PurdyB Posted August 30, 2014 Share Posted August 30, 2014 I am moving over to Aus in a couple of months and wondering am i better off bringing all my cash in pounds and getting it exchanged there or exchanging it here in the UK before i leave? Also does anyone know how in which direction the dollar is going at the minute? Be super grateful of any advice of who to exchange with etc too Quote Link to comment Share on other sites More sharing options...
itegoa Posted August 30, 2014 Share Posted August 30, 2014 Can't offer advice on whether to exchange over here or there, but you can keep your eye on the exchange rate with Google Finance. https://www.google.co.uk/finance?q=gbpaud GBP has dropped recently, who knows where it will go...? I firmly believe once UK interest rates start rising then we'll see a better exchange rate (i.e. more AUD for when we change our GBP) Quote Link to comment Share on other sites More sharing options...
ArrowsEng Posted August 30, 2014 Share Posted August 30, 2014 Check the moneycorp guys on this forum to get a good way to exchange your pounds. Why not keep your bank account open in UK and bring your money over when you need it, rather than exchange it straight away? I also believe that sometime next year the UK interest rates will start rising and when they do the pound will start strengthening and go back to historical norms of above $2 to pound or even $2.50 to pound. Also look at xe.com as they have up to year or greater graphs of what the currencys do. Quote Link to comment Share on other sites More sharing options...
Pumpkin Posted August 30, 2014 Share Posted August 30, 2014 I am moving over to Aus in a couple of months and wondering am i better off bringing all my cash in pounds and getting it exchanged there or exchanging it here in the UK before i leave? Also does anyone know how in which direction the dollar is going at the minute? Be super grateful of any advice of who to exchange with etc too What are you actually planning to do? Bring your money in cash? I really would not recommend that for any kind of large sum. Nobody can possibly know what the exchange rate is going to do, if you think GBP might get stronger then convert what you need as you need it. Quote Link to comment Share on other sites More sharing options...
srh82 Posted August 30, 2014 Share Posted August 30, 2014 Use a forex intermediary to bring your money over. Better exchange rate, better customer service than a bank and quicker in my experience. It's not 'posh' or anything loads of people do it and it's easy to set up. I use HiFX.co.uk but there are plenty of other options equally as competitive. Don't use the bank you will get ripped off at both ends Quote Link to comment Share on other sites More sharing options...
newjez Posted August 30, 2014 Share Posted August 30, 2014 The trend has been for the pound to strengthen against the dollar, but over a couple months is anyone's guess. Quote Link to comment Share on other sites More sharing options...
Guest Posted August 30, 2014 Share Posted August 30, 2014 Haved moved this to Money and Finance as its general money Q's. Quote Link to comment Share on other sites More sharing options...
Parley Posted August 30, 2014 Share Posted August 30, 2014 When the UK start raising rates will probably also coincide with when Australia start raising rates, so it may not make much difference to the exchange rate. Time will tell. If you can it can be a good idea to do it in 4 lots to hedge your bets. 25% initially, another 25% in 3 months etc. Quote Link to comment Share on other sites More sharing options...
Gilllian Posted August 31, 2014 Share Posted August 31, 2014 I agree, having used Ozforex and UKforex, both very easy to use once set up ... I would say set up a UKforex (or similar) account before you leave, have all your log on details handy, then transfer money as you need once you are over here. Additionally, having some cash when you land would be handy, and one less thing to think about when you get here. Good luck with you move. Quote Link to comment Share on other sites More sharing options...
PurdyB Posted August 31, 2014 Author Share Posted August 31, 2014 Wow!! Heaps of advice thanks guys!! I had looked at the money corp thing but it went straight over my head....How do you get your money out of these forex account things? So in splitting it up in to several different lots dont you then have to pay several lots of fees? U will have to forgive my lack of understanding i hate numbers and my brain immediately shuts down and i become i total idiot. Thanks again folks Quote Link to comment Share on other sites More sharing options...
Gbye grey sky Posted August 31, 2014 Share Posted August 31, 2014 Wow!! Heaps of advice thanks guys!! I had looked at the money corp thing but it went straight over my head....How do you get your money out of these forex account things? So in splitting it up in to several different lots dont you then have to pay several lots of fees? U will have to forgive my lack of understanding i hate numbers and my brain immediately shuts down and i become i total idiot. Thanks again folks Moneycorp don't charge fees for PIO members however you can often get a better rate for higher amounts but Parley's advice is sound as it reduces the risk. You need to have a bank account in Oz and they will transfer the money into that. The process I have found is very straightforward Quote Link to comment Share on other sites More sharing options...
Gilllian Posted August 31, 2014 Share Posted August 31, 2014 It's one of those things that seems complicated until you actually do it!!! With forex, you just set up an account online through their website (UKForex). Then they phone you to confirm your identity. I have found the fees are negotiable - tell them how much in total you will be moving and that you might be doing it in several batches. At the time I checked out both Moneycorp and UKForex, UKForex came in slightly better. It may or may not be that case now. You put in your Aus bank account details online - where you want your UK money transferred to. Then, when you're ready to change some sterling into AUD you just log into your online account, view the exchange rate for the amount you want to buy and do a simple click to make the 'deal'. You then have x number of days to transfer the funds to UKforex (they send you details of several ways of how you get the money to them). If you need more time, just ask them. Then shortly after the funds have cleared, the AUD will land in your Oz bank account. It really is pretty simple! Quote Link to comment Share on other sites More sharing options...
itegoa Posted August 31, 2014 Share Posted August 31, 2014 I read something a while back that it's possible to open a HSBC account here in the UK in GBP, also AUD, and you can transfer between the two using HSBC's Global Transfer thing. The AUD account costs £5 per month to run, and the transfer is meant to be free - but not sure if the rates are good. I'd love to hear from anyone who has done this to see if that's worthwhile. Quote Link to comment Share on other sites More sharing options...
