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  1. Susan from Moneycorp

    Weekly currency market update:

    Hi everyone ~ I hope we'll all be able to enjoy the best Easter weekend we can; friends, family and the things you love the most. Just wanted to send through our weekly round-up of the major currency movements from last week's Covid market - understandably a very volatile time - Weekly Update 10.April 2020 GBP Held back by PM’s absence The FX market was not at its most coherent over the shortened pre-holiday week. Initially the mood was upbeat, in anticipation that the tragic Covid-19 pandemic would soon have run its course and that life would return to normal. Then the doubts set in, and then they evaporated again. Sterling found itself in no-man’s land, left behind, in turn by the safe-havens and the commodity dollars. An eventual net average loss of 0.8% left sterling level with the US dollar and cost it a fifth of a euro cent. It lost appreciable ground to the Australian and NZ dollars. Sterling’s situation was not improved by the prime minister in the intensive care unit of St Thomas’s Hospital. In his absence the government found it difficult to avoid looking indecisive and investors were less than impressed. EUR No agreement on fiscal stimulus The purchasing managers’ index readings on Friday provided a reminder of just how difficult life has become for the services sector in parts of Europe. On a scale of 0-100, where 50 represents stagnation and zero means annihilation, Italy scored 17.4 in March. Euroland as a whole was not a whole lot better at 26.4 and the composite euro zone reading was a dismal 29.7 (UK 36.0). For the euro the biggest challenge was the failure of euro zone finance ministers to find common cause on joint fiscal stimulus. After a 16-hour video conference on Tuesday the Eurogroup was unable to agree on a way to provide emergency finance to the countries – particularly Italy – hardest-hit by the tragic Coronavirus. The impasse highlighted the EU’s national divisions but did not prevent it picking up a fifth of a US cent. USD Rides out job losses In the normal course of affairs the single most important US economic statistic is the monthly change in nonfarm payrolls. Over the last 12 months they averaged a 150k increase. Last Friday’s figure, nominally for March, was an aberration, falling 701k. However, the timing of the data completely understated the carnage that has taken place in the US labour market. In the last two weeks 10 million people signed on unemployed and another six million are likely to have joined them in this week’s figures. However, so inured are investors to miserable statistics that there was no reaction from the US dollar. It was unchanged against sterling and a fifth of a cent lower against the euro. AUD This week’s top performer Although the data and economic news from Australia were mostly mediocre, the Aussie was the week’s top performer, strengthening by an average of 1.7% against the other majors. It took more than five cents off sterling and added one and a half US cents. The main driver for the Aussie was the same one that demoted the safe-haven Japanese yen to the back of the field. Investors found renewed confidence that things would be alright as soon as Covid-19 has vanished. It may have been premature but, ‘Fear Of Missing Out’, took risk assets and commodity currencies higher across the board. February’s 0.5% monthly rise in retail sales was irrelevant but the downturn in international trade for the same month was at least in part a function of the shutdown in China. When the Reserve Bank of Australia left its benchmark Cash Rate unchanged at 0.25% on Tuesday it noted that “a very large economic contraction is… expected to be recorded in the June quarter and the unemployment rate is expected to increase to its highest level for many years”. NZD Following the Aussie True to form, the Kiwi shared some, but not all of the Aussie’s fate. This week it had a positive effect, taking the NZ dollar an average of 0.9% higher against its peers. It added one US cent and took three and a half cents off sterling. NZ data showed a 3.9% monthly fall for electronic card retail sales in March and a 1.2% fortnightly increase in dairy prices. The most interesting number, however, was the sharp fall in business confidence. NZIER’s Quarterly Survey of Business Opinion found confidence plummeting from -21% to -70% in March. A net 16% of firms plan to reduce headcount in the next quarter.
  2. Susan from Moneycorp

    USD market update:

