2tigers Posted April 10, 2009 Share Posted April 10, 2009 Check out the exchange rates if you want to send $ back home, its the highest its been in 10 years! I've changed mine through Ozforex and I'm laughing all the way to the bank! Link to comment Share on other sites More sharing options...
Guest Tim Posted April 11, 2009 Share Posted April 11, 2009 Looks like its a good time then - not so good the other way tho :-( Link to comment Share on other sites More sharing options...
PommyPaul Posted April 11, 2009 Share Posted April 11, 2009 i bought my mums birthday pressie through amazon.co.uk using my aussie visa, bonus gutted for everone wanting to excahnge the other way though!!! i know how you feel i only got something silly like 2.02 for half my funds Link to comment Share on other sites More sharing options...
Guest Tim Posted April 11, 2009 Share Posted April 11, 2009 i bought my mums birthday pressie through amazon.co.uk using my aussie visa, bonus gutted for everone wanting to excahnge the other way though!!! i know how you feel i only got something silly like 2.02 for half my funds Now theres a good idea - Do you think I could buy all my xmas pressies now and then tell them to deliver in December? Link to comment Share on other sites More sharing options...
PommyPaul Posted April 11, 2009 Share Posted April 11, 2009 hehe worth a try.... when you buy from amazon.co.uk though you can have the item gift wrapped and add a message online and then have it delivered to one address and the invoice to another! edited to say... in the message i said.. happy birthday mum lots of love pommypaul ps.. don't open till you're birthday her birthdays a few weeks away lol Link to comment Share on other sites More sharing options...
andyhus Posted April 11, 2009 Share Posted April 11, 2009 Why change your money from £ to $ now, wait until the rate changes for the better. I am going to change my dollars back to £ then wait until rate changes then change back. Money for nothing. If it goes up to 2.28 from 2.08 then you get over $9500 for every $100000 you do. Link to comment Share on other sites More sharing options...
Quoll Posted April 11, 2009 Share Posted April 11, 2009 Yes its really good being on holiday in UK at the moment. I just took 8 people out to lunch and did much better than I would have in Aus! Link to comment Share on other sites More sharing options...
Mongrel Posted April 11, 2009 Share Posted April 11, 2009 Yes its really good being on holiday in UK at the moment. I just took 8 people out to lunch and did much better than I would have in Aus! wetherspoons pint and a meal jobby Lol Link to comment Share on other sites More sharing options...
Guest London Girl Posted April 11, 2009 Share Posted April 11, 2009 Why change your money from £ to $ now, wait until the rate changes for the better. I am going to change my dollars back to £ then wait until rate changes then change back. Money for nothing.If it goes up to 2.28 from 2.08 then you get over $9500 for every $100000 you do. If you have money and know what you are doing there are a lot of opportunities right now. Economists predict the GDP could go as low as 2.5 even some say 2.9 %. If this happens the pound could go down more. Some companies benefit from the fall of the pound such as Glaxo with overseas exports. If you have money now is a good time for using it to make more and currency is a good way to do this but I would say to not assume that the pound will rise, it could also fall. It will only take another negative result on the GDP to do that. Link to comment Share on other sites More sharing options...
andyhus Posted April 11, 2009 Share Posted April 11, 2009 If you have money and know what you are doing there are a lot of opportunities right now. Economists predict the GDP could go as low as 2.5 even some say 2.9 %. If this happens the pound could go down more. Some companies benefit from the fall of the pound such as Glaxo with overseas exports. If you have money now is a good time for using it to make more and currency is a good way to do this but I would say to not assume that the pound will rise, it could also fall. It will only take another negative result on the GDP to do that. Thanks thats the problems i have a bit of money but haven't got a clue on what i am doing!! But that goes for most areas of my life!! It does all seem to fall into place. I have tried to find what effects the $ to £ by comparing £ to $USA but all tooo confusing for me i'm afraid. I will look into the GDP and see if i can work it out, Basically its a gamble, abit like coming to Aus! Link to comment Share on other sites More sharing options...
Guest London Girl Posted April 11, 2009 Share Posted April 11, 2009 Thanks thats the problems i have a bit of money but haven't got a clue on what i am doing!! But that goes for most areas of my life!! It does all seem to fall into place.I have tried to find what effects the $ to £ by comparing £ to $USA but all tooo confusing for me i'm afraid. I will look into the GDP and see if i can work it out, Basically its a gamble, abit like coming to Aus! Hi Andy, I am no expert in it either but know a bit about this stuff because I have traded currency in the past. GDP stands for Gross Domestic Product which is what measures how good the economy is and also what indicates whether a country is in recession or not. So if the GDP for UK contracts by a certain amount for a period of time compared to other times that determines whether a country is in a recession or not. What happened with the UK is the GDP declined by 1.6% and economists still predict further declines in the next quarter so if that happens the pound could go down further. Like I said I am not expert at all and all of this is a waiting game and a risk too because if you invest all of your money on something and then all of a sudden the pound goes up in value or down in value you could win or lose. There are accounts out there that do multi currency so you can switch them as soon as you see a change or when you are comfortable. A lot of people make a career out of it and do make a lot of money but there is always risk attached, although I do think it is quite low with currency compared to shares but that is a personal opinion. Link to comment Share on other sites More sharing options...
Guest London Girl Posted April 11, 2009 Share Posted April 11, 2009 Andy have a read of this link below it will give you an idea. UK GDP declines by 1.6% in 4th Quarter. Pound Sterling mixed in Forex Trading. | CountingPips.com | Currency Trading Blog | Forex Blog Fx News Link to comment Share on other sites More sharing options...
andyhus Posted April 12, 2009 Share Posted April 12, 2009 Thanks to the above i will look into this. What i do know is if i change it back now i get about £2000 more than i ever changed up have lived here for over 3 months brought a new car and have about $40000 left in the bank. Not had an income for 4 months either. i watched the exchange rate all last year and caught the blip at end Oct/Nov. I am not a gambler soI don't do these things lightly, I appreciate your responses enormously. Link to comment Share on other sites More sharing options...
