GBP crisis...yawn
#121
Re: GBP crisis...yawn
If you have to change up for your new kiwi life you have little option. I have to say thay we missed the $3.80's of 2002 and only got $2.64 in March 2005 and we were happy. But then again we were getting a 10 year median. Just now this is a rock rock rock bottom low. They say it will go lower if the people in the UK don't vote correctly. I only ever voted con. once..I would do it a 2nd time now..only because Brown and Co have seemingly ruined GB PLC with a little help from some old conservatives in adminisration of old.
#124
Forum Regular
Joined: Mar 2010
Location: Manchester-Auckland-Anglesey- soon to be Manchester. yay.
Posts: 99
Re: GBP crisis...yawn
May I ask if many (or any) are taking the plunge with their life savings and changing up now? We are going to wait and see what happens after the election. I have done loads of research on the GBP and found that some say it will bounce back and is not a dead duck whilst others say abandon ship and save yourself. One link from the currency page on this site kindly given by HIFX give 5 reasons why the pound has had it for the forseeable future. Others say that sentiment towards the pound is bullish (I think that means its possibly going to strengthen). Others say it is a force to be reckoned with and the euro is alson in for a really hard time. Interestingly the pound is losing ground agin the US $ but gaining on the euro. Will it be going south of 2 sooner than later?
#125
BE Enthusiast
Joined: Mar 2005
Posts: 613
Re: GBP crisis...yawn
About the tax, the Bank will take it off themselves when they pay the interest. Say, the rate is 5% (gross) then I think you can expect around 3.5 -4.00%net. As you say, still better than the UK.
#126
Re: GBP crisis...yawn
Well, got sick of waiting and tired of seeing the GBP fall, so yesterday we transfered the remainder of our GBP over to NZ with HIFX.
Looked at the rates from last 2 weeks and by waiting that long it has cost us $1000. But, each month on our ANZ savings account, which has half the amount we are actually going to transfer from the UK, we are making $30 interest each month, compared to a whopping 1.17GBP per month back home, so though sod it we would bring it over.
End of the day yep back in 2000 it was 3.0 GBP/NZD and 9 months ago it was 2.5 GBP/NZD, but thats in the past. Yes we only got 2.092 but it still gives us a sizable chunk to start out life with in NZ which I'm happy with.
I didn't want to make the mistake of waiting like we did with Oz, listening to all the experts on financial sites, money updates etc all of which said that the exchange rate would get better so hold of as much as you can. We couldn't wait so exchanged and got 2.3 GBP/AUD at the time, where if we had waited like everyone suggested we would get 1.59 GBP/AUD now.
End of the day, at least I can stop looking at bloody exchange rates every day and get on with everything else. Money transfers are probably more streseful than the visa app eh!
Good luck to everyone else still waiting to exchange.
Looked at the rates from last 2 weeks and by waiting that long it has cost us $1000. But, each month on our ANZ savings account, which has half the amount we are actually going to transfer from the UK, we are making $30 interest each month, compared to a whopping 1.17GBP per month back home, so though sod it we would bring it over.
End of the day yep back in 2000 it was 3.0 GBP/NZD and 9 months ago it was 2.5 GBP/NZD, but thats in the past. Yes we only got 2.092 but it still gives us a sizable chunk to start out life with in NZ which I'm happy with.
I didn't want to make the mistake of waiting like we did with Oz, listening to all the experts on financial sites, money updates etc all of which said that the exchange rate would get better so hold of as much as you can. We couldn't wait so exchanged and got 2.3 GBP/AUD at the time, where if we had waited like everyone suggested we would get 1.59 GBP/AUD now.
End of the day, at least I can stop looking at bloody exchange rates every day and get on with everything else. Money transfers are probably more streseful than the visa app eh!
Good luck to everyone else still waiting to exchange.
#127
Re: GBP crisis...yawn
Make sure you do stop looking at the exchange rates in case it does go up..........although I'm pretty sure if you do look you'll just be feeling relief that you changed when you did, coz it'll be even worse than now!
#128
Re: GBP crisis...yawn
Theres always ifs/buts/maybes in life and yep, at some point the exchange rate will go up, but it will also come down. Can only do whats right at the time at the end of the day.
Don't see if going back to 2.5 anytime soon though.
#131
Re: GBP crisis...yawn
More good news about the UK regarding retail sales....yet it still slumps!!! I was talking of the GBPs crisis at the weekend and some believe this just might (only might mind) be the bottom of things. They said the worlds banks would not let the pound go much lower...because if the pound does devalue much more there will be a very BIG knock on effect on other currencies and the fragile global economic state. The pound is still a very important player in the scheme of things.
It's interesting that $2.10ish is the lowest its been..we saw it slip to $2.08/2.09 but it always rallies at this point. Only time will tell if it slumps below $2. I appreciate the lowest it ever went a few years ago was around 2.3/2.4 so this is BAD. But the UK does seem to be picking itself off the floor. I doubt if the great british quid will ever be great again but I do believe it will recover given a few years. Sad for those yet to bring over their lump sums but you can only do with what the rate of the day is offering unless you chose to postpone the move.