    Happy Friday evening everyone, I'm not sure if too many people follow the USD movements, but at the moment the USD and the Dow Jones is having a significant effect on the world's currrencies. I thought I'd add our USD weekly round-up tonight for anyone who's interested. I hope everyone has a restful weekend ~ USD weekly roundup – Friday 27. March. The US dollar has remained relatively resilient so far during the pandemic, but events have shown that it is not entirely invincible. As the virus continues to spread across the US and it is clear that the country isn’t insulated against such global woes, and this has impacted the US dollar. The US Federal Reserve cut its Funds rate twice in March; it now stands at 0-0.25%. This isn’t the only action available to the Fed and they’ve taken a comprehensive approach, making swap arrangements to provide dollars to the central banks of Australia, Brazil, South Korea, Mexico, Singapore, Sweden, Denmark, Norway and New Zealand, allowing them to tap up to $450 billion. It has also pledged to soak up a wide range of securities in order to calm markets, support businesses and keep credit flowing. A decade ago the Fed’s early rounds of quantitative easing purchases were limited to US Treasury instruments. The criteria broadened in subsequent rounds of QE. The Fed’s latest “whatever it takes” programme opens the floodgates to all manner of instruments and sets no limit on what it will spend, which means almost unlimited quantitative easing. This week, US equities fell by 16% at one point and some investors are starting to look forward to life after the worst of the pandemic has receded. Investment bank Morgan Stanley estimates that the US economy will shrink by 30% in the second quarter. St Louis Fed President James Bullard is more optimistic, suggesting that “a potential $2.5 trillion hit coming to the economy is both necessary and manageable… an investment in public health that lays the groundwork for a rapid rebound.” In either case, it may be that it is too close to call at the moment. Pressure on the dollar has come from the perception of the government’s response to the pandemic; the USD2trillion package is expected to be approved by the end of the week. Many feel that the US have been late off the blocks when it comes to offering support and may not have done enough to prevent the spread of the virus in the meantime. Employment numbers are expected to show a jump of 2m people unemployed, but in the circumstances this may not prove catastrophic of the dollar when the results are published. While it is difficult to project with any certainty, what is clear is that for some time the US dollar may have been operating business as usual, but there is nothing usual about the situation that the world has found itself in. Liquidity is in short supply and fluctuations this week have shown that the US dollar is not entirely immune to the same pressures as its currency rivals. The situation is changing by the hour and if you’re looking to buy or sell US dollars, it’s worth working with a currency specialist like moneycorp. As well as allowing you to organise your transfer online or over the phone while you’re staying at home, great rates, low transfer fees and expert guidance on the rapidly evolving market will help you make the most of your money and get it where it needs to be in such difficult times.
  3. Susan from Moneycorp

    £/AU$ markets update from Moneycorp ~

    Hi Everyone, Here's the latest overview that we have regarding the GBP/AUD market: currently 1.9730 as we speak - What’s happening to the AUD/GBP exchange rate? A quick look at the performance of the Australian dollar in the FX market during the global pandemic The Australian dollar has been under pressure all year; as a commodity-based currency, it was among the first to struggle due to the impact of the coronavirus. Now, as the countries implement various forms of lock-down and governments scramble to deliver aid packages to support workers and stalled businesses, the picture has become more complex and there is further volatility in the FX market which is causing fluctuations in the Aussie. The initial stimulus plan announced by the Australian government, including AUD 25,000 to small businesses and AUD 750 to every welfare recipients, did nothing to help the Australian dollar. The measures were announced in concert with a second rate cut from the Reserve Bank of Australia (RBA), which also announced a funding facility for SMEs and a 0.25% target rate for three-year government bonds. Neither did anything to help the Aussie, which fell by an average of 2.1% against a basket of currencies, including three cents to the pound. It isn’t all bad news; the RBA’s AUD 5bn stimulus by buying up government securities did give the Australian dollar a boost and it made gains against the US dollar. The move was seen as a positive for local stock markets which could help the currency in the coming weeks, although investors remain cautious. News from the US Federal Reserve inadvertently provided assistance to the Australian dollar this week at a time when the pound succumbed to the sustained pressure of the crisis. The Aussie made gains against sterling following the Fed’s plans to buy government-backed debt, which led to brief optimism in global financial markets. This optimism extended to a belief in the efficacy of the second coronavirus stimulus package from the Australian government. The relief is now equivalent to almost 10% of Australia’s GDP. At the moment, statistics are largely being ignored but the provisional purchasing managers’ indices from Australia showed a surprise 50.1 for the manufacturing PMI. The composite measure came in at 40.7, however, because the services PMI was recorded at 39.8. The reason that the numbers have such little impact is that such a drop in performance is expected across the globe. The challenge for the Australian dollar is that investors expect that the current crisis may put the country into a prolonged recession. Against the pound, the Australian dollar remains volatile. Both currencies are under pressure and much relies on the effectiveness of the respective government efforts to stem the spread of the virus as well as the economic measures designed to support the economy. The US will also be a factor for both currencies because of the impact on global financial markets and the US dollar is currently under pressure after a support package was stalled in Congress and the government aid response to aid was found lacking. The situation is changing by the hour and if you’re looking to send funds back to the UK or elsewhere in the world, it’s worth working with a currency specialist like moneycorp. As well as allowing you to organise your transfer online or over the phone while you’re staying at home, great rates, low fees and expert guidance on the rapidly evolving market will help you make the most of your money and get it where it needs to be in such difficult times. Moneycorp is a reference to TTT Moneycorp Pty Limited which is registered in Australia (business number 116612858). Its principal place of business is Level 15 Exchange Tower, 2 The Esplanade, Perth WA 6000, Australia. TTT Moneycorp Pty Limited is authorised to deal in foreign exchange contracts and buy/sell quotes to retail and wholesale clients as an Authorised Representative (reference number 445555) of Rochford Capital Pty Limited (AFSL License No. 361276).
  4. Susan from Moneycorp

