stacybird123 Posted October 29, 2008 Share Posted October 29, 2008 hi is now a good time to cash in on the current aus$? what are peoples views? at $2.50 currently, im considering excahging some gbp to aus dollars now as we have not had $2.50 for a long time, but with the gbp being one of the weakest currencies right now maybe its best to hold out even longer. Link to comment Share on other sites More sharing options...
Pingpongpom2 Posted October 29, 2008 Share Posted October 29, 2008 Hi stacybird:spinny:..we came back to Perth 2 weeks ago and cashed our gbp for $2.46 in the end..we were the same as you and wondered whether we should hold out..it's such a volatile time and we were more than happy with that rate, so decided to take it..considering a few months back it was around 2.16 we thought we should not be greedy beggars!! Tess:cute: Link to comment Share on other sites More sharing options...
stacybird123 Posted October 29, 2008 Author Share Posted October 29, 2008 just wished i had more cash to exchange, sods law a. My house is probably worth less now than what i paid for it 5 years ago. I have lost at least 40k this year on property and i want to be in aus next year so unlikely to recover this. O well at least the aus dollar helps me to re coup some. Link to comment Share on other sites More sharing options...
Guest Redaussies Posted October 29, 2008 Share Posted October 29, 2008 This is a question that really gets me and I’m always looking at the rate each day. We waited and waited back in the early Summer and the rate just kept dropping. I would have killed for a rate of $2.45 let alone $2.5, and we ended up getting just $2.05. Obviously the more you cash the bigger the loss or gain depending on the rate and how it goes. I think $2.5 is a great rate to get, and whilst their dollar is dropping, personally I can’t see it dropping a lot more than it’s at right now. Here I find the analysts they have on TV and Radio as well as the Politicians, a complete joke. They contradict each other in views, and are constantly denying the Economic credit crunch will have any effect on them. So sure in their views that their banks are the best regulated in the World and have no exposure to the sub prime US market. That’s great, but at last the fall in commodity prices and the collapse of their dollar has at last got them saying “Ah look, lets just wait and see” It’s amazed me how sure they are that Australia won’t be effected. Two weeks ago the Brisbane paper said No worries re the credit crunch and on the same day the Adelaide paper warned of hard times ahead. So really how can you judge. We were told last year that October and November would see the UK £ rise again, the guy a University professor was so accurate in his views it’s unbelievable, but we had to change when we came here back in May as we needed money then. So personally I would be happy with $2.5, but it’s your call and I wish you all the best with it. Try transferring some now and some later depending on the rate perhaps. Some may argue about a tax implication on that, but it didn’t bother me. Good luck REDDERS Link to comment Share on other sites More sharing options...
Guest jamieglaister Posted October 29, 2008 Share Posted October 29, 2008 Now is as good a time as any. There are proposed interest rates cuts coming up in both Oz and the UK. The last time this was looking likely in Oz - about 3 weeks or so ago, the GBPAUD exhange rate peaked at $2.71 - the highest in 5 years. It soon dropped shortly after but seemed to shift between $2.49 and $2.55 thereafter. As someone who has become obsessed with exchange rates recently, and needing to send around £30k over to Oz, I think that you need to look at moving this over very quickly. I would thoroughly recommend using a currency broker for this, especially if you have more than £5k to send across. Most of them are free to set up an account with and once you have sent proof of identity, you are free to go - you can even put the exchanged money in to someone else's account in Oz, if you have family or friends there who can keep hold of it until you set up your own account (Commonwealth bank offer the facility to open an Australian account in the UK, you then go to a branch in Oz when you arrive and activate - seems straightforward enough). We exhanged over £20k at $2.57 about a week ago, which was a real result. I used a broker in London called Toby Fischer (toby.fischer@voltrex.com) - totally trustworthy, reliable and efficient. He sold me $2.57 when the banks were offering $2.42 - a huge difference. Hope this helps Link to comment Share on other sites More sharing options...
Kabroom Posted October 30, 2008 Share Posted October 30, 2008 Hi Stacybird123, Have just found this post, does this mean you are still coming over? Last I read, you had changed your mind and were staying in the UK but downsizing your house? Wendy Link to comment Share on other sites More sharing options...
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