JetBlast Posted August 23, 2018 Share Posted August 23, 2018 Hi, I don't want this to turn into a debate about in vs out please. I would just like some balanced discussion. The way I am thinking is that the pound will loose value when the UK leaves the EU in March 2019. With or without a deal. If this happens I will get less AUD when (assuming I am granted the visa) I move over to Australia. I am thinking about moving over most my savings into my Australian bank account this side of Christmas to get the best out of them. Should the value drop after Brexit and I don't get a visa I can move it back will still be better off. If the pounds doesn't drop I will be about the same. I am wondering what people think about this please? Am I on the right track do you think? Thanks Quote Link to comment Share on other sites More sharing options...
s713 Posted August 23, 2018 Share Posted August 23, 2018 I am moving back to the UK in April so I hope you're right. I'm guessing the pound will take a tumble whatever the outcome. Quote Link to comment Share on other sites More sharing options...
Gbye grey sky Posted August 23, 2018 Share Posted August 23, 2018 1 hour ago, JetBlast said: Hi, I don't want this to turn into a debate about in vs out please. I would just like some balanced discussion. The way I am thinking is that the pound will loose value when the UK leaves the EU in March 2019. With or without a deal. If this happens I will get less AUD when (assuming I am granted the visa) I move over to Australia. I am thinking about moving over most my savings into my Australian bank account this side of Christmas to get the best out of them. Should the value drop after Brexit and I don't get a visa I can move it back will still be better off. If the pounds doesn't drop I will be about the same. I am wondering what people think about this please? Am I on the right track do you think? Thanks Not necessarily. Firstly there are other factors at play - not just Brexit. Current political turmoil in Australia could impact the AUD for instance and Trump is an unpredictable wildcard potentially throwing many spanners in the works with wide-ranging effects. If, by some miracle, the UK and EU can reach some mutually beneficial agreement on future trade - or at least succeed in ‘kicking the can down the road’ until 2020 then this is likely to cause the GBP to rally a little as the markets are currently probably factoring in a chance of a really poor outcome. I am busy divesting any UK assets I can currently and moving it to AUD. 1.76 is historically a poor rate but the risks are great for a poor outcome and the long term outlook for the GBP would then be bad. 1 Quote Link to comment Share on other sites More sharing options...
can1983 Posted August 23, 2018 Share Posted August 23, 2018 impossible to say, I'm in the same position though wont have the funds from selling in the UK until November at least. If you look at the 1,2,5 and 10 year average rate its 1.70 so actually now is a slightly better than average time Currently Brexit is actually stabilising the rate at around 1.75. Nobody knows what is going to happen until it does happen is my feeling. Every time there is some announcement on brexit the rate doesn't change. It used to be that if Teresa coughed I lost $10,000 dollars potentially now an announcement saying that the EU don't think any trade deal will happen and the rate stays unmoved. UK interest rates went up - nothing happened. The main change recently is the aus pm debacle. That's improved the rate Quote Link to comment Share on other sites More sharing options...
Gbye grey sky Posted August 24, 2018 Share Posted August 24, 2018 2 hours ago, can1983 said: impossible to say, I'm in the same position though wont have the funds from selling in the UK until November at least. If you look at the 1,2,5 and 10 year average rate its 1.70 so actually now is a slightly better than average time Currently Brexit is actually stabilising the rate at around 1.75. Nobody knows what is going to happen until it does happen is my feeling. Every time there is some announcement on brexit the rate doesn't change. It used to be that if Teresa coughed I lost $10,000 dollars potentially now an announcement saying that the EU don't think any trade deal will happen and the rate stays unmoved. UK interest rates went up - nothing happened. The main change recently is the aus pm debacle. That's improved the rate Don’t be fooled by simply comparing the GBP with the AUD. The GBP is falling again as the markets keep assessing the increasing risk of the UK crashing out with no trade and customs deal with their largest trading partner. It is getting close again to 1.10 to the Euro and back down significantly against the USD. Australian political issues are masking this for us but these may be very short-lived by comparison with anything thrown up from Brexit. The UK increased interest rates and inflation is rising again. Both are positive factors for the GBP which are helping to mitigate the downside elements for now too. Hope you will fare ok for November. I once would have found it hard to believe that there would not be more certainty by then but given that May and the government are seeming in a perpetual game of buying more time while hoping for some inspiration the will they-won’t they farce could go on into the New Year. Quote Link to comment Share on other sites More sharing options...