    Extended Working Holiday visas - Fire relief 2020

    Not sure if anyone's seen this already, but I think it's fantastic! Win-win for everyone https://www.moneycorp.com/en-au/news-hub/extended-working-holiday-visa-for-australia/
  5. https://www.moneycorp.com/en-au/news-hub/what-has-been-the-impact-of-the-coronavirus-on-the-australian-dollar/
  6. Susan from Moneycorp

    It's Valentine's Day!

    It hasn't slipped the minds of those fantastic people in our Copy team that tomorrow's a Special Day..... www.moneycorp.com/en-au/news-hub/sending-love-all-over-the-world/
  7. Morning everyone ~ With the Corona virus understandably having an impact on economies around the world, I thought I'd send through our overview of how trading and commentary went last week in our Australasian zone: https://www.moneycorp.com/globalassets/documents/terms-conditions/tcs/asian-currency-review---07th-february-2020.pdf
  8. Susan from Moneycorp

    Retiring to Oz ~

    Morning Everyone! Happy Friday from sunny Sydney I've recently had a large number of older clients making the permanent move over here for various reasons: some coming to join their children and grand-children, some from the UK because of their thoughts on Brexit, others because, now retired, they want a different life based more outdoors with kinder weather/lifestyle etc. They've all needed to bring over house-sale proceeds, savings, UK pensions, share-portfolios etc - something we can help with too. Here's a blog we created specifically with this in mind: https://www.moneycorp.com/en-au/news-hub/retiring-to-australia/
  9. Sheena from Moneycorp

    GBP and AUD

    The Australian dollar has been struggling recently against the pound owing to a number of different reasons. The wildfires have caused a huge amount of damage to the country and this is likely to have a knock on effect on the economy. According to Katrina Ell from Moody’s ‘the risk of there being broader macroeconomic spillovers this season are high given the scale of the fires.’ Also, the chances are increasing that the Reserve Bank of Australia (RBA) will look to cut interest rates when they hold their next meeting on 4th February. Economic data has been mixed during 2019 and the RBA has already hinted that it may look to make further cuts to the interest rate. The Australian dollar has also weakened recently over the unrest in the Middle East. As a commodity based currency the AUD can often be adversely affected by geopolitical uncertainty. The currency can often be sold off as investors view the Australian dollar as a riskier based currency. Investors will then typically move money towards safe haven currencies including the US dollar, Swiss franc or the Japanese yen. This can be evidenced when looking at what has happened to those three currencies over the last few weeks.
  10. Sheena from Moneycorp

    GBP and AUD

    The Australian Dollar has faded further from Fridays 5-month highs as speculators took profits on recent gains. Added to this, the bushfires which have wreaked havoc across the whole of Australia continues to burn which is causing untold strain on both the population and wildlife as well as the economy. Recent news broke Friday that the US had confirmed airstrikes on an Iranian military official, this caused the AUD to drop as the safe-haven Yen also fell. The bushfires in Australia continue to rage on, destroying everything it its path. Australian residents, and wildlife have suffered to the fires. The emergency response from the Australian services has been widespread but the effect of the support needed to attempt to manage the fires is costly, and thus the Aussie economy has taken a hit. Added to this, the tourism sector for Australia has taken a hit amongst the news of the fires as many residents are evacuated from their houses. For the GBP, the news is surrounding the ongoing Brexit talks and whether the UK and EU can come to an agreement. Michael Brown, currency expert at Caxton FX mentioned that the UK has lost ground as the new year got underway. With the UK already being hit with poor manufacturing PMIs on Thursday, investors will be hoping for positive revelations from the Brexit talks. Any positive news would give the GBP a boost as fears reduce of a no-deal Brexit occurrence.
  11. Sheena from Moneycorp

