EXCHANGE RATE!!!
#16
Re: EXCHANGE RATE!!!
You don't have to tie it up for 5 years though.
Link is for example of $50,000 over 12 months term deposit
http://www.depositrates.co.nz/calcul...term_type_id=7
BTW - I know nothing about these personally!
Link is for example of $50,000 over 12 months term deposit
http://www.depositrates.co.nz/calcul...term_type_id=7
BTW - I know nothing about these personally!
#17
BE Forum Addict
Joined: Apr 2008
Location: Epsom
Posts: 1,705
Re: EXCHANGE RATE!!!
NZ intrinsically linked to Australian economy.
Australian economy to boom on the back of minerals for at least a decade
The AUD is strong because of this, hence the NZD piggy backs.
The UK is doomed.
#18
Re: EXCHANGE RATE!!!
I've been waiting for it to bounce back for a while now, luckily I don't need the cash at the moment but need to consider how long to wait now. I'm getting 0.1% interest in an offshore account so basically nothing so looking at whether I change at the current low rate to get higher interest over here or sit it out. Need to start doing some maths!
Oh for those days a year ago when I changed at 2.85Wish I'd taken the hit and changed the lot now.
I do feel sorry for anyone moving over now, they have no choice if they need the cash when they get here.
Oh for those days a year ago when I changed at 2.85Wish I'd taken the hit and changed the lot now.
I do feel sorry for anyone moving over now, they have no choice if they need the cash when they get here.
#19
Re: EXCHANGE RATE!!!
I've been waiting for it to bounce back for a while now, luckily I don't need the cash at the moment but need to consider how long to wait now. I'm getting 0.1% interest in an offshore account so basically nothing so looking at whether I change at the current low rate to get higher interest over here or sit it out. Need to start doing some maths!
Oh for those days a year ago when I changed at 2.85Wish I'd taken the hit and changed the lot now.
I do feel sorry for anyone moving over now, they have no choice if they need the cash when they get here.
Oh for those days a year ago when I changed at 2.85Wish I'd taken the hit and changed the lot now.
I do feel sorry for anyone moving over now, they have no choice if they need the cash when they get here.
#20
Re: EXCHANGE RATE!!!
Hi P, sounds like we are in the same boat. The Nationwide Offshore offer about 3% if you tie it up for a year. We also have an e plus acct with them in the UK.....it gives 2% p/a so long as you make no more than 4 withdrawals. Thing is its impossible to open any type of acct in the Uk once you are no longer resident. Kate wants to wait it out. The UK economy may well be doomed BUT the NZ $ just needs a wee bit of a kicking and the exchange rate will go in our favour. Still I am full of glee (yeah right) for all those doing the opposite to what we would like to do...they have never had it so GOOD. Never, never, never. Ever.
Mind, I can guarantee I'll tie it up for a year and then the rate will sky rocket before it matures. That happened last time which is why I didn't change the lot at 2.85...should have lost a chunk of interest, changed it and been better off in the long run...hindsight is a wonderful thing
#21
Forum Regular
Joined: Sep 2006
Posts: 231
Re: EXCHANGE RATE!!!
This might cast some light on the reason it dipped this week:
http://www.guardian.co.uk/business/2...rliament-fears
http://www.guardian.co.uk/business/2...rliament-fears
#22
Re: EXCHANGE RATE!!!
Take it that means I cannot switch to a different offshore bank then, I did see that on the Nationwide website and was thinking about moving it. I do still have a current account with them.
Mind, I can guarantee I'll tie it up for a year and then the rate will sky rocket before it matures. That happened last time which is why I didn't change the lot at 2.85...should have lost a chunk of interest, changed it and been better off in the long run...hindsight is a wonderful thing
Mind, I can guarantee I'll tie it up for a year and then the rate will sky rocket before it matures. That happened last time which is why I didn't change the lot at 2.85...should have lost a chunk of interest, changed it and been better off in the long run...hindsight is a wonderful thing
#23
Re: EXCHANGE RATE!!!
[QUOTE=Persephone;8385690]I'm getting 0.1% interest in an offshore account so basically nothing so looking at whether I change at the current low rate to get higher interest over here or sit it out. /QUOTE] We were in the same position with Nationwide International, then I wrote to them and asked them if they could change me to there new account interest rate of 2.8%+. They miraculously upped the interest rate and although it is not the lovely rate of 4-6% you can get here in NZ it is alot better than before. Just wished I had asked earlier. Good luck with the negotiations
#24
BE Enthusiast
Joined: Jan 2008
Location: permanently locked down
Posts: 733
Re: EXCHANGE RATE!!!