Keith and Linda Posted August 31, 2014 Share Posted August 31, 2014 I read something a while back that it's possible to open a HSBC account here in the UK in GBP, also AUD, and you can transfer between the two using HSBC's Global Transfer thing. The AUD account costs £5 per month to run, and the transfer is meant to be free - but not sure if the rates are good. I'd love to hear from anyone who has done this to see if that's worthwhile. Not worth it, HSBC are few and far between in Aus, best open an account with an Aussie bank there in the UK and then use something like Gillian above mentions. I still have my HSBC uk account, which I send money to from our Aus bank for our holidays over there and buying presents on line for uk relatives. Quote Link to comment Share on other sites More sharing options...
Guest Posted September 1, 2014 Share Posted September 1, 2014 (edited) Wow!! Heaps of advice thanks guys!! I had looked at the money corp thing but it went straight over my head....How do you get your money out of these forex account things? So in splitting it up in to several different lots dont you then have to pay several lots of fees? U will have to forgive my lack of understanding i hate numbers and my brain immediately shuts down and i become i total idiot. Thanks again folks If you sign up to HiFX or one like it they will offer better rates for larger amounts and waive fees. You simply transfer from your bank account to a HiFX one and then it moves from there. The site explains how it all works from account to account. We use it often and have never had any issues. Shows up here in Aus within a short space of time. Just walk yourself through it, read the blurb and it is straightforward enough. ETA - Smaller amounts will tend to get not so good rates and also fees may occur. In my experience its generally larger amounts get better rates etc. What Pumpkin was meaning I think was if you were worried about the exchange rate to move it a bit at a time. The risk is it might not go in your favour. Also be aware anything over £10,000 in the UK or $10,000 here in Aus will be reported/recorded. This is not a worry as you are transferring genuine funds and its not something like money laundering which is why they tab these transactions. Its a normal thing banks and so on have to do so don't stress about it. Edited September 1, 2014 by Guest Quote Link to comment Share on other sites More sharing options...
Guest Posted September 1, 2014 Share Posted September 1, 2014 I read something a while back that it's possible to open a HSBC account here in the UK in GBP, also AUD, and you can transfer between the two using HSBC's Global Transfer thing. The AUD account costs £5 per month to run, and the transfer is meant to be free - but not sure if the rates are good. I'd love to hear from anyone who has done this to see if that's worthwhile. Agree with Keith&Linda. Its not worth it as branches are scarce. Plus the £5 a month would put me off. We pay no fees and get a really good rate with the company we use. Its honestly no hassle to set up a transfer with MoneyCorp, Hi FX or any of the decent companies. And do this from whichever UK bank into whichever one your Aus one is. Quote Link to comment Share on other sites More sharing options...
QuinninOz Posted September 5, 2014 Share Posted September 5, 2014 Hi Guys, If you are moving Pounds to Oz you guys might like this - http://screencast.com/t/Ha74V3AGI I have saved myself a lot of dollars by paying attention to the charts which do seem to follow pretty clear trends and then suddenly they don't which is why I also really like the idea of sending 25%/25%/25%/25%. The most recent charts though suggest if it were my Pounds at stake - I would be moving that first 25% right now because the most recent trend (see green arrow) suggests the pound has had an excellent run against the Aussie and that may have ended. Just my opinion - hope it helps. Quote Link to comment Share on other sites More sharing options...
Slean Wolfhead Posted September 5, 2014 Share Posted September 5, 2014 Hi Guys, If you are moving Pounds to Oz you guys might like this - http://screencast.com/t/Ha74V3AGI I have saved myself a lot of dollars by paying attention to the charts which do seem to follow pretty clear trends and then suddenly they don't which is why I also really like the idea of sending 25%/25%/25%/25%. The most recent charts though suggest if it were my Pounds at stake - I would be moving that first 25% right now because the most recent trend (see green arrow) suggests the pound has had an excellent run against the Aussie and that may have ended. Just my opinion - hope it helps. Maybe, but isn't the current external factor the uncertainty of the looming Scottish independence vote, the UK economy having performed much better than it's rivals so it should be strengthening and not weakening? I guess 18th September will be a big day with massive repercussions either way. I think i'm going the 50% route now, then will take chances afterwards. I'd rather get a slice of 1.73 now than risk getting 1.60 for the whole lot in a month. A nice bonus will be to get a rebound of up to 1.85 - 1.90, the direction it would otherwise be heading. Quote Link to comment Share on other sites More sharing options...
Skippy1 Posted September 6, 2014 Share Posted September 6, 2014 Regularly use Currencyfair.com and find their rates and service excellent once you have it setup. All very convenient and pretty quick when you have the facility of also doing things overnight from UK Quote Link to comment Share on other sites More sharing options...
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