The Brand New PIO Parents Visa thread

[sandch]

I have been informed by daughter that those in Oz are predicting a decline in the strength of the Aus $ back to about 2:1 "soon", how soon that is I do not know but it is predicted not to last long before regaining it's strength back to ????.

Anyone else heard anything?

 

I'm not sure I susbscribe to that view, simply because there's no short-term prospect of UK interest rates rising. The Aussie Dollar is weakening a bit but it's mainly the US Dollar that is rising (you only have to look at sterling against the US Dollar over the past few weeks to see that).

 

We've only moved from 1.5 to 1.58 or so with all this talk of Aussie Dollar weakness. It will need an upward hike in UK interest rates or a fall in Aussie interest rates to help move the rate back towards 2:1 (or a serious global downturn but who wants that?), but we may be living in the past a bit even then. The economic balance is shifting west to east and there's talk of many years of stagnant European economies.

 

There's a lot of sense in buying currency in batches when you perceive the rate to be acceptable, which helps to even out the cost over time. If you've budgeted at say 1.5 then 1.56 looks quite good!

 

Cheers

 

Steve

[Les Avalook]

I'm not sure I susbscribe to that view, simply because there's no short-term prospect of UK interest rates rising. The Aussie Dollar is weakening a bit but it's mainly the US Dollar that is rising (you only have to look at sterling against the US Dollar over the past few weeks to see that).

 

We've only moved from 1.5 to 1.58 or so with all this talk of Aussie Dollar weakness. It will need an upward hike in UK interest rates or a fall in Aussie interest rates to help move the rate back towards 2:1 (or a serious global downturn but who wants that?), but we may be living in the past a bit even then. The economic balance is shifting west to east and there's talk of many years of stagnant European economies.

 

There's a lot of sense in buying currency in batches when you perceive the rate to be acceptable, which helps to even out the cost over time. If you've budgeted at say 1.5 then 1.56 looks quite good!

 

Cheers

 

Steve

 

Have to agree to both points of your post, all I see out here is multi billion dollar projects being planned and started to export even more goods to China and the rest of Asia, if USA and UK plus Europe go into resession and China slows down there is still so much demand in Asia that I do not see Australia getting hurt much.

 

The one point Australia has against it is affordabilty of housing as people are borrowing at very high multiables of earnings, but the Oz government are in a good postion that they can adjust their base rates up or down to help, the UK is stuck between a rock and a hard place.

 

Off to Centrelink this morning to get some help in tapping into these Oz dollars in exchange for Wanda's labour (and maybe mine:twitcy:).

 

Les

[sandch]

Welcome to Australia Les, I hope it turns out to be a good decision for you both. We're working hard to try to make it work and at least the weather is improving down here in Melbourne. Odd weather, but I'm not complaining. Our first few months were quite difficult, but except for the fact that we have to rent, we're a bit more settled now. After the initial heavy outlay for car and basic furnishings, we're pacing it - next purchase will be an elliptical-trainer to try to get back to fitness. I occasionally think of the one I already have, a large abandoned ornament in a deserted house.

Say Hi to Marmite Matt if you ever get the chance to meet up.

All the best

Steve

[sandch]

This is the sort of exchange rate curve it's good to see!

 

Heading up towards 1.6, but we've been here before not too long ago.

[KandM]

I seem to be behind your curve again Steve, I complete on a property this Friday so moved out £800k on thursday at £1.54 ready for the completion.

 

Never mind, as they say here " We have a colonial style property on acres" something that we are rather pleased about, and they did throw in the tractor to cut the grass!!!

 

I somehow think my retirement is going to be a little more energetic that I planned, still G&T's with family on the verandah watching the sun set, worth it all, so if any of you are passing by!!

 

PS, bring you own Gin!!!:biggrin:

 

K&M

[ariomart]

Hi

We arrived in Melbourne almost 6 weeks ago...last week after lots of issues from the buyers...saying they wouldnt exchange..if we didnt change the locks as we had had tenants ..,our solicitor spoke to thiers etc..,and we did exchange on Wednesday ...then complete on FRIDAY last....,we have the cash in ukforex.....YIPPEE...on saturday we put down the deposit on a house...we had had it on a hold with a $1000 deposit for the last couple of weeks..,,...we cannot afford a house on our own and our family are borrowing the extra..,but ...we are paying it off...my dh has got a job...just one day per week for now...but it will cover the mortage....our shipping leaves the uk on tuesday....arrives a week after we move in ....dh has continued with hus volunteer work with both the SES and the boat rescue squadron ..plus now driving for the op shop...I have increased my hours at the OP shop and now do full day Friday...IM also caring for my grandson on Mondays and Tuesdays....crafting get together every week on Thursdays ...our lifes are full .....so now we are watching the $ for just a couple of days ...hoping for $1.60 to exchange our house money...we have spent every penny we have and didnt have to have this life..,I said to my dh the other day..,just had a thought....we dont have enough money for our funerals ....we both laughed....,do we care....not a bit..,we have gone from being able to just book a holiday when we wanted ..,to checking the prices of a tin of beans ..,ha ha ..,and its great ..,today we are having sunday roast .,with our family...its a long haul...lots if sleepless nights....lots of tears..,,but good when a plan comes together ..

together....

