Guest brownfamily Posted April 10, 2007 Share Posted April 10, 2007 Hi all, I am sure you are all watching the exchange rate as much as I am, but every day I keep saying "it can't go down anyn further"! We are hoping to go to Oz at the begining of June and will be transferring the proceeds of our house sale to Oz. When I started watching the exchange rate in January it was 2.44 and as of today it is 2.29 (as per M&S money website) and I am starting to get a little concerned. I think what we might do is just exchange enough to get us by on, and then wait until the rate goes up until we exchange the bulk of it. Can I just ask you lot that have been watching it for longer than I have........has it been lower? I know that you haven't got a crystal ball but what is the likelihood that it will go up soon? :confused: Any comments/advice greatfully received as always :notworthy: Heather Link to comment Share on other sites More sharing options...
Guest sneaky Posted April 10, 2007 Share Posted April 10, 2007 Check out www.HIFX.co.uk the rate is currently 2.39 Forget that tourist rate:mask: Link to comment Share on other sites More sharing options...
Guest dwaldron Posted April 10, 2007 Share Posted April 10, 2007 I think what we might do is just exchange enough to get us by on, and then wait until the rate goes up until we exchange the bulk of it. And if it goes down even further? Link to comment Share on other sites More sharing options...
Guest brownfamily Posted April 11, 2007 Share Posted April 11, 2007 mmmmm, was hoping that it wouldn't, but I see what you are saying. May need to have a serious think about this one! Has the exchange rate been this low/lower over the last couple of years? Link to comment Share on other sites More sharing options...
Guest THE JONEZYS Posted April 11, 2007 Share Posted April 11, 2007 The news headlines down here are that the dollar is at a 16 year high!! So NO the x rate for pounds to dollars hasn't been this bad for years, 16 years to be exact. Lesley Link to comment Share on other sites More sharing options...
Guest koala12 Posted April 11, 2007 Share Posted April 11, 2007 Hi If you are transferring a large amount as in from sale of house then you get better rate than tourist rate! Not sure how you intend transferring it but I opened a Commonwealth Bank Account in UK and they automatically open one in Australia for you which stays open for 2 years and you can transfer funds between the 2 Accounts. When I transferred the proceeds of my house sale I got far better rate than tourist and they will actually tell you what the exchange rate is and whether you want to transfer it or wait and see if it improves and sometimes they can advise you on how they think it will go. Good luck Link to comment Share on other sites More sharing options...
Guest paulwbafc Posted April 11, 2007 Share Posted April 11, 2007 Hi. It's the lowest i have seen for a long time. $2.28 at time of writing. Went there March only 5 weeks ago for 2 weeks and got $2.41 so bit of a drop but not surprised. Australia is booming and spending. Property market is very bouyant as i found out over there aussies are taking out there super (pensions) and using the money to invest in property. Same as here. Theres a big shortage of rental properties at moment. I hate to say this but i wouldn't be surprised if dollar gets stronger. Theres a mining boom at moment also making dollar get strong. Next couple of months i would guess it will be worse for us brits. We won't be going until next year and i hope the sterling gets stronger because the aussie dollar is not going to get weaker for a while. If you are soon to go to oz cut your losses go to use HiFx as you will get business rates at around 10-15c more to the pound. About $2.38. Looking at the booming oz economy while i was there last month, i read all the papers doing my homework, I would get the currency asap as it is not going to get better yet. Link to comment Share on other sites More sharing options...
Guest Morven33 Posted April 11, 2007 Share Posted April 11, 2007 We're hoping to make at least £50,000 on our house sale, but plan to rent for a year or two before buying in Oz, can we just leave this money in a British bank account and wait for the rate to go up? Link to comment Share on other sites More sharing options...
Guest paulwbafc Posted April 11, 2007 Share Posted April 11, 2007 go to http://www.hifx.com on there they are giving a rate of $2.39 Around 11c more than your tourist rates. Link to comment Share on other sites More sharing options...
Guest paulwbafc Posted April 11, 2007 Share Posted April 11, 2007 Property is on the up over there like it has been here. May be better investing in your home. You will save on interest repayments, also avoid costly mortgage insurance. And property values are going up significantly. Renting is cheaper than a mortgage from what i found out. Also property prices are far higher, nearly double on the coast compared to areas 20mins in the car inland. Also Theres many ways of buying property. We looked around large 4 bed display homes for $132. But then you have to buy land. Which is around $100. Then theres costs of getting plumbed into the water and elec connected. So then its $275 all in roughly in Regents park south brisbane. If you not visited oz its worth going. You will find it definately different to what you see on the tele. Link to comment Share on other sites More sharing options...
Guest paulwbafc Posted April 11, 2007 Share Posted April 11, 2007 on the costs add a k on the end. $275 is $275k. Sorry if you thought you could buy a home and land for 100 quid ha ha Link to comment Share on other sites More sharing options...
Guest dwaldron Posted April 12, 2007 Share Posted April 12, 2007 The good news is that an interest rate rise is expected imminently in Australia and this should work in our favour, it will also come in handy if like us you will be renting for 6-12 months and leaving your pounds in a savings account. Link to comment Share on other sites More sharing options...
Guest brownfamily Posted April 12, 2007 Share Posted April 12, 2007 Hi, Thanks for all your replies, very handy. Quite fancy the idea of buying a house for £275k though. Will stick to renting initially and then check out the areas. Heather Link to comment Share on other sites More sharing options...
Guest muppetbro Posted April 12, 2007 Share Posted April 12, 2007 good advice - sit and wait til you get the rates you want but remember if leaving the £ in a uk bank make sure you get the best of some very poor interest rates - i still say 240 is a good solid rate of exchange having watched for 12 years the exchange rate - 230 is getting a little ouch and 250 is party time....... painful init Link to comment Share on other sites More sharing options...
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