krisskross Posted December 16, 2015 Share Posted December 16, 2015 Hi, I am moving to Australia, for good, in 3 months from Norway. I have opened a bank account with NAB and transferred few NOK to NABs AUD account, just as a test. Should I transfer all my savings when I land in Australia or before that? Link to comment Share on other sites More sharing options...
Ken Posted December 19, 2015 Share Posted December 19, 2015 There's no right answer to that question. Ideally you should transfer at the point when you get the most AUD for your NOK - but FX rates fluctuate. Many people think the AUD will weaken over the next few months (so waiting makes sense) but if it suddenly strengthens (or the NOK weakens) you'll be kicking yourself for not getting today's rate. You just have to make a call (either to wait or change now) and don't waste any time on 'what might have been' when FX rates change. Depending on how much you've got it may make sense to convert in more than one tranche (although each tranche needs to be big enough to get the best exchange rate) which would give you the option to convert enough for your current needs and await a favourable FX position for the rest. Remember while you'll need some of it straight away you have the option to transfer some of your savings after (possibly long after) you land in Australia. Even if the banks tell you it's commission free there's always a cost involved so the one thing you must avoid is converting all your money to AUD and then find you need some NOK and have to convert in the opposite direction. With two lots of conversion costs involved this will lose you money. I've kept some GBP in the UK for contingencies and you might want to think about doing that with some of your NOK. Link to comment Share on other sites More sharing options...
PommyPaul Posted December 19, 2015 Share Posted December 19, 2015 I'd say keep an eye on the exchange rates and send it across when you can get the best rate, that's the only factor i ever consider Link to comment Share on other sites More sharing options...
Parley Posted December 19, 2015 Share Posted December 19, 2015 Paul it is impossible to know if the current rate is the best rate. Link to comment Share on other sites More sharing options...
krisskross Posted December 19, 2015 Author Share Posted December 19, 2015 I have an AUD account here in Norway, i was thinking in converting my savings here, bring some cash when i land, go to NAB and verify my account and then transfer it all. Link to comment Share on other sites More sharing options...
hjd Posted December 19, 2015 Share Posted December 19, 2015 I would recommend using transferwise to move money. You get the exact exchange rate of the day and only pay a small fee. It's an app or you can do it via their website. I found the app really easy to use. Link to comment Share on other sites More sharing options...
Skippy1 Posted December 19, 2015 Share Posted December 19, 2015 Use Currency Fair all the time. Would never use the Bank for transfers.............. Link to comment Share on other sites More sharing options...
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