 

Lovely to read your post and very reassuring. One of the positive things about getting older is realising whats important in life

Moira

[ariomart]

Hi Moira!

I guess no-one has an easy life do they?

Sorry to hear about your daughter, but you never know. The open door policy is always a good one.

When do you hope to be in Melbourne? Looks like the times are coming down and the dollar rate going up!! Long may it continue that way...........

I'll be keeping an eye on your progress1

Cheers, Pam

 

I plan to go over next August in their spring. I am going over for 2mths over xmas this year. So I am in Cheltenham Melbourne if anybody fancies meeting up.

Do you every get over there Pam

Best wishes Moira

[chudleighval]

We are sat watching the dollar...we have almost £200.000 ready to change from the sale of our house last friday....oh this increase could make a huge difference to our future life out here ...at what. Rate do we change ..,,,when the $ was at 1.50 we were going to be left pennyless and borowing ...,,we so need to get this right....fingers crossed x

[MikenSueNW3]

We are sat watching the dollar...we have almost £200.000 ready to change from the sale of our house last friday....oh this increase could make a huge difference to our future life out here ...at what. Rate do we change ..,,,when the $ was at 1.50 we were going to be left pennyless and borowing ...,,we so need to get this right....fingers crossed x

 

G'day Val

 

As Steve (sandch) advised above, the best thing would be to send some over straight away, then wait a bit and send some more – the rate you get from, say, UKForex won't be much different for £50, 75, 100k, whatever, than for £200k.

 

You'd kick yourself if you sent the lot and the rate then went higher, but you would at least partly protect yourself from the rate going lower again.

 

Don't quote me, though!!!

 

Mike

[Les Avalook]

We are sat watching the dollar...we have almost £200.000 ready to change from the sale of our house last friday....oh this increase could make a huge difference to our future life out here ...at what. Rate do we change ..,,,when the $ was at 1.50 we were going to be left pennyless and borowing ...,,we so need to get this right....fingers crossed x

 

Just did a UKForex at $1.59 which proberly means it will be $1.60 tomorrow.

 

I think I would need a G&T then. :twitcy:

[liverpoolloo]

Just spoke to a lady from Moneycorp and she mentioned opening an account with ' National Australia Bank ' as the account will not have to be validated to transfer the visa payment as they have an agreement with them although she didn't sound to sure. Just thought i would ask if anyone has used this bank, and if they did the tranfer without validating the account in oz, also if they are good? have lots of branches etc..... so many ways of doing this as you have all kindly explained, just exploring every option!! Ann:confused:

[Alan Collett]

Have a look at the Money section of this forum - the NAB are sponsors of this website.

 

Best regards.

[jtct]

I seem to be behind your curve again Steve, I complete on a property this Friday so moved out £800k on thursday at £1.54 ready for the completion.

 

K&M

 

 

We've sent £200K at £1.54 and the rest will go (at the higher rate of around 1.58 we hope) soon so we can buy a newish property after we arrive. (Sadly no-where near £800K) but as we budgeted for 1.5 and can afford something a little better than we have here we're satisfied!

 

ONE WEEK TILL WE FLY OUT TO ADELAIDE!

 

living a nomadic life with friends and family till then.

[charlie5]

Just spoke to a lady from Moneycorp and she mentioned opening an account with ' National Australia Bank ' as the account will not have to be validated to transfer the visa payment as they have an agreement with them although she didn't sound to sure. Just thought i would ask if anyone has used this bank, and if they did the tranfer without validating the account in oz, also if they are good? have lots of branches etc..... so many ways of doing this as you have all kindly explained, just exploring every option!! Ann:confused:

We have had a NAB account for several years. We opened it before moving out to Australia. Like most Australian banks they are a couple of decades behing UK ones - but that is what we love about Australia.

 

Charlie:wink:

[MikeMavis]

Just spoke to a lady from Moneycorp and she mentioned opening an account with ' National Australia Bank ' as the account will not have to be validated to transfer the visa payment as they have an agreement with them although she didn't sound to sure. Just thought i would ask if anyone has used this bank, and if they did the tranfer without validating the account in oz, also if they are good? have lots of branches etc..... so many ways of doing this as you have all kindly explained, just exploring every option!! Ann:confused:

NAB are a good bank but like all aussie accounts you cannot withdraw money untill they have seen you and your passport this is to prevent money laundering.

 

cheers mike.

[Stellathedog]

I plan to go over next August in their spring. I am going over for 2mths over xmas this year. So I am in Cheltenham Melbourne if anybody fancies meeting up.

Do you every get over there Pam

Best wishes Moira

 

G&T on the central coast from K and M, meet up in Melbourne with you Moira..........any other offers???????

