market rate you get will depend on which broker you use (eg HIFX, Commonwealth Bank, Tranzfers, OzForex etc), how much you have to transfer and clearly when you want to transfer (eg a week or two ago $2.37'ish, now the £ has weakended to $2.33'ish).

OzTennis


Thanx so much for your summary!!!



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Old Nov 22nd 2005, 11:15 am
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Default Re: What Exchange Rate is offered??

Originally Posted by Yorkshire
Hi all,

Can anyone give me some good info on exchanging UK money to Aussy$...

When you are ready to leave old blighty, you may have at least £50K, but is there a place where you get a great rate if you are transfering this sort of money?

Is there a scale??


Hope someone can help



Thanks

Yorkie
OzForex publish the interbank rates on their website. If you are transferring the money immediately, you can do it yourself through the website when you are happy with the rate on offer (on £50k you will get about 1c under the interbank rate, which is as good as it gets). I like the way their rates are transparent, so you know you are not paying for someones bonus that month.

If you want a forward contract you can get an even better exchange rate, but you have to phone them to set it up. I recommend you keep one eye on the "forward rates" page on their website when you phone to make sure you get the correct rate. Again, for £50k you should get about 1c under the bid price showing for the contract duration you are thinking of.

Hope that helps
Paul.
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Old Nov 22nd 2005, 3:44 pm
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Default Re: What Exchange Rate is offered??

Does anyone know if the rate generally improves around X-mas?
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Old Nov 22nd 2005, 4:08 pm
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Default Re: What Exchange Rate is offered??

Originally Posted by woogle
Does anyone know if the rate generally improves around X-mas?
See http://www.ozforex.com.au/cgi-bin/chartsFast.asp

Put 3 yr chart in menu....im afraid the chart shows the rate continually falling at the momment.

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Old Nov 22nd 2005, 4:21 pm
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Default Re: What Exchange Rate is offered??

Originally Posted by mindblower
See http://www.ozforex.com.au/cgi-bin/chartsFast.asp

Put 3 yr chart in menu....im afraid the chart shows the rate continually falling at the momment.

Dave


Nope, no Christmas cheer there! Bahh humbug
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Old Nov 22nd 2005, 8:05 pm
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Default Re: What Exchange Rate is offered??

Originally Posted by paul_d
OzForex publish the interbank rates on their website. If you are transferring the money immediately, you can do it yourself through the website when you are happy with the rate on offer (on £50k you will get about 1c under the interbank rate, which is as good as it gets). I like the way their rates are transparent, so you know you are not paying for someones bonus that month.

If you want a forward contract you can get an even better exchange rate, but you have to phone them to set it up. I recommend you keep one eye on the "forward rates" page on their website when you phone to make sure you get the correct rate. Again, for £50k you should get about 1c under the bid price showing for the contract duration you are thinking of.

Hope that helps
Paul.
We used Ozforex last week for the second time they were very good and everything went without a hitch we got 2.37$ which was pretty good compare to $2.30 when we transferred a month ago.When you do the online transfer you then get a call to talk you through what happens next the guy we spoke to was very helpful.
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Old Nov 22nd 2005, 9:22 pm
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Default Re: What Exchange Rate is offered??

Doh Doh Doh......

I've been getting emails from Commonwealth Bank daily and logging the interest rate on an excel file to see what the rate has been doing as I couldn't find it on the net. Now I know!

Also I noticed that I could get a much better torist rate at a change place in Earls Court, than Commonwealth Bank, on a particular day when I was looking at rates. Shop around.

http://www.x-rates.com/d/AUD/GBP/graph120.html[/QUOTE]
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