    US-China trade war casts a shadow

    Hopes of a resolution to the US-China trade war were repeatedly raised and dashed towards the end of the year, and the Aussie similar rose and fell on the news. October saw talk of a resolution and a postponement of tariffs scheduled for the 15th October, while December brought about a softening of the tone of rhetoric from the US. This was good news for the Australian dollar, however those hopes were soon dashed when China declared that it would be reluctant to strike a trade deal with the States as long as US tariffs remained in place. As a result, the Aussie lost all that it gained. The pattern of dashed hopes continued for much of the quarter, with promises of a resolution that never appeared. The challenge for the Australian dollar is that, along with many other commodity-based currencies, the ongoing trade war between the US and China is having an impact on currency values. The indirect impact is also felt in the performance of Australia’s economy as a major trade route. Investors will be looking for a more definite resolution in 2020 to the ongoing uncertainty.
  12. Sheena from Moneycorp

    AUD Update

    It's been a slow week for AUD as the market settled down for the festive period. Uncertainty continues to be the main theme for the currency as we await the RBA's decision on interest rate cuts, with many analysts expecting the first cut to be made by the central bank as early as mid-2020. This outcome would lead to AUD losing strength in the global market as the interest rate cuts aim to increase economic growth. GBP/AUD is trading at 1.8742 at the time of writing. Happy New Year to all!
  13. Sheena from Moneycorp

    GBP/AUD update

    GBP / AUD slips to 1.8663 on the back of a late December rise for Australian shares, with the futures market set to open up 10-15 points. Last Monday's high of 1.9513 has also been influenced by a hardening Brexit tone with Boris Johnson setting a deadline for next December. UK monetary policy will be key in the coming weeks, with many experts predicting a refined policy in 2020.
  14. Sheena from Moneycorp

    GBP and AUD Update

    The pound Australian Dollar (GBP/AUD) exchange rates rose today, due to opinion polls suggestion of a Conservative victory on the 12th December general election. The polls showed that the Tories were ahead of the Labour party in a 14 percentage point lead, ensuring a high probability that the Conservatives will win a majority this week. With markets preferring a Conservative victory, due to their promises to resolve Brexit uncertainty and engender enterprise - friendly policies, this has provided some uplift for the Pound today. However markets remain cautious over the remaining possibility of a hung parliament this week, with the opinion polls resulted being treated with a degree of scepticism. The Australian Dollar (AUD) struggled today after Chinese exports fell for their fourth consecutive month as US-China trade uncertainties weigh on China’s economy. China is clearly not immune to either the U.S. trade tariffs, or the lingering slowdown in the broader global economy. Tomorrow will also see the release of the industrial and manufacturing production figure for October, with any indications of improvement likely buoying market confidence in the British economy and boosting the Pound. UK political developments will remain in focus ahead of Thursday’s general election this week, with any signs of the Labour Party rising likely weakening the Pound on heightened political volatility.
  15. Sheena from Moneycorp

    GBP and AUD Update

    Dragging the Aussie lower was the latest Reserve Bank of Australia policy meeting minutes with guidance pointing to a clear easing bias moving forward. "They no longer talk about an accumulation of evidence in order to ease again, and highlight risks to the global economy,” wrote National Australia Bank senior FX strategist Rodrigo Catril, adding "It certainly sounds a lot more dovish than before.” For Sterling, Brexit remains the key to the outlook ahead of Wednesday's CPI and Thursday's BoE with focus falling on the Supreme Court on Tuesday as they open a case into PM Johnson's prorogation of Parliament. UK and EU officials are also set to resume Brexit talks after agreeing to host daily negotiations in a bid to thrash out a last minute deal. Risk-off was the dominant theme for currency markets on Monday while the GBP was facing the double-whammy of resurgent no-deal Brexit fears as Tory Brexiteers continue to insist the UK will leave the common currency bloc on October 31st. While there was some positivity out of a meeting between PM Johnson and the EU's Juncker in which the leaders agreed to daily Brexit talks moving forward, time's quickly running out to secure an outcome other than no-deal. "The fact remains there is still a decent chance of Britain not able to secure a deal and that is prompting investors to take profits after last week’s rally,” wrote currency strategist Thu Lan Nguyen of Commerzbank. For the Aussie, RBA minutes are due overnight which should set the tone moving forward while currency markets as a whole will likely take their cue from geopolitical risks - with a focus on the US response to the attacks on Saudi oil refineries - as well as central bank policy with the Fed and Bank of England releases likely to impact the cross.
  16. Sheena from Moneycorp

