Hi. We have no idea about money things - to our downfall.
We have been away camping for a week and therefore not had access to the internet. It seems while we were away the rate improved very much but has started to drop again. Hifx offered us 4.61 this morning - I (of course) was hoping for 2.5. Should we go with it or hold out? Does anyone know about the forecast for the next few days or has anyone been given other advice. Really appreciate anything.
Location: Currently in Essex, going to Mornington Victoria in Sept.
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You picked the wrong week to go away. You could have got about $A2.52 at the end of the week. However, stock markets have recovered sharply over the weekend and it looks like the finanancial crisis is over for the short term. However, this may not be sustained and there could be a period of stability and then a further fall. No-one really knows the answer to this Sarah. So you have to make a decision - a couple of weeks back the $ was 2.32, you can now get 2.46, waiting for it to go back up is risky. You should possibly consider changing some of your money at this rate. Good luck.
Hi Sarah,
I can't help, but I can sympathise, we're doing the same thing at the moment, kicking ourselves for not changing on Thurs/Fri when it reached 2.56. Nobody could have predicted that. We're just watching and waiting. Seems pretty stable at the moment. Glued to my computer today and fingernails chewed down to the bone.
Fingers crossed
Ax
My inlaws just moved back to Australia after 5 years here today. They exchanged last monday at 2.38 at the recommendation of the exchange companies. When they called later in the week to find out what happened with the dramatic increase - they were told that it was the result of the US stock market crash. Lots of people quickly got out of the stock market and invested in currency. The last time the Australian dollar had changed so quickly was whent he US stock market crashed in 1987. Thus iit seems affected in that way. The exchange company seemed to indicate watching the US market was a good idea but it was so unpredictable that biting the bullet and making the transfer fairly soon is probably better as it may stabilize and drop. Now bearing in mind that my in-laws lost at least £20,000 you may have to make the transfer and refuse to look at the exchange rate for the next 2 months so as not to depress yourselves. I wish my inlaws would stop looking...!
I take it that was a typo Sarah, 4.61 from Hifx!!! If that's the case I 'll be exchanging my missus for that rate! I won't make a mint, but I'll be alot better off! lol
I just missed out on the high rates of 2.5+, unfortunately I had to settle for 2.49 with Hifx last Friday.
The way I look at it, I'd rather take 2.49 now than wait for it to drop back down to the 2.3 rate, on a substantial amount of money it makes a huge difference. Best of luck.
Ah yes - meant 2.461 - yes I think my husband would agree also and change me at that rate!!! Never mind.. sadly the rate is going down and they are only offering us 2.427 now - oh dear - what to do!! Getting myself in a right muddle of confusion and emotion - i think thats the way things will be for the next 7 weeks - and probably many more after!
Location: Currently in Essex, going to Mornington Victoria in Sept.
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14.30 hrs and HIFx are showing 2.47 on their screens which means they should offer you 2.45 not sure who is offering you 2.42 but that's a bit low. Let us know what you do.
Thanks. Yes have spoken to them again and whilst they are now showing 2.478 - they are offering 2.451. Chris and Dave - wot do you think??? You are my brains in the operation and must come over to Sale for a well deserved bbq when you arrive in Melbourne - or do you arrive before us - I cant remember!! 8 weeks and a bit to go - MUST get packing instead of glued to this screen in the hope the chart goes up a little!!! Thanks, Sarah
Woke Up Last Friday And By Chance Noticed That The Stock Market Was In A Bit Of Bother....checked The Rate And Saw It On The Rise...wanted To Book 100000gbp Worth But Did Not Have The 10% Deposit...rang Bank They Gave Me The Ok..by This Time The Market Started To Fall Again...sat Watching The Computer For 4 Hrs. Then It Started To Rise Again, So Quickly Called Hifx And The Rate Was 2.5450 ..but This Was The Inter Bank Rate The Rate I Got Was 2.520 So Was Well Happy With That.....au$20000 Better Off Than If Booked Earlier In The Week........................keep Checking I Will Post If There Is Any Thing To Get Exited About..........................
I've done a bit of research about patterns in the exchange rate and when would be the best time to change currency.
If you have time on you hands - like me (18 months or so) the best time to do your exchange is Jan/Feb. This time of year (mid year) seems to be the worst with rates getting in to the low 2.4's and dropping to the mid 2.3's.
It is going to be a big deal for me as I'll be selling my house here and changing a 6 figure sum. Making the wrong choice would cost me a small fortune!!!
you may have to make the transfer and refuse to look at the exchange rate for the next 2 months so as not to depress yourselves. I wish my inlaws would stop looking...!
