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-   -   Currency (https://britishexpats.com/forum/new-zealand-83/currency-787350/)

Genesis Feb 14th 2013 8:28 am

Currency
 
The pound is heading towards the low 1.80s now, round about 1.84. How low do you think it might go? I reckon we could see it below 1.70 some day soon. What on earth will that do to exports and tourism? More over how do people feel who are on the move now about the huge drop in the pound in the last 12 months or so? Our UK money will likely never see NZ now and will stay there for ever. A real shame in some ways as I was hoping to have all my eggs in the one currency. I wonder how many people will be tempted back to the UK by selling up here and getting such a good rate? Those who are happy will obviously stay but those with doubts this could be the deciding factor.

Snap Shot Feb 14th 2013 8:48 am

Re: Currency
 
Woo hoo ! Genesis is back !

Charismatic Feb 14th 2013 12:44 pm

Re: Currency
 

Originally Posted by Genesis (Post 10544026)
I wonder how many people will be tempted back to the UK by selling up here and getting such a good rate?

Ditto being paid in NZD is becoming more lucrative however.

The UK is destroying its currency value to try and become more competitive, the government have been ineffective at creating employment and inflation is well above BOE target.

http://apps.anz.co.nz/charts/nzdgbp_4_float.gif

ChrisWilson7 Feb 14th 2013 5:23 pm

Re: Currency
 
It's disappointing to see the pound continuing to slide but personally my funds transfer is dictated by when I need to move my money across (late March) to my NZ account, and I'll have to take whatever I get. Thankfully I have allowed for this in my budgeting!

Hoping for good RPI/inflation news just before I transfer, to give me a couple more cents!

GoingIn2011 Feb 14th 2013 7:35 pm

Re: Currency
 

Originally Posted by ChrisWilson7 (Post 10544978)
It's disappointing to see the pound continuing to slide but personally my funds transfer is dictated by when I need to move my money across (late March) to my NZ account, and I'll have to take whatever I get. Thankfully I have allowed for this in my budgeting!

Hoping for good RPI/inflation news just before I transfer, to give me a couple more cents!

My house sale is going through in the UK at the end of June. I hope the exchange rate is not absolutely dismal by then - I will be transferring just what I need for a deposit on a house here. For the rest, I'll have to evaluate:
- leaving it in the UK hoping that the exchange rate improves but on an appalling savings rate
- transferring it here and saving it in a scheme paying 4-5% with the view that the higher savings rate may offset over time a little of the hit on the very poor exchange rate
I just need to work out at the time what makes more sense. There would need to be that 4-5% improvement in the exchange rate (over a year) anticipated for it to make sense to leave it in the uk. That's quite possible, so I guess I'd chance leaving it in the uk, but then it could very well go the other way and stay there for a very long time!!!

Tom1983 Feb 14th 2013 8:24 pm

Re: Currency
 
Oh good - less money to transfer to pay off the loan taken to get out to here

Fantastic, bottle of champagne at the helm

Snap Shot Feb 14th 2013 9:15 pm

Re: Currency
 
+ 1

GoingIn2011 Feb 14th 2013 9:30 pm

Re: Currency
 

Originally Posted by Tom1983 (Post 10545578)
Oh good - less money to transfer to pay off the loan taken to get out to here

Fantastic, bottle of champagne at the helm

Indeed, although I soon realised that with the cost of living I didn't have any money left to transfer back and take advantage of the great exchange rate. Bugger!

Genesis Feb 14th 2013 11:16 pm

Re: Currency
 

Originally Posted by GoingIn2011 (Post 10545851)
Indeed, although I soon realised that with the cost of living I didn't have any money left to transfer back and take advantage of the great exchange rate. Bugger!

This morning the dollar has surged again...over 85 cents US and now 55.06 pence or 1.8162. It will get worse I am sure. More shite data from the UK will ensure that. Isn't it amazing how in a decade we have seen the kiwi stupidly weak at 3.80 back in early 2003 ish and now madly over priced at the above rates.

Very, very depressing for anyone holding money in the UK that they would rather have here. That would be me and a few others I am sure.

Vitalstatistix Feb 14th 2013 11:20 pm

Re: Currency
 

Originally Posted by Genesis (Post 10546110)
This morning the dollar has surged again...over 85 cents US and now 55.06 pence or 1.8162. It will get worse I am sure. More shite data from the UK will ensure that. Isn't it amazing how in a decade we have seen the kiwi stupidly weak at 3.80 back in early 2003 ish and now madly over priced at the above rates.

Very, very depressing for anyone holding money in the UK that they would rather have here. That would be me and a few others I am sure.

Yep, that's us too. So frustrating:thumbdown:

Genesis Feb 14th 2013 11:24 pm

Re: Currency
 

Originally Posted by Vitalstatistix (Post 10546115)
Yep, that's us too. So frustrating:thumbdown:

I changed up our transferred pension pounds a few months ago at 2.08...but I was canny (yeah right) and took the expert's advice by 'hedging' and not doing all the funds we had available as the chance was there that the dollar may continue to drop..what did it do? It rose in value from that moment on and has not stopped so much so that the money in the UK is now worth over $60k less today than it was at 2.08.

So much for hedging eh?

Vitalstatistix Feb 14th 2013 11:28 pm

Re: Currency
 
Indeed, I tried to persuade OH to move our money over last Sept/Oct time but he was so busy with work etc. he didn't. He's horrified by the exchange rate, as am I. I don't see it getting better anytime soon. Soooooo depressing.

Genesis Feb 14th 2013 11:39 pm

Re: Currency
 

Originally Posted by Vitalstatistix (Post 10546127)
Indeed, I tried to persuade OH to move our money over last Sept/Oct time but he was so busy with work etc. he didn't. He's horrified by the exchange rate, as am I. I don't see it getting better anytime soon. Soooooo depressing.

Just read www.interest.co.nz at the bottom about currencies and the kiwi is being noted as a juggernaut..full steam ahead!!!

It really will get worse. But for me it has got so bad that I am in for the long haul with the UK money. I only changed up the pension fund at 2.08 as it was getting zero interest in a foreign currency acct. Even 2.08 was a shite rate. I know it looks good at 1.81 but it was still a crap rate. When will this end? Not for years. Unless there is aggressive intervention (highly unlikely) the dollar will continue to climb and things will get even worse for our export sector...more job losses and less tourism.

There will become a tipping point in the kiwi's surging strength that I will say to Kate "we need to look at a return to the UK because previously unaffordable places are now affordable because our kiwi $s are worth sooooooooooooooo much when changed into pounds."

Snap Shot Feb 15th 2013 1:44 am

Re: Currency
 
55p for a kiwi dollar :D That's the best I've seen it in the two years I've been here.

BEVS Feb 15th 2013 2:31 am

Re: Currency
 
Argh! You've made me look. I need to go stick pins in me eyes now .


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