martincburgess Posted July 18, 2009 Share Posted July 18, 2009 Hi all, Anyone had recent experience in using a currency broker to transfer funds from the UK to Oz. Any good or bad experiences. Also any clues (finger in the air job?!) of where the exchange rate will be going. I fear the exchange rate for Brits is only likely to get worse over the coming year or so. Martin Link to comment Share on other sites More sharing options...
nik_kershaw Posted July 18, 2009 Share Posted July 18, 2009 we used to use something called TNTforex, it was advertised in a magazine in London for aussies called TNT. They have reasonable exchange rates, better than travelex etc and charge £7 per transaction, no matter how much up to £10k I think. As for exchange rates, they have been all over the place, I remember last year when you could get about $2.5 to the £1, no more sadly but it seams to have stuck around the $2 mark for a while Link to comment Share on other sites More sharing options...
Les Avalook Posted July 19, 2009 Share Posted July 19, 2009 Hi all, Also any clues (finger in the air job?!) of where the exchange rate will be going. I fear the exchange rate for Brits is only likely to get worse over the coming year or so. Martin Only thing that is certain is they change. Next point is we all always remember the high spot even if it only lasted a few days and the brokers were so busy many could not trade. For most of last spring and summer the rates were close to what we are getting now, they only really moved to peak in mid autumn and have dropped back to last summers lows now. So many things affect the rate that no one could give any advice as to what to do. Just do what lets you sleep best at night, keep it all in the UK until the last possible moment and then exchange and never look back, open an Oz bank account now and send a lump sum each month, or prebook a rate and hope that it will hit within your time frame. We all wish it would improve but as you say what is the UK doing to improve sterling? Link to comment Share on other sites More sharing options...
Guest PhilBen Posted July 20, 2009 Share Posted July 20, 2009 There is a good chance GBP-AUD will get worse over the comming weeks/months a forward may be an option to protect you in the market (if you are buying AUD) Link to comment Share on other sites More sharing options...
Guest francis Posted July 22, 2009 Share Posted July 22, 2009 I would be surprised if the rate went much below 2 from what i've read there is alot of support for the pound there, i would agree with les avalook in that you can ignore when things went crazy last year, that was a freak event, it is unlikely to see it above 2.10 for a while. In terms of Brokers, I have used a and spoken to a few in the past and currently use www.cornhillfx.com i've found them to be really helpful in explaining things and they have always given me a great rate compared to the others. Link to comment Share on other sites More sharing options...
Guest PhilBen Posted July 22, 2009 Share Posted July 22, 2009 I would be surprised if the rate went much below 2 from what i've read there is alot of support for the pound there, i would agree with les avalook in that you can ignore when things went crazy last year, that was a freak event, it is unlikely to see it above 2.10 for a while. In terms of Brokers, I have used a and spoken to a few in the past and currently use www.cornhillfx.com i've found them to be really helpful in explaining things and they have always given me a great rate compared to the others. You have to remember that the UK is in a very bad way, far worse than most people think.Australia is in a very good position due to commodities etc. If the UK Debt does go to 100% of GDP which it looks like, then GBP-AUD will go below 2. UK has no manufacturing, a service related industry that is on it's knees and NOTHING to bring us out of recession other than printing money, and that won't work!! Link to comment Share on other sites More sharing options...
Guest francis Posted July 22, 2009 Share Posted July 22, 2009 You have to remember that the UK is in a very bad way, far worse than most people think.Australia is in a very good position due to commodities etc. If the UK Debt does go to 100% of GDP which it looks like, then GBP-AUD will go below 2.UK has no manufacturing, a service related industry that is on it's knees and NOTHING to bring us out of recession other than printing money, and that won't work!! That is an overly negative view, whilst what you say is true, this is the reason why rates are so low at the moment. We already know this information, so it is reflected in the current rate. The markets are moved by expectations or surprises. Apart from public sector finances there has been some minor green shoots form the UK recently. Granted the commodity currencies are strong, but how much further will they go, especially if there are more global issues, you will seethe AUD weaken shaply Link to comment Share on other sites More sharing options...
Les Avalook Posted July 22, 2009 Share Posted July 22, 2009 With £1 = $2 becoming the norm there is just as much chance it will see $1.90 or less as it will hit $2.10 or more. Also with Oz base rate at 6 times the UK's rate that is going to hold down the exchange rate. Link to comment Share on other sites More sharing options...
Guest francis Posted July 22, 2009 Share Posted July 22, 2009 With £1 = $2 becoming the norm there is just as much chance it will see $1.90 or less as it will hit $2.10 or more. Also with Oz base rate at 6 times the UK's rate that is going to hold down the exchange rate. Sorry Les, but there isnt actually. Whilst im not a pro i do spreadbet on FX so i like to keep up to date on information. There are technical level in FX Markets, the current wide range in 2.00-2.0860, whenever we break 2.00 there is alot of buying interest in the pound Link to comment Share on other sites More sharing options...
Les Avalook Posted July 22, 2009 Share Posted July 22, 2009 Sorry Les, but there isnt actually. Whilst im not a pro i do spreadbet on FX so i like to keep up to date on information. There are technical level in FX Markets, the current wide range in 2.00-2.0860, whenever we break 2.00 there is alot of buying interest in the pound As I still need to buy Oz $s I do hope you are right and not me.:yes: Link to comment Share on other sites More sharing options...
