canadianaussie Posted December 2, 2014 Share Posted December 2, 2014 I have 3 years of savings still in my Australian bank account. I left it there when moving to the UK this year because the bank interest rate was much higher in Australia than on my UK bank account. Any thoughts on the exchange rate at the current level? I was hoping to see a bit of a bounce back in AUD strength but it doesn't seem to be happening. Should I just bite the bullet and transfer it over? I realise no one has a crystal ball but any advice from anyone with more insight than I have? *Just as an aside - I'm not sure if I'll remain in the UK long term. This is a bit of a 'trial and see' period... Link to comment Share on other sites More sharing options...
newjez Posted December 2, 2014 Share Posted December 2, 2014 A good time to transfer over would have been six months ago. A lot is happening in 2015. Could be GFC round 2. So I really couldn't guess one way or the other. But if it was my money I would do it now. Link to comment Share on other sites More sharing options...
Gbye grey sky Posted December 2, 2014 Share Posted December 2, 2014 If you do not need the money right now then interest rates on savings in the UK are probably still lower than you would get in Oz. in fact rates are almost non existent for instant access-type savings accounts in UK. Most forecasters are predicting that the GPB is likely to strengthen against the AUD in 2015 (but those same forecasters predicted that for 2014 too and it didn't happen). Link to comment Share on other sites More sharing options...
jac2011 Posted December 2, 2014 Share Posted December 2, 2014 I dont know what your views of risk are but in the UK I am using peer to peer lending for my savings and I get a really good interest rate. I also feel more in control of my savings and can choose when to invest it, how long for and at what percentage. The risk is supposedly a little higher than a savings but barely so. Rates range from 2.4% to 6.1% as of today depending on how long you want to invest for. I don't know if Australia has an equivalent? PS if anyone is looking at doing this I would recommend sticking to one of the 3 main sites. Link to comment Share on other sites More sharing options...
CNC FABS Posted December 7, 2014 Share Posted December 7, 2014 2015 is going to go either 3 ways. The rate will drop before the election, just as it did before the Scotland vote. Then will either jump up if we get a Conservative rule (alone of with a partner), as stability and the final real prospect of interest rate rise will do the trick. Or if we get the hung parliament, it will stagnate for ages. If the reds win alone or with SNP marriage, then it will tank for the rest of year....So as I'm heading the other way. I'm hoping for a blue vote @ $2+ a £...:wink: Link to comment Share on other sites More sharing options...
Parley Posted December 7, 2014 Share Posted December 7, 2014 2015 is going to go either 3 ways. The rate will drop before the election, just as it did before the Scotland vote. Then will either jump up if we get a Conservative rule (alone of with a partner), as stability and the final real prospect of interest rate rise will do the trick. Or if we get the hung parliament, it will stagnate for ages. If the reds win alone or with SNP marriage, then it will tank for the rest of year....So as I'm heading the other way. I'm hoping for a blue vote @ $2+ a £...:wink: Just to confirm my understanding then.. It will either go up, go down or stay the same. You are a finance genius. Link to comment Share on other sites More sharing options...
le petit roi Posted December 8, 2014 Share Posted December 8, 2014 Just to confirm my understanding then.. It will either go up, go down or stay the same. You are a finance genius. It's just a fancy way of saying 'I don't know'. :confused: Link to comment Share on other sites More sharing options...
Gbye grey sky Posted December 8, 2014 Share Posted December 8, 2014 2015 is going to go either 3 ways. The rate will drop before the election, just as it did before the Scotland vote. Then will either jump up if we get a Conservative rule (alone of with a partner), as stability and the final real prospect of interest rate rise will do the trick. Or if we get the hung parliament, it will stagnate for ages. If the reds win alone or with SNP marriage, then it will tank for the rest of year....So as I'm heading the other way. I'm hoping for a blue vote @ $2+ a £...:wink: Interest rates are set by the Bank of England so no relevance to the election. Other factors such as commodity prices and inflation are more pertinent. Link to comment Share on other sites More sharing options...
CNC FABS Posted December 8, 2014 Share Posted December 8, 2014 No if you actually read it, I was pointing out what will cause the 3 realistic options. The crunch is no one knows how this election will go. With the force of UKIP really un tested at its predicted levels, this one is more unique that before...Plus the SNP are trying to sneak in the back door of Westminster holding hands with the reds. Of course the bank of England is not political, but they are holding off voting for a rise to be non political. When a rise is really overdue, it's putting off a certain amount of investment.:mad: Link to comment Share on other sites More sharing options...
Gbye grey sky Posted December 8, 2014 Share Posted December 8, 2014 No if you actually read it, I was pointing out what will cause the 3 realistic options. The crunch is no one knows how this election will go. With the force of UKIP really un tested at its predicted levels, this one is more unique that before...Plus the SNP are trying to sneak in the back door of Westminster holding hands with the reds. Of course the bank of England is not political, but they are holding off voting for a rise to be non political. When a rise is really overdue, it's putting off a certain amount of investment.:mad: The BofE are holding off a rise because inflation is substantially below the 2% target (caused mainly by the fall in global oil price and other commodities) plus the fragile state of the economy. Yes the UK has growth but that growth is mainly the result of population expansion with the high net migration figures. More people of working age inevitably leads to growth in an economy but as we can see it does not make many individuals in the country better off (and is not improving tax receipts with many jobs being low paid supported by tax credits). If the oil price rebounds then inflation will rise above 2% and the BofE will raise interest rates. I don't believe the election date or whoever wins the election is a factor in that determination. Link to comment Share on other sites More sharing options...
CNC FABS Posted December 8, 2014 Share Posted December 8, 2014 ahh oil prices. Of course these are NOT being lowered by a US led force hand in hand with Euro land all behind closed doors. Designed to force Russia into recession !! Although they are already hurting the Us light and shale producers. No pain to gain..:yes: Link to comment Share on other sites More sharing options...
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