    GBP and AUD

    The GBP/AUD exchange rate is trading at around 1.8084 at the start of the new week having fallen 0.75% in the week before, and we note the pair to be trading in an increasingly narrow sideways range, with a decisive break higher or lower required to define the trend. With a politically-charged week of UK politics lying ahead, we could see some fresh direction injected into this exchange rate over coming days: the question is what are the levels readers should be watching. The Australian Dollar remains a proxy for investor sentiment towards China, and specifically the U.S.-China trade war. The Australian Dollar extended lower on Friday as 'risk assets' fell from favour with investors ahead of a weekend that is expected to yield a further escalation of the U.S.-China trade war although the Antipodean unit is tipped by multiple analysts to remain under pressure for a while to come. President Donald Trump moved ahead Sunday with a new tariff of 15% aimed at the remaining balance of Chinese exports to the U.S. not yet covered by punitive levies, although it will be December 15 before all of the country's trade with the U.S. is fully tariffed. Those exports waiting to be tariffed are worth around $300 bn each year, while the U.S. has $75 bn of exports to China that are set to be targeted in retaliation.
  17. Sheena from Moneycorp

    GBP and AUD Update

    The pound to Australian dollar exchange rate is holding on to its recent gains with rates for GBP Vs AUD sitting at 1.8140. The markets will now focus on all the latest Brexit developments this week with political fireworks expected as we approach the 31st October Brexit deadline. High volatility is to be expected for GBP to AUD exchange rates as parliament will return 3rd September after the summer recess. UK Prime Minister Boris Johnson made clear to MP’s yesterday that there will be no way of stopping Brexit and that Britain will leave the EU at the end of October. There has been much talk of a vote of no confidence which could be issued by leader of the opposition Jeremy Corbyn although whether he could succeed in putting in place a caretaker Prime Minister remains to be seen. There is also the very real prospect of a general election something that could see additional volatility for GBP/AUD. Those looking to buy or sell Australian dollars are likely to see heightened volatility in these coming weeks with a big swing in either direction depending on whether or not a Brexit deal is reached. Those with a sizeable amount to transfer would be wise to consider planning around these developments as the 31st October deadline counts down. There has been much talk of a vote of no confidence which could be issued by leader of the opposition Jeremy Corbyn although whether he could succeed in putting in place a caretaker Prime Minister remains to be seen. There is also the very real prospect of a general election something that could see additional volatility for GBP/AUD. Those looking to buy or sell Australian dollars are likely to see heightened volatility in these coming weeks with a big swing in either direction depending on whether or not a Brexit deal is reached. Those with a sizeable amount to transfer would be wise to consider planning around these developments as the 31st October deadline counts down.
  18. I have received many messages recently on the pound against the Australian dollar – below is further information on what could shape the exchange rate over the next few months. For GBP/AUD, the trend is currently towards a weaker Aussie dollar. The exchange rate, in the short term and what will happen next, is currently dependent mainly on the following factors: Eurozone situation – The Greek situation in particular causing investors to shun high yielding ‘riskier’ assets, which has proved to be negative for the Aussie dollar. The British pound on the other hand has benefitted from a relative safe haven status having retained its AAA credit rating, resulting in a flight away from the beleaguered Euro and into sterling and UK Government bonds, resulting in a higher GBP/AUD$ rate of exchange which means it is better for those converting their pounds into Aussie dollars) – if the Eurozone situation continues to deteriorate, this is likely to further weaken the Aussie dollar. Interest rates - Having seen the Reserve Bank of Australia cut its interest rate from 4.25% to 3.75% in April, the high yield advantage is now being eroded. Australia’s Prime Minister Julia Gillard has also recently stated that her government will return the budget to a surplus during the next fiscal year providing scope to adjust interest rates. Some analysts are predicting another interest rate cut in Australia soon, maybe as early as June, which again could be negative for the Australian dollar. China - Australia’s largest trade partner China has seen a considerable slowdown in economic growth recently with the most latest GDP reading down to 8.1% annualised from the previous result of 8.9% in the final quarter of 2011. Their decline in growth rate will undoubtedly dampen their previously insatiable demands for Australia’s natural resources. Considering that the Australian economy has been driven by its mining boom, the recent RBA decision to cut has been well received with the aim to help stimulate some form of domestic growth. Any data released in the Australia and the UK, of course, could have an impact on the exchange rate – much is dependent on what happens in these factors above in relation to the exchange rate over the next few months. Thanks John
  19. If you’re looking to emigrate to Australia and buy a property there, you might think that you have enough on your plate organising that and send the payments via your high street bank. However, working with a currency exchange specialist could save you money and simplify the process because there are a lot of discrete costs. High street banks can charge between £20 and £40 per transfer on average, and when you take a look at all the payments you need to make, those costs can really add up.Even if you have the money to invest in the property without taking out a mortgage, you’ll need to make payments for both the deposit to secure the property and the final payment. You might think that the ease of working with your bank is worth the cost of those two transfer fees, but you’ll find that there are many more payments required. You’ll need government approval as a foreign investor in the form of permission from the Foreign Investment Review Board (FIRB) and that application will cost you a fee, depending on the cost of the property. Then you’ll have two forms of stamp duty – the standard cost and potentially an additional Foreign Citizen stamp duty. There are also all the costs that are entailed in purchasing a property including legal, valuation and conveyancing fees, pest and building inspections, title registration, removal costs, council and water rates, telephone and broadband set up. Think again about those fees from a high street bank, you could now be looking at a cost of hundreds of pounds to fulfil all these requirements.Low fees aren’t the only advantage of a specialist currency broker. You’ll also have access to great rates, and a range of products which help you manage your funds across borders. For example, if you’re worried about fluctuations in the currency exchange market impacting your budget, you could set a rate at the beginning of the process and use this for all your payments by entering into a forward contract. Please note a forward contract may require a deposit.A specialist may also offer regular payment plans to transfer funds automatically