Current Exchange Rates
Apr 26th 2006, 9:15 pm
#1
Just Joined
Thread Starter
Joined: Apr 2006
Posts: 23
Current Exchange Rates
It's looking good again i.e. mid market rate hovering at 2.36.9 and 2.37 AUD to the UK Pound. I got a nasty shock about a month ago when the AUD shot up from $2.35/6 to $2.48 against the GBP.
We've just locked in monies fm our house sale with OZforex by forward contracting it for early June.
I think exchanging large amounts of dosh could quite easily lead to a gambling habit so I made the conscious decision to settle for 'enough' i.e. as long as we cover what we brought into Australia and fortunately we've managed to do quite a bit better.
The trick now is to not look back i.e. not to keep checking the current rates just in case they fall to $2.27 which is what they were in July 2005.
We've just locked in monies fm our house sale with OZforex by forward contracting it for early June.
I think exchanging large amounts of dosh could quite easily lead to a gambling habit so I made the conscious decision to settle for 'enough' i.e. as long as we cover what we brought into Australia and fortunately we've managed to do quite a bit better.
The trick now is to not look back i.e. not to keep checking the current rates just in case they fall to $2.27 which is what they were in July 2005.
Last edited by dadpad; Apr 26th 2006 at 9:31 pm.
Apr 27th 2006, 4:24 am
#2
BE Enthusiast
Joined: Sep 2005
Location: in my house
Posts: 359
Re: Current Exchange Rates
So how does it work using these companies to change your money 
Do you need an account set up before you leave? We just transfered from one bank account to another when we landed in Oz but it cost a lot, so this time not sure of the best way to go, any advice would be great 
Do you need an account set up before you leave? We just transfered from one bank account to another when we landed in Oz but it cost a lot, so this time not sure of the best way to go, any advice would be great
Apr 27th 2006, 4:54 am
#3
Just Joined
Thread Starter
Joined: Apr 2006
Posts: 23
Re: Current Exchange Rates
Originally Posted by Betty Boot
So how does it work using these companies to change your money Do you need an account set up before you leave? We just transfered from one bank account to another when we landed in Oz but it cost a lot, so this time not sure of the best way to go, any advice would be great
Do you need an account set up before you leave? We just transfered from one bank account to another when we landed in Oz but it cost a lot, so this time not sure of the best way to go, any advice would be great Yes you do register online but it's very quick and then Matt Gilmore or someone from Ozforex will probably give you a call to briefly talk you through. Matt Gilmore posts quite a bit on this forum and his is the article on 'exchange rate rollercoaster' on the homepage of expats.
First thing to do though is to visit their webiste at www.ozforex.com.au.
Basically they act as the middle guy converting your currency for you. It is up to you to transfer your funds to their account and then they convert and transfer these funds to your U.K. bank account.
I was very nervous about doing this in the first but a lot of people particularly on this forum have used them and they are registered with ASIC.
