Putting $$$ savings into UK account with way exchange rate is just now
Oct 27th 2009, 3:49 pm
#1
Best move in life
Thread Starter
Joined: Jun 2008
Location: Victoria, Australia
Posts: 224
Putting $$$ savings into UK account with way exchange rate is just now
Hi there,just wondering if anybody has any idea about this...
I live in Oz and i know at the moment that it costs approx $1.75 Ozzi to get one pound. I have approx $10,000 which i do not need for a while (part of my savings) and im wondering if its a good idea to put it into a UK account in the hope that the rate gets better as im thinking if it goes to $2.00 to one pound in the next 6-12 months i will of made myself approx $2.500. I guess its called tradind in currency but i have never done anything like this before.
I would love to hear your suggestions and opinions,i.e ,what kind of account would be best to open etc or what way to go about it.
I live in Oz and i know at the moment that it costs approx $1.75 Ozzi to get one pound. I have approx $10,000 which i do not need for a while (part of my savings) and im wondering if its a good idea to put it into a UK account in the hope that the rate gets better as im thinking if it goes to $2.00 to one pound in the next 6-12 months i will of made myself approx $2.500. I guess its called tradind in currency but i have never done anything like this before.
I would love to hear your suggestions and opinions,i.e ,what kind of account would be best to open etc or what way to go about it.
Oct 27th 2009, 7:18 pm
#2
Joined: Jan 2005
Location: Asia Pacific
Posts: 4,922
Re: Putting $$$ savings into UK account with way exchange rate is just now
Hi there,just wondering if anybody has any idea about this...
I live in Oz and i know at the moment that it costs approx $1.75 Ozzi to get one pound. I have approx $10,000 which i do not need for a while (part of my savings) and im wondering if its a good idea to put it into a UK account in the hope that the rate gets better as im thinking if it goes to $2.00 to one pound in the next 6-12 months i will of made myself approx $2.500. I guess its called tradind in currency but i have never done anything like this before.
I would love to hear your suggestions and opinions,i.e ,what kind of account would be best to open etc or what way to go about it.
I live in Oz and i know at the moment that it costs approx $1.75 Ozzi to get one pound. I have approx $10,000 which i do not need for a while (part of my savings) and im wondering if its a good idea to put it into a UK account in the hope that the rate gets better as im thinking if it goes to $2.00 to one pound in the next 6-12 months i will of made myself approx $2.500. I guess its called tradind in currency but i have never done anything like this before.
I would love to hear your suggestions and opinions,i.e ,what kind of account would be best to open etc or what way to go about it.
The only thing to bear in mind that you will pay tax on the gain you make.
Oct 27th 2009, 7:27 pm
#3
Best move in life
Thread Starter
Joined: Jun 2008
Location: Victoria, Australia
Posts: 224
Re: Putting $$$ savings into UK account with way exchange rate is just now
do u know any accounts that are easy to open from Australia?
Oct 27th 2009, 8:13 pm
#4
Forum Regular
Joined: Feb 2008
Posts: 187
Re: Putting $$$ savings into UK account with way exchange rate is just now
Hi there,just wondering if anybody has any idea about this...
I live in Oz and i know at the moment that it costs approx $1.75 Ozzi to get one pound. I have approx $10,000 which i do not need for a while (part of my savings) and im wondering if its a good idea to put it into a UK account in the hope that the rate gets better as im thinking if it goes to $2.00 to one pound in the next 6-12 months i will of made myself approx $2.500. I guess its called tradind in currency but i have never done anything like this before.
I would love to hear your suggestions and opinions,i.e ,what kind of account would be best to open etc or what way to go about it.
I live in Oz and i know at the moment that it costs approx $1.75 Ozzi to get one pound. I have approx $10,000 which i do not need for a while (part of my savings) and im wondering if its a good idea to put it into a UK account in the hope that the rate gets better as im thinking if it goes to $2.00 to one pound in the next 6-12 months i will of made myself approx $2.500. I guess its called tradind in currency but i have never done anything like this before.
I would love to hear your suggestions and opinions,i.e ,what kind of account would be best to open etc or what way to go about it.
P.S, making 25 cents on an initial exchange rate of 1.75 for 10k doesn't come to 2500 profit even allowing for UK interest. More like $1428 plus interest I think. I'm sure some-one with a better grasp of percentages than either of us will correct me.
Oct 31st 2009, 12:48 pm
#6
Just Joined
Joined: Apr 2009
Posts: 13
Re: Putting $$$ savings into UK account with way exchange rate is just now
Hi there,just wondering if anybody has any idea about this...
I live in Oz and i know at the moment that it costs approx $1.75 Ozzi to get one pound. I have approx $10,000 which i do not need for a while (part of my savings) and im wondering if its a good idea to put it into a UK account in the hope that the rate gets better as im thinking if it goes to $2.00 to one pound in the next 6-12 months i will of made myself approx $2.500. I guess its called tradind in currency but i have never done anything like this before.
I would love to hear your suggestions and opinions,i.e ,what kind of account would be best to open etc or what way to go about it.
I live in Oz and i know at the moment that it costs approx $1.75 Ozzi to get one pound. I have approx $10,000 which i do not need for a while (part of my savings) and im wondering if its a good idea to put it into a UK account in the hope that the rate gets better as im thinking if it goes to $2.00 to one pound in the next 6-12 months i will of made myself approx $2.500. I guess its called tradind in currency but i have never done anything like this before.
I would love to hear your suggestions and opinions,i.e ,what kind of account would be best to open etc or what way to go about it.
we are doing just that,
as I already had a an existing U.K bank account to transfer funds to it's been
very easy to do so, bank of Qld. charge me $30.00 per transaction regardless
of the ammount sent, so it's better to transfer alot in one go rather than
numerous smaller ammounts.
As we have the house on the market and intend moving to the U.K as soon as
to capitalise on the exchange rate is our intention