to an overseas bank account. This may be to fulfil scheduled costs or to provide regular income to your Australian account such as a pension payment or income from renting out a property. Funds can be collected using a direct debit, converted to Australian dollars and delivered to your local account. Again, if you’re worried about the impact of currency fluctuations, there are options to specify the amount of funds outgoing in sterling, or incoming in Australian dollars, or both if you choose to use a forward contract and lock in an agreed rate.Before you go to your high street bank to organise payments for your property in Australia, it’s worth finding out about the alternative ways to move your money across borders. To make the most of your funds and stay in control of the process, it’s best to plan ahead and work with a specialist who can put the right tools at your disposal.Moving to Australia or already moved – get started moneycorp have helped thousands of people with their money transfers to and from Australia. It’s free to register for a moneycorp account and you can do this online by clicking here.It only takes a few minutes to register – you can then start saving money on your overseas currency transfers. Once registered, you will be assigned an Account Manager who will be your main point of contact and they can provide quotes and information on the Australian dollar as and when you need it.You can also read more information here on the Poms in Oz currency page – www.moneycorp.com/uk/campaigns/partners/pio/Please mention Poms in Oz when contacting moneycorp so you can benefit from paying no transfer fees when transferring your money overseas. Moneycorp is a reference to TTT Moneycorp Pty Limited which is registered in Australia (business number 116612858). Its principal place of business is Level 15 Exchange Tower, 2 The Esplanade, Perth WA 6000, Australia. TTT Moneycorp Pty Limited is authorised to deal in foreign exchange contracts and buy/sell quotes to retail and wholesale clients as an Authorised Representative (reference number 445555) of Rochford Capital Pty Limited (AFSL License No. 361276).
  20. If you’re looking to emigrate to Australia and buy a property there, you might think that you have enough on your plate organising that and send the payments via your high street bank. However, working with a currency exchange specialist could save you money and simplify the process because there are a lot of discrete costs. High street banks can charge between £20 and £40 per transfer on average, and when you take a look at all the payments you need to make, those costs can really add up.Even if you have the money to invest in the property without taking out a mortgage, you’ll need to make payments for both the deposit to secure the property and the final payment. You might think that the ease of working with your bank is worth the cost of those two transfer fees, but you’ll find that there are many more payments required. You’ll need government approval as a foreign investor in the form of permission from the Foreign Investment Review Board (FIRB) and that application will cost you a fee, depending on the cost of the property. Then you’ll have two forms of stamp duty – the standard cost and potentially an additional Foreign Citizen stamp duty. There are also all the costs that are entailed in purchasing a property including legal, valuation and conveyancing fees, pest and building inspections, title registration, removal costs, council and water rates, telephone and broadband set up. Think again about those fees from a high street bank, you could now be looking at a cost of hundreds of pounds to fulfil all these requirements.Low fees aren’t the only advantage of a specialist currency broker. You’ll also have access to great rates, and a range of products which help you manage your funds across borders. For example, if you’re worried about fluctuations in the currency exchange market impacting your budget, you could set a rate at the beginning of the process and use this for all your payments by entering into a forward contract. Please note a forward contract may require a deposit.A specialist may also offer regular payment plans to transfer funds automatically to an overseas bank account. This may be to fulfil scheduled costs or to provide regular income to your Australian account such as a pension payment or income from renting out a property. Funds can be collected using a direct debit, converted to Australian dollars and delivered to your local account. Again, if you’re worried about the impact of currency fluctuations, there are options to specify the amount of funds outgoing in sterling, or incoming in Australian dollars, or both if you choose to use a forward contract and lock in an agreed rate.Before you go to your high street bank to organise payments for your property in Australia, it’s worth finding out about the alternative ways to move your money across borders. To make the most of your funds and stay in control of the process, it’s best to plan ahead and work with a specialist who can put the right tools at your disposal.Moving to Australia or already moved – get started moneycorp have helped thousands of people with their money transfers to and from Australia. It’s free to register for a moneycorp account and you can do this online by clicking here.It only takes a few minutes to register – you can then start saving money on your overseas currency transfers. Once registered, you will be assigned an Account Manager who will be your main point of contact and they can provide quotes and information on the Australian dollar as and when you need it.You can also read more information here on the Poms in Oz currency page – www.moneycorp.com/uk/campaigns/partners/pio/Please mention Poms in Oz when contacting moneycorp so you can benefit from paying no transfer fees when transferring your money overseas. Moneycorp is a reference to TTT Moneycorp Pty Limited which is registered in Australia (business number 116612858). Its principal place of business is Level 15 Exchange Tower, 2 The Esplanade, Perth WA 6000, Australia. TTT Moneycorp Pty Limited is authorised to deal in foreign exchange contracts and buy/sell quotes to retail and wholesale clients as an Authorised Representative (reference number 445555) of Rochford Capital Pty Limited (AFSL License No. 361276). This post has been promoted to an article
  21. Great exchange rates with moneycorp Are you transferring money to or from Australia? If so then get great exchange rates with moneycorp – plus, as a special offer for Poms in Oz forum members, there will be no transfer fee charges. High street banks can typically charge £10-£40 in transfer fees when making an international payment. See the table below for an illustration on the potential savings you could make by using moneycorp. *based on an exchange rate comparison taken on 1st January 2018 between Lloyds, HSBC, Natwest and moneycorp. Please note that there are additional costs with the service, the high-street banks typically charge £10-£40. Get started with moneycorp and start saving money – https://www.moneycorp.com/uk/campaigns/partners/pio/ Moneycorp is a reference to TTT Moneycorp Pty Limited which is registered in Australia (business number 116612858). Its principal place of business is Level 15 Exchange Tower, 2 The Esplanade, Perth WA 6000, Australia. TTT Moneycorp Pty Limited is authorised to deal in foreign exchange contracts and buy/sell quotes to retail and wholesale clients as an Authorised Representative (reference number 445555) of Rochford Capital Pty Limited (AFSL License No. 361276).
  22. John from Moneycorp

