rick78

I've been looking at the exchange rate recently and getting a bit annoyed that we didn't exchange anything in March...

Now I want to exchange enough cash when we leave to cover us for a couple of weeks before I start getting paid...

But was wondering... is there any mileage in taking some GBP over (say a grand or so) and waiting for the rate to improve before exchanging it in NZ? Or is this direction of exchange, coupled with the current poor rate, a bad idea?

gazmfc

Rick, i'm in exactly the same position mate. Who are you using for the exchange? I have Halo and Moneycorp lined up and will exchange the absolute minimum required to get through the first few month. All the advice i'm getting is hold onto cash and expect it to change next year.
But who knows!!

rick78

I've been looking at HiFX and TorFX

simonsi

Only ever going to make less than 50NZ difference IMHO, you'll have bigger things to worry about than vetting fixated on daily rate change moves for that amount. By all means bring GBP in cash for a small buffer but I wouldn't fuss over the rate you change it at given the options you will have.

Wait til next year? Better factor in the interest it would earn in NZ then that will probably be a sight more than it would earn in a UK account in GBP, bird in the hand etc....

ianrobbo

Rate now looking poor for UK/NZ$ but no point really in worrying about a couple of thousand £. Hold off if you can as looks like this is a short(?) term high and the NZ banks are not happy with the strength of the $

Genesis

Hmm, not sure the reserve bank will interevene at the moment, but who knows what is round the corner? If it does interevene its all very secret stuff apparently and we won't know for months to come. The kiwi is as volitile as a pit bull on P. It can lurch from $2.25 to $1.97 and back again in a matter of weeks. China's output will affect the kiwi along with a whole gamut of other things. I do know for sure that few will have much appetite to change up much GBP at sub 2 unless they really have to. It could go either way and any time.

Si19761

Watch the day of week too as this can affect rates Fridays seem to be the worst. we just arranged last week with HIFX to transfer as soon as it hit a preset amount and it did reach it during the day - you don't have to take the rate that is showing. Rate is appalling but interest rates on savings a bit better here so we will recoup some...

Genesis

As the pound plummets towards $1.97 an analyst predicts that the kiwi is going to continue to grow in strength agin most currencies. It will stop at some point and start going the other way as these trends/cycles/ups&downs go (whatever you wish to call them).

Question is who will change now for fear of it possibly NOT 'going the other way' as I suggest above?? Some have mentioned the fact that the interest rate is so much better over here (which it is)..so change up now but the kiwi dollar has to only weaken by a few cents and you have made a year's interest when it does weaken in possibly a matter of days by getting a better rate. It is a really hard call.

Are we in for possibly years (if not forever) of below $2 for a GBP or is something going to bring it back to more realistic territory? Is $1.97 really good in the 'new world' we find ourselves in? For sure $2.20ish a few short weeks ago is looking like BIG money eh?