Guest London Girl Posted April 12, 2009 Share Posted April 12, 2009 Thanks to the above i will look into this. What i do know is if i change it back now i get about £2000 more than i ever changed up have lived here for over 3 months brought a new car and have about $40000 left in the bank. Not had an income for 4 months either. i watched the exchange rate all last year and caught the blip at end Oct/Nov. I am not a gambler soI don't do these things lightly, I appreciate your responses enormously. Andy, Quite agree it is not to be taken lightly making these decisions. One thing that I also wanted to add is that Australia is not "officially" in recession at the moment, the next results could well be different I think everyone thinks that the next results will indicate that Australia is officially in recession. If that happens then the dollar could be weakened in its strength against the pound so the exchange rate may not be so good at that time, nobody can predict exactly what will happen but it is a very real possibility. I see that the pound dropped again today, if I had money to convert at the moment I would probably do it now based on the not knowing what will happen to the dollar when the next announcement comes. Australia has fared better than most of the world so far in this recession though but it does not mean it will continue that momentum. Wish I had a crystal ball but then if I did I would not of come to Australia, sorry had to put that one in. Good luck Andy with your decision. Link to comment Share on other sites More sharing options...
andyhus Posted April 12, 2009 Share Posted April 12, 2009 I assume that if both GDP fall at say 2% the exchange rate would stay the same?? Personally i think UK is a bit further in to the recession than Aus, But i don't think Aus will suffer quite so bad??? The question i have to ask myself is do i don't i do i don't i !!!!! Link to comment Share on other sites More sharing options...
Guest BobandLynne Posted April 13, 2009 Share Posted April 13, 2009 Hi One thing I want to add is, when sending $10,000 into OZ, the OZ tax man will be informed and if you send money back and forth there will be a tax implication. I think Capital Gains. Link to comment Share on other sites More sharing options...
Guest snow white Posted April 13, 2009 Share Posted April 13, 2009 is it just the case if you move $10,000 in one go then the tax man will be informed am i better to move it in stages under the $10,000 amount each time??? also if im being offered 2.07 is it worth moving a large amount or hanging on???? i have a feeling it is likely to start dropping again and im wondering whether to jump now and just take the $2.07 any ideas welcomed lesley Link to comment Share on other sites More sharing options...
andyhus Posted April 13, 2009 Share Posted April 13, 2009 Why take it out of Aus, you can set up a foreign currency account i have one with NAB so it all stays within Aus, i hope less questions then!! I also assumme that if i do change it then back again i will pay tax on the increase i have made as it will be income??? I am going to ask an accountant (mates mate) if he knows. Knowing queensland i will need some sort of license, then have to be a trainee for a year before they allow me to do this!! only joking Link to comment Share on other sites More sharing options...
Guest London Girl Posted April 13, 2009 Share Posted April 13, 2009 Why take it out of Aus, you can set up a foreign currency account i have one with NAB so it all stays within Aus, i hope less questions then!! I also assumme that if i do change it then back again i will pay tax on the increase i have made as it will be income??? I am going to ask an accountant (mates mate) if he knows.Knowing queensland i will need some sort of license, then have to be a trainee for a year before they allow me to do this!! only joking You are right that if you have a dual currency account in Australia and any money you make on it you are liable for tax on any profits which are seen as income. This is a bit more complex but is one of the accounts that I have, if you have an offshore account but your money is in Australia, you are not liable to tax in Australia only in the country of of the account. So say you have an offshore account in the chanel islands, you are liable for the tax of that island, etc. I have had that sort of account for years, I am not sure of what the situation is with setting one up now, it has to be legal and there are various anti money laundering laws that you have to abide to. Link to comment Share on other sites More sharing options...
Guest London Girl Posted April 13, 2009 Share Posted April 13, 2009 I assume that if both GDP fall at say 2% the exchange rate would stay the same?? Personally i think UK is a bit further in to the recession than Aus, But i don't think Aus will suffer quite so bad??? The question i have to ask myself is do i don't i do i don't i !!!!! Andy there are so many factors involved with the GDP falling, you would have to be an economist to really understand it all but interest rates, policy changes, war, etc all have an impact on things. Also if investors dont trust doing trade with a country for whatever reason that can affect changes and fluctuations. I agree with you that the UK is further in the recession than Australia right now, however if you really look at it, the last announcement made re the australian economy is that there was a bigger than expected decline in growth and two consequetive results like that will take the country into recession. What level of recession nobody knows until it is announced but the recent announcement on job losses in March was distrubing news, expected but higher than expected. So think about it, is it possible that the next announcement on the economy could be just as surprising. We are on a roller coaster right now with the economy globally and nobody knows what to expect. Only you know whether you should or shouldn't do currency changes but one thing I will say, make sure you know everything there is to know if you are doing currency changes on large amounts of money. If you are going back to England now though, much better position than people coming out to OZ in the currency world. Link to comment Share on other sites More sharing options...
Guest London Girl Posted April 13, 2009 Share Posted April 13, 2009 Re currency accounts You can get currency accounts where you minimize your risk on exchanging currency. There are options available, speak to your broker about the options because there might be something that makes you feel more comfortable with doing it. Link to comment Share on other sites More sharing options...
Recommended Posts
Archived
This topic is now archived and is closed to further replies.