    Great exchange rates with moneycorp

    Great exchange rates with moneycorp Are you transferring money to or from Australia? If so then get great exchange rates with moneycorp – plus, as a special offer for Poms in Oz forum members, there will be no transfer fee charges. High street banks can typically charge £10-£40 in transfer fees when making an international payment. See the table below for an illustration on the potential savings you could make by using moneycorp. *based on an exchange rate comparison taken on 1st January 2018 between Lloyds, HSBC, Natwest and moneycorp. Please note that there are additional costs with the service, the high-street banks typically charge £10-£40. Get started with moneycorp and start saving money – https://www.moneycorp.com/uk/campaigns/partners/pio/ Moneycorp is a reference to TTT Moneycorp Pty Limited which is registered in Australia (business number 116612858). Its principal place of business is Level 15 Exchange Tower, 2 The Esplanade, Perth WA 6000, Australia. TTT Moneycorp Pty Limited is authorised to deal in foreign exchange contracts and buy/sell quotes to retail and wholesale clients as an Authorised Representative (reference number 445555) of Rochford Capital Pty Limited (AFSL License No. 361276).
  23. Benefits of using a foreign exchange specialist By John Kinghorn from moneycorp If you’re sending money overseas, you may think using your local bank is the most convenient and efficient option, but working with a currency exchange specialist can give you access to great value rates and services that your bank may not be willing to provide. In addition, a specialist can offer expert guidance to help you navigate the fluctuating currency market. As an ex-pat, you could have a number of reasons why you need to convert currency, and accessing great rates and avoiding high fees could have a significant impact on the money you receive for any of the following: · Buying a home in Australia; · Converting UK rental income into Australian dollars; · Repatriating Australian dollars back to the UK; · Receiving your pension payments; · Transferring money to friends and family overseas. As well as great rates and lower fees than most high street banks, a specialist can also offer a range of product solutions to help you manage all your foreign exchange requirements · Spot contracts for urgent payments which allow for same-day exchange and transfer; · Stop-loss orders to prevent against precipitous drops in the exchange rate; · Rate targeting and tracking to help you make the most of your money ; · Regular payment plans to fix rates and collect funds from a UK account by direct debit for overseas payments; · Easy-access online account management, supported by an expert team available on the phone. Get started with moneycorp moneycorp offers all our clients a professional service that helps you transfer money across borders and let you get on with enjoying your new life in Australia. It’s free to register for a moneycorp account and you can do this online by clicking here. You can also read more information here on the Poms in Oz currency page – https://www.moneycorp.com/uk/campaigns/partners/pio/ Moneycorp is a reference to TTT Moneycorp Pty Limited which is registered in Australia (business number 116612858). Its principal place of business is Level 15 Exchange Tower, 2 The Esplanade, Perth WA 6000, Australia. TTT Moneycorp Pty Limited is authorised to deal in foreign exchange contracts and buy/sell quotes to retail and wholesale clients as an Authorised Representative (reference number 445555) of Rochford Capital Pty Limited (AFSL License No. 361276).
  24. John from Moneycorp

