Search the Community
Showing results for tags 'currency exchange'.
Found 4 results
The Pom Queen posted a topic in Visa ChatInterested in potentially getting a better deal than your bank when sending money overseas? If so, you should consider using a foreign exchange specialist company when sending money to or from Australia. A specialist company, like Moneycorp, can offer you great exchange rates and free expert guidance on the Australian dollar to save you time and money when transferring money abroad. When using Moneycorp you can expect exchange rates that are typically up to 4% better than you would get from a high street bank - this can make a huge difference to your finances. Special offer - no transfer fees Your bank may charge you anything from £20 to £40 (or currency equivalent) to send your money to or from Australia. Moneycorp don’t charge commission and exclusively for Poms in Oz members all transfer fees are waived – so you can save money on transfer fees alone. How can I register for a free Moneycorp account? Thousands of forum members have saved money by using Moneycorp. It’s simple to register for a free account and the process only takes a few minutes – click here to register online with Moneycorp.
Kel1 posted a topic in EducationHey everyone, We have been watching the falling dollar recently and are keen to move our savings back into pounds. They have already lost a bit of value and we are watching it drop further We recently left Aus and see now how the country appears to be slipping a little further into recession/something like that. We are quite inexperienced with all this type of stuff and are not sure whether to wait, or just move it now before it drops more. What should we look out for as warning signs/positive signs? Anyone else thinking similar thoughts? Interested in people's experiences!
I had around 20k in GBP invested in shares and funds back in the UK. These were going nowhere, so I have cashed them in, and they are now sitting in a savings account back in my UK bank. I am pretty certain ill be living in Australia for at least another 5years, and most likely the long term. Therefore I want to bring the money over here, and perhaps invest in a house later in the year (in Melbourne). Q1 - What is the best way to transfer this sort of money from UK to Oz? My english friend at work said that banks swift transfers usually have bad rates and high fees, as they dont want to lose the money. Any truth in this? Q2 - When is the best time to shift it? (Can this even be answered?) I keep an eye on this link: http://www.google.com/finance?q=AUDGBP But it just seems the AUD keeps getting stronger and stronger compared to the pound - which is good, but should I be waiting for a trough or any tips on any upcoming changes that may affect this? I would be gutted if I transfer one week, and then if I waited another week, could have made a lot more (or lost a lot more I guess). Thoughts?
The types of contracts you use when making foreign currency transfers. There are various types of contract you can use when making a currency transfer, depending on your requirements. A standard contract is called a Spot Contract and this is when you carry out an exchange from a live market and complete on that contract with immediate effect. Another option would be to book a forward. Forward contracts guarantee you a rate of exchange for a future date based on the current day’s rate. A deposit is required to cover any adverse market movements, we work slightly differently to other firms in that we take a set amount but do not margin call our clients at any time. A forward rate can be secured for up to two years ahead. Please note: Depending on your timescale it may not pay to buy a forward when the rates are poor. Limits orders are very good if you have time on your side, for example if the present rate of exchange for GBP-EUR is 1.11 and you wish to see if the market might move favourably to a rate around 1.13, then you can place a limit into the market at this rate. This order is held in the market 24 hours a day, 7 days per week and secures your buy order as soon as your target rate is achieved. Some clients can be concerned about the potential for the market to fall whilst they are running a Limit order, on such an occasion a client may wish to consider an OCO. This is when you run a limit to target a higher rate of exchange at the same time as running a Stop order to protect you if the rate falls. So as well as targeting a high of 1.13, you also place a Stop for 1.09. Again this will work for you 24/7 until either target rate is achieved, if the market starts to drop, it will buy your Euros at 1.09, protecting you from any further losses. Stop and Limit orders can be withdrawn from the market at any time up until the rate of exchange is achieved at no expense to the client. Remember to always take advice on what options are available to you.