Same boat as many on here, I've been waiting for nearly a year to exchange money. When I agreed a sale on my house in the UK the rate was $2.80's, a couple of months later when things were finally sold, was looking at $2.45. Held out hoping it might edge back up, instead it's gone on one long decline.
Sure it's easy enough to see reasons for the UK GBP poor value, but I don't see the actual evidence of any strong performance in NZ, that makes it more that justifies the +20% gain against the GBP. The NZ economy is hardly in great shakes either.
Sure the Aussie economy is racing along in comparison, but the NZ's isn't. Clearly there's alot of uncertainty in the UK before the election, but there's no guarantee it will move the right way after that.
Nevertheless I can't bring myself to exchange at the current rates, so it looks like another winter in rentals for me
Sure it's easy enough to see reasons for the UK GBP poor value, but I don't see the actual evidence of any strong performance in NZ, that makes it more that justifies the +20% gain against the GBP. The NZ economy is hardly in great shakes either.
Sure the Aussie economy is racing along in comparison, but the NZ's isn't. Clearly there's alot of uncertainty in the UK before the election, but there's no guarantee it will move the right way after that.
Nevertheless I can't bring myself to exchange at the current rates, so it looks like another winter in rentals for me
#25
Account Closed
Joined: Jul 2007
Posts: 336
Re: EXCHANGE RATE!!!
Hmm. So the question is does Kate jump ship now and be happy with 2 for one pound? She wants to hang on in there but she knows less than me about this stuff and i know **** all!!!!!
And you guys thinking of coming..what does this mean to you? I have just worked out that we would be $154,000 worse off if we exchanged now than when we did at $2.64 in March 2005.
And you guys thinking of coming..what does this mean to you? I have just worked out that we would be $154,000 worse off if we exchanged now than when we did at $2.64 in March 2005.
What I would do is hold it sterling account until it was required hummmmmmmmmmmm? in hope it will rise not sure s..t....
#26
Re: EXCHANGE RATE!!!
Could be close to 2 to 1 - can't quite believe it, that's for sure.
#27
Re: EXCHANGE RATE!!!
Already lost over $270000 against feb 2009 rates when we sent our first lot over.
Held the rest back + the gift from our house buyers{Ha ha) thinking it would rise!
Serves us right.
Big problem is- we have bought (signed for) $650 000 House. Deposit paid rest to be paid on completion mid May.
Do we shift enough to cover it at todays abysmal rates and leave the rest in UK hoping it will improve, or bring the lot over and at least get better than 0.2% which is what Halifax is paying on it's instant access Web Saver!
Yes, I know I could get better rates if I tied it up but I really don't feel confident in British banking - haven't for last 12 months due to numerous cock-ups and the reduction to only two brain cells for employment criteria.
J
#28
Re: EXCHANGE RATE!!!
I genuinely believe that you will see a move in GB£ favour post General Election. The current swing to Labour has come on the back of not a lot being said by the opposition - I think that once the Conservative spin machine grinds into action (which I would like to think they are timing to give maximum impact just before the Election) then they will return to having a sizable enough majority to start making decisions and give the country a few years of reasonably stable government which should be the foundations for confidence in Sterling to build on.
Don't think it will be a seismic change mind, but the draconian financial measures that are coming post-ballot should be enough to start slowly convincing the money men that UK PLC is not a complete basket case.
Don't have a crystal ball, but *visa depending* if we get over later this year our £'s are staying as UK residents, because I'm convinced we are not far off the bottom now. Unless of course there is a REALLY big problem at the treasury that our beloved leader is keeping very hush-hush until after the big day.......
Don't think it will be a seismic change mind, but the draconian financial measures that are coming post-ballot should be enough to start slowly convincing the money men that UK PLC is not a complete basket case.
Don't have a crystal ball, but *visa depending* if we get over later this year our £'s are staying as UK residents, because I'm convinced we are not far off the bottom now. Unless of course there is a REALLY big problem at the treasury that our beloved leader is keeping very hush-hush until after the big day.......
#29
Re: EXCHANGE RATE!!!
Sounds from your figures that over the next 12mths your return if all taken to NZ would offset the recent downshift in the pound so after 12mths your position woulod be improving....assuming things stay the same.
...or put it all on the horses
#30
Re: EXCHANGE RATE!!!
I´d put money on it, trouble is I think the opposition have a good idea the problem is bigger too, hence post-election either the population gets stuffed with whatever is REALLY needed to deal with the deficit and the money-markets etc may agree, or the govt don´t deal with it to the markets satisfaction and the pound will slide further as the UK wallows in junk status...