    Currency Transfers with Moneycorp

    A Guide to Sending Money Overseas Hundreds of Poms in Oz members have benefited from using Moneycorp for their international money transfers. Moneycorp’s services are straightforward, simple to use and will save you money. The following text outlines the 4 step process and how it works. 1. Set up your Moneycorp account To start making money transfers, you will need to open an account with Moneycorp. This can be done online and only takes a few minutes - click here to register Opening an account carries no costs or obligations on your behalf. 2. Choose the best solution for your needs Once your Account is set up, your personal account manager will contact you to identify and discuss your specific requirements. They will be your personal point of contact for all future transactions and will explain the proposed course of action and options that best suits your personal needs. 3. Arrange your finances Once you have verbally agreed to a money transfer with your personal account manager, you will be sent a Contract Summary outlining the details. This document will include a form giving you instructions on how to transfer your funds to Moneycorp. The Contract Summary will also include a Transfer Instruction form, on which you will need to put details of the bank account(s) into which you would like your currency to be paid following your transaction. For further information regarding the different options when buying your currency, please click here 4. Payment methods You may use one of a variety of payment methods to send your funds to Moneycorp. Everything will be explained clearly by our staff and there is a dedicated customer service team who can help you with any questions you might have. Poms in Oz & Moneycorp Exclusively for PomsInOz members, you will not pay any transfer fees when sending your money overseas. Register with Moneycorp by clicking here For more information, call +44 (0)20 7589 3000, please remember to quote PomsInOz.
  25. Transferring money to or from Australia? Save on your international transfers with moneycorp By John Kinghorn from Moneycorp When moving abroad, you want the whole experience to be as smooth as possible. You might have planned your move for years - you’ve even done your research about the best place in Australia to get a nice full English breakfast! After ticking off your (long) emigration checklist and receiving your visas, the time comes to look at your finances. That’s where foreign exchange experts moneycorp can help. They are an alternative to using your high street bank for transferring money to or from Australia. Some of the key aspects and benefits of the service are below. Money-saving foreign exchange since 1979 moneycorp strive to use our expertise to get you great exchange rates and lowest fees on your international money transfers. Protect against market fluctuations The currency market is fast-moving, with exchange rates changing by the second. Transacting when rates are in your favour can make a big difference to the value of your money. Timing is crucial – moneycorp will offer you an Account Manager to guide you and they will provide information, helping you make your money transfers at the best time. Online international money transfers Available 24 hours a day, moneycorp online lets you send money overseas when it's convenient for you, with great exchange rates and there are no transfer fees for Poms in Oz forum members. Moving to Australia or already moved – get started moneycorp have helped thousands of people with their money transfers to and from Australia. It’s free to register for a moneycorp account and you can do this online by clicking here. It only takes a few minutes to register – you can then start saving money on your overseas currency transfers. Once registered, you will be assigned an Account Manager who will be your main point of contact and they can provide quotes and information on the Australian dollar as and when you need it You can also read more information here on the Poms in Oz currency page. Or email currency expert John Kinghorn directly – John.Kinghorn@moneycorp.com TTT Moneycorp Pty Limited, Authorised Representative No. 445555 ABN 46 116 612 858, are Authorised Representatives of Rochford Capital Pty Ltd (AFSL License No. 361276 ABN 40 143 601 594) Jones Bay Wharf, Suite 45, 26-32 Pirrama Road, Pyrmont, NSW 2009.
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