can1983 Posted August 24, 2018 Share Posted August 24, 2018 23 minutes ago, Gbye grey sky said: Don’t be fooled by simply comparing the GBP with the AUD. The GBP is falling again as the markets keep assessing the increasing risk of the UK crashing out with no trade and customs deal with their largest trading partner. It is getting close again to 1.10 to the Euro and back down significantly against the USD. Australian political issues are masking this for us but these may be very short-lived by comparison with anything thrown up from Brexit. The UK increased interest rates and inflation is rising again. Both are positive factors for the GBP which are helping to mitigate the downside elements for now too. Hope you will fare ok for November. I once would have found it hard to believe that there would not be more certainty by then but given that May and the government are seeming in a perpetual game of buying more time while hoping for some inspiration the will they-won’t they farce could go on into the New Year. I have pounds and need AUD quite frankly if one pound buys 5 us cents or half a euro cent I couldn't care less so long as it buys as close as possible to AUD 2 Quote Link to comment Share on other sites More sharing options...
Gbye grey sky Posted August 24, 2018 Share Posted August 24, 2018 4 minutes ago, can1983 said: I have pounds and need AUD quite frankly if one pound buys 5 us cents or half a euro cent I couldn't care less so long as it buys as close as possible to AUD 2 I am in the same position as you. I am liquidating what I can over the next few weeks but most of my money is trapped in GBP for the longer term. My point was that Brexit is actually harming the GBP - it is not stable. I have held on selling as I did not need to bring over any money until next year however if my actions are a yardstick then others will increasingly do the same. More selling than buying reduces a currency’s value. The AUD has been weakened this week due to current political uncertainty but is more likely to bounce back once the dust settles. Can’t see the dust settling on the Brexit fiasco for some time so if the GBP falls dramatically against the USD and the Euro it will do likewise against the AUD. Just my opinion of course but for the first time in a while I have concluded that the downside risks exceed the possible upside. Quote Link to comment Share on other sites More sharing options...
JetBlast Posted August 24, 2018 Author Share Posted August 24, 2018 Thanks for the comments everyone. Quote Link to comment Share on other sites More sharing options...
JetBlast Posted October 6, 2018 Author Share Posted October 6, 2018 I thought I would post this for anyone Interested. The GBP to AUD exchange rate is the highest it has been in over 2 years. It is currently £1 = $1.859. I have just moved some funds over because of this. Quote Link to comment Share on other sites More sharing options...
Gbye grey sky Posted October 6, 2018 Share Posted October 6, 2018 Yes, the AUD has been weakened by a flight of capital over to the USD. I have been so concerned with potential weaknesses in the GBP I overlooked the potential AUD downward pressures. As US interest rates rise, if AUssie interest rates remain depressed the AUD will fall further. Quote Link to comment Share on other sites More sharing options...
Jellica Posted October 10, 2018 Share Posted October 10, 2018 Hi Jetblast, I am thinking along the same lines as you ... Just wondering what Bank accounts I can open in Oz but from the UK that allow withdrawals as well as depositsThe ones I've looked at allow you to deposit money but then need you to go to Oz with ID to be able to withdraw funds and Im thinking worst case scenario and we dont get the Visa then my money will be stuck in Oz! I suppose we could still go for a holiday to release them! Quote Link to comment Share on other sites More sharing options...