It's interesting that $2.10ish is the lowest its been..we saw it slip to $2.08/2.09 but it always rallies at this point. Only time will tell if it slumps below $2. I appreciate the lowest it ever went a few years ago was around 2.3/2.4 so this is BAD. But the UK does seem to be picking itself off the floor. I doubt if the great british quid will ever be great again but I do believe it will recover given a few years. Sad for those yet to bring over their lump sums but you can only do with what the rate of the day is offering unless you chose to postpone the move.
#132
Re: GBP crisis...yawn
More good news about the UK regarding retail sales....yet it still slumps!!! I was talking of the GBPs crisis at the weekend and some believe this just might (only might mind) be the bottom of things. They said the worlds banks would not let the pound go much lower...because if the pound does devalue much more there will be a very BIG knock on effect on other currencies and the fragile global economic state. The pound is still a very important player in the scheme of things.
It's interesting that $2.10ish is the lowest its been..we saw it slip to $2.08/2.09 but it always rallies at this point. Only time will tell if it slumps below $2. I appreciate the lowest it ever went a few years ago was around 2.3/2.4 so this is BAD. But the UK does seem to be picking itself off the floor. I doubt if the great british quid will ever be great again but I do believe it will recover given a few years. Sad for those yet to bring over their lump sums but you can only do with what the rate of the day is offering unless you chose to postpone the move.
It's interesting that $2.10ish is the lowest its been..we saw it slip to $2.08/2.09 but it always rallies at this point. Only time will tell if it slumps below $2. I appreciate the lowest it ever went a few years ago was around 2.3/2.4 so this is BAD. But the UK does seem to be picking itself off the floor. I doubt if the great british quid will ever be great again but I do believe it will recover given a few years. Sad for those yet to bring over their lump sums but you can only do with what the rate of the day is offering unless you chose to postpone the move.
#133
Re: GBP crisis...yawn
Meanwhile as the not so good news on the NZ front filters thru'...bit of a spat with the IMF.......talk of our credit rating going down (we are spending waaaaaaaay too much) and the chinese taking over our dairy industry et al and the kiwi $ continues to increase in value...WTF?????
Freaky coincidence as well, but had an email from a friend in the UK just who said he has just booked a holiday to Florida and noticed the exchange rate in the UK for USD is 1.41 at the moment! Jeez, when I went on holiday there last in 2008 I think it was near enough 2.0!!
Not particularly happy to transfer at 2.09 like we did yesterday but like you said, you can only do what you can on the day. I've been bitten once and lost $11,000 on a GBP/AUD transfer, but if I had waited and done it 12 months later we would have lost nearly $28,000. Didn't want that to happen again
But sods law does say now I've done it, I'll turn the news on one morning and it'll be NZD CRASHES, POUND RALLYS TO RECORD HIGH!
#134
Re: GBP crisis...yawn
I swear all these forex traders spend there days sacrificing chickens and chanting black magic as nothing that happens with exchange rates ever seens to make sense does it!
Freaky coincidence as well, but had an email from a friend in the UK just who said he has just booked a holiday to Florida and noticed the exchange rate in the UK for USD is 1.41 at the moment! Jeez, when I went on holiday there last in 2008 I think it was near enough 2.0!!
Not particularly happy to transfer at 2.09 like we did yesterday but like you said, you can only do what you can on the day. I've been bitten once and lost $11,000 on a GBP/AUD transfer, but if I had waited and done it 12 months later we would have lost nearly $28,000. Didn't want that to happen again
But sods law does say now I've done it, I'll turn the news on one morning and it'll be NZD CRASHES, POUND RALLYS TO RECORD HIGH!
Freaky coincidence as well, but had an email from a friend in the UK just who said he has just booked a holiday to Florida and noticed the exchange rate in the UK for USD is 1.41 at the moment! Jeez, when I went on holiday there last in 2008 I think it was near enough 2.0!!
Not particularly happy to transfer at 2.09 like we did yesterday but like you said, you can only do what you can on the day. I've been bitten once and lost $11,000 on a GBP/AUD transfer, but if I had waited and done it 12 months later we would have lost nearly $28,000. Didn't want that to happen again
But sods law does say now I've done it, I'll turn the news on one morning and it'll be NZD CRASHES, POUND RALLYS TO RECORD HIGH!
PS forgot to mention also lost quite a few bob on the NZ $ V US $. Bought high sold low..thanks Hanover Finance.
#135
Re: GBP crisis...yawn
I got shafted 20 years ago AU $ v GBP...again in 2005 with NZ $ V GBP. And a few times since. It matters not what I do it always goes agin my favour. Finance companies and the exchange rate...my double nemesis. Triple bollocks
PS forgot to mention also lost quite a few bob on the NZ $ V US $. Bought high sold low..thanks Hanover Finance.
PS forgot to mention also lost quite a few bob on the NZ $ V US $. Bought high sold low..thanks Hanover Finance.
<talks to wallet quietly....its ok, don't worry, i still love you>