Guest PhilBen Posted July 23, 2009 Share Posted July 23, 2009 Sorry Les, but there isnt actually. Whilst im not a pro i do spreadbet on FX so i like to keep up to date on information. There are technical level in FX Markets, the current wide range in 2.00-2.0860, whenever we break 2.00 there is alot of buying interest in the pound Hi Francis, we seem to do a lot of talking to each other!! Yes there are key levels and 2.00 is yet to be broken with any conviction. But as you know fx is not a exact science and no one really knows until after the event. 50% of analysts say one thing 50% say the opposite. The one thing I would say however I have worked in the finance industry for many years and what will let the UK down most of all, is the bubble the UK governments have built of a service related industry and no manufacturing. With massive UK debt and no way of working our way out of recession breaking the 2.00 is very possible and that's not being negative, just being realistic to how much mess the UK is in. Of course I want GBP-AUD to go back up, but short to mid term I can't see that happening. Link to comment Share on other sites More sharing options...
Guest francis Posted July 23, 2009 Share Posted July 23, 2009 I see you point and don't wish to appear to be an 'ostrich'. There is always a chance of anything happening in the markets as you said, but i still veer toward slightly stronger! Link to comment Share on other sites More sharing options...
Guest arthurdiane1960 Posted July 24, 2009 Share Posted July 24, 2009 hI ALL IV BEEN READING YOUR POST WITH INTEREST AND THOUGHT ID ADD MY 2 CENTS IN... I WAS ON ANOTHER WEB FORUM AND SOMONE RECCOMENDED A WEBSITE CALLED CURRENCYFINDER.CO.UK FOR SHIPPING RATES BUT I KNOW THEY DO CURRENCY TOO LIKE COMPARISION SITES. WERE NOT READY TO WORRY ABOUT MONEY YET SO IF ANY ONE ELSE USES IT PLEASE TELL US HOW YOU GET ON.. HOPE IT HELPS ARTHUR & DIANE Link to comment Share on other sites More sharing options...
KIRK AND CO Posted July 24, 2009 Share Posted July 24, 2009 You have to remember that the UK is in a very bad way, far worse than most people think.Australia is in a very good position due to commodities etc. If the UK Debt does go to 100% of GDP which it looks like, then GBP-AUD will go below 2.UK has no manufacturing, a service related industry that is on it's knees and NOTHING to bring us out of recession other than printing money, and that won't work!! uk is on the up in my bubble opinion because i have never had two months back to back with the same figures for a one man band £10,000 per month even in the good time it did not happen. Link to comment Share on other sites More sharing options...
Guest PhilBen Posted July 27, 2009 Share Posted July 27, 2009 hI ALL IV BEEN READING YOUR POST WITH INTEREST AND THOUGHT ID ADD MY 2 CENTS IN... I WAS ON ANOTHER WEB FORUM AND SOMONE RECCOMENDED A WEBSITE CALLED CURRENCYFINDER.CO.UK FOR SHIPPING RATES BUT I KNOW THEY DO CURRENCY TOO LIKE COMPARISION SITES. WERE NOT READY TO WORRY ABOUT MONEY YET SO IF ANY ONE ELSE USES IT PLEASE TELL US HOW YOU GET ON.. HOPE IT HELPS ARTHUR & DIANE Hi Arthur and Diane,Depending on your timescale it would pay to at least look sooner rather than later. With my clients the sooner they contact, I can work with them to set about getting them a good rate of exchange. You also have different types of contracts to get you a better rate. Some people do leave it until the last moment and have no other option but to take a poor rate. Comparison sites won't tell you who is going to give you the best rate or the best service due to the way the FX Brokers work. You need to talk to one or two brokers and ask as many questions as you can. Only transfer if you feel happy with what the broker is saying. One big tip always know what the live rates are. This stops them from taking massive margins from you. If you need any more help or advice, please feel free to ask Link to comment Share on other sites More sharing options...
up4answers Posted July 27, 2009 Share Posted July 27, 2009 we've always used HiFX, always been very smooth Link to comment Share on other sites More sharing options...
Guest snowler Posted August 10, 2009 Share Posted August 10, 2009 $1.98 and falling like a stone. Any further predictions? Link to comment Share on other sites More sharing options...
Guest francis Posted August 10, 2009 Share Posted August 10, 2009 well, there should be some support here, the move is all down to much better than expected US employment figures out on friday. I think its important not to panic, but it is very worrying!! Link to comment Share on other sites More sharing options...
Guest Cane Family Posted August 10, 2009 Share Posted August 10, 2009 Just for info i am checking HiFX and UKforex each day and there has been a steady decline ove the past few days, At the beginning of July i got 2.08 for my £5K i am now looking to move another £5K but on thursday last week it peaked at 1.998 and today we are looking at 1.9555 Is this going to go any lower i ask........ So i will keep tracking and see but Regards Steve Link to comment Share on other sites More sharing options...
Guest francis Posted August 10, 2009 Share Posted August 10, 2009 1.9550 seems pretty low, the market is a long way above that at the moment Link to comment Share on other sites More sharing options...
Guest Cane Family Posted August 10, 2009 Share Posted August 10, 2009 1.9550 seems pretty low, the market is a long way above that at the moment Well both UKforex and HiFx are offering that on £5000. The interbank rate was today 2.0002 Regards Link to comment Share on other sites More sharing options...
Guest francis Posted August 11, 2009 Share Posted August 11, 2009 more bad news this morning, below 1.97 now:arghh: i still think to be quoting 1.9550 yesterday was pretty low, might be worth you shopping around a it! Link to comment Share on other sites More sharing options...
Guest Cane Family Posted August 11, 2009 Share Posted August 11, 2009 where are you looking francis?? Link to comment Share on other sites More sharing options...
Guest Cane Family Posted August 11, 2009 Share Posted August 11, 2009 Both HiFx and Currencyonline are quoting approx 1.943 thisd morning, HiFx is free for transfers currencyonline charge £12, UKforex 1.904 Link to comment Share on other sites More sharing options...
Guest Cane Family Posted August 11, 2009 Share Posted August 11, 2009 all below 1.94 now, LOL Link to comment Share on other sites More sharing options...
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