Judy Posted October 10, 2018 Share Posted October 10, 2018 1 hour ago, Jellica said: Hi Jetblast, I am thinking along the same lines as you ... Just wondering what Bank accounts I can open in Oz but from the UK that allow withdrawals as well as deposits The ones I've looked at allow you to deposit money but then need you to go to Oz with ID to be able to withdraw funds and Im thinking worst case scenario and we dont get the Visa then my money will be stuck in Oz! I suppose we could still go for a holiday to release them! Try HSBC and when you are registered for Internet banking you can transfer money either way. Be careful with the interest which will be taxable in the UK. 1 Quote Link to comment Share on other sites More sharing options...
Davo453 Posted October 10, 2018 Share Posted October 10, 2018 1 hour ago, Judy said: Try HSBC and when you are registered for Internet banking you can transfer money either way. Be careful with the interest which will be taxable in the UK. Any idea what margin HSBC charge when doing that? I can't seem to find any info on it. Quote Link to comment Share on other sites More sharing options...
Judy Posted October 10, 2018 Share Posted October 10, 2018 37 minutes ago, Davo453 said: Any idea what margin HSBC charge when doing that? I can't seem to find any info on it. Last week HSBC was 1.820232, moneycorp was 1.8192 and currencyfair 1.8380 but with a 4 aud fee. Quote Link to comment Share on other sites More sharing options...
Davo453 Posted October 10, 2018 Share Posted October 10, 2018 (edited) 26 minutes ago, Judy said: Last week HSBC was 1.820232, moneycorp was 1.8192 and currencyfair 1.8380 but with a 4 aud fee. Thank you for the reply what was the spot rate when you got those quotes? for example https://www.poundsterlinglive.com/ (my favourite site) is as of today quoting a spot rate of 1.8548 Need that to work out the margin percentage you see. I'll drop into my local branch and ask them about it anyway. Edited October 10, 2018 by Davo453 Quote Link to comment Share on other sites More sharing options...
JetBlast Posted October 10, 2018 Author Share Posted October 10, 2018 (edited) I use HSBC as well. The rates are better than Money Corp and it is dead easy to use. I opened the account years ago from my HSBC branch in the UK. Edited October 10, 2018 by JetBlast 1 Quote Link to comment Share on other sites More sharing options...
Judy Posted October 10, 2018 Share Posted October 10, 2018 5 hours ago, Davo453 said: Thank you for the reply what was the spot rate when you got those quotes? for example https://www.poundsterlinglive.com/ (my favourite site) is as of today quoting a spot rate of 1.8548 Need that to work out the margin percentage you see. I'll drop into my local branch and ask them about it anyway. I did check the rate on yahoo finance but can't find where I made a note of it. Sorry 1 Quote Link to comment Share on other sites More sharing options...
Jellica Posted October 11, 2018 Share Posted October 11, 2018 Thanks guys, off to HSBC tomorrow :) Quote Link to comment Share on other sites More sharing options...
Slean Wolfhead Posted October 13, 2018 Share Posted October 13, 2018 If I had an HSBC Everyday Global account applied for from Australia, can somebody in the UK transfer to this account over the counter to a UK sort code and account number? If i had one of these accounts, could i transfer directly to a UK bank account without needing BIC or SWIFT numbers? Quote Link to comment Share on other sites More sharing options...
JetBlast Posted October 13, 2018 Author Share Posted October 13, 2018 If I had an HSBC Everyday Global account applied for from Australia, can somebody in the UK transfer to this account over the counter to a UK sort code and account number? If i had one of these accounts, could i transfer directly to a UK bank account without needing BIC or SWIFT numbers?I have a HSBC standard account in Australia and HSBC Advance in the UK. I can transfer between accounts instantly online, phone or in person. 1 Quote Link to comment Share on other sites More sharing options...
Pastmybest Posted December 1, 2018 Share Posted December 1, 2018 I'd expect both the euro and particularly the pound to lose some of their value for a while. Quote Link to comment Share on other sites More sharing options...
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