 

We are visiting from beginning of November till early January, so plenty of time to take up offers!!!!

 

We will be with our daughter and family in Sydney, but will be trying to leave them on their own for a couple of days a week, although if we are needed for babysitting???????? I'm always up for that.

 

Moira, this will be my 7th time of visiting and leaving each time gets harder. Won't stop me though, until I'm too old to travel!!!!!!

 

I'm trying Singapore Airlines this time, as so many on here have said they are the best. When I booked back in January they were also the cheapest!

 

Have a wonderful holiday, and if we venture to Melbourne again, I'll give you a shout!!

 

Cheers Pam

[PhoebeW]

Just did a UKForex at $1.59 which proberly means it will be $1.60 tomorrow.

 

I think I would need a G&T then. :twitcy:

 

 

I'm good with maths and figures but not very good with this stuff :err:

 

Am I understanding right that I first of all open a UKForex account and I can then pay money into it from my 'normal bank' at any time :wacko:. So can I then open an Oz account (even if I don't live in Oz) to transfer money into as and when and if so who with a :goofy:

 

I know we are not ready to start planning to go just yet but the interest rate in Oz is much better than here :yes: so I am thinking along the lines of starting to transfer small amounts as I have it which will help with the AoS if nothing else.......HELP :swoon:

 

Phoebe

[jtct]

We paid our ASOS money into our daughter's account is we can't access our NAB account till we arrive (its earning good interest till then)

[PhoebeW]

We paid our ASOS money into our daughter's account is we can't access our NAB account till we arrive (its earning good interest till then)

 

My daughter was going to open an online account for me in her name at 6.5% with UBank but she would have had to pay tax on the interest :goofy:, they couldn't afford to do that so I'm looking for another option :yes: if there is such a thing :swoon:

 

Worst case senario is.....if for some reason we can't get into Oz we can still use it for holidays etc :biggrin:

 

Phoebe

[Durhamlad]

I'm good with maths and figures but not very good with this stuff :err:

 

Am I understanding right that I first of all open a UKForex account and I can then pay money into it from my 'normal bank' at any time :wacko:. So can I then open an Oz account (even if I don't live in Oz) to transfer money into as and when and if so who with a :goofy:

 

I know we are not ready to start planning to go just yet but the interest rate in Oz is much better than here :yes: so I am thinking along the lines of starting to transfer small amounts as I have it which will help with the AoS if nothing else.......HELP :swoon:

 

Phoebe

 

You can open a NAB account on line, we opened a current account and a internet account as it pays higher interest, and pay money in but not withdraw anything until you visit one of their branches in Oz with your passport etc and receive your bank and visa cards etc.

You can open a UKForex account as well.

 

The easiest way is then when you are happy with a exchange rate you go on line to transfer your £s from your UK bank to UKForex who will then change it into A $ and transfer it over to your Oz account, in my case the internet one.

You can not transfer funds to UKForex for them to keep in a account like a bank, they only change currencies for you.

[PhoebeW]

You can open a NAB account on line, we opened a current account and a internet account as it pays higher interest, and pay money in but not withdraw anything until you visit one of their branches in Oz with your passport etc and receive your bank and visa cards etc.

You can open a UKForex account as well.

 

The easiest way is then when you are happy with a exchange rate you go on line to transfer your £s from your UK bank to UKForex who will then change it into A $ and transfer it over to your Oz account, in my case the internet one.

You can not transfer funds to UKForex for them to keep in a account like a bank, they only change currencies for you.

 

 

Ah so Forex are not a bank as we know it??

 

So I assume you have to open a NAB account first (and can you do that with your UK address??) give Forex your NAB details, transfer money from your UK bank to there and they put it straight into your NAB account......is that right :goofy:

 

Phoebe

[jtct]

 

Worst case senario is.....if for some reason we can't get into Oz we can still use it for holidays etc :biggrin:

 

Phoebe

 

We don't plan on coming ack to the UK

 

Sure you'll make it OK - the Visa is easy compared to selling a property in the UK. The last few weeks have been the worst on this whole journey - just over 6 days to go now:biggrin: Adelaide here we come.

[Durhamlad]

Ah so Forex are not a bank as we know it??

 

So I assume you have to open a NAB account first (and can you do that with your UK address??) give Forex your NAB details, transfer money from your UK bank to there and they put it straight into your NAB account......is that right :goofy:

 

Phoebe

 

YES that's it and with your UK address.

If you have any problems opening your NAB account you can find on their web site a telephone number to ring them in London for advice.

You can also telephone UKForex if need be for advice.

You log onto your UKForex account and get real time exchange rates and when you have a rate you are happy with you order your currency and it is fixed at that rate.

You then have to transfer your UK £ to UKForex, either visit your bank and get them to do it or if you are into internet banking do it on line yourself.

UKForex then transfer the money to your NAB account

It takes a few days to reach your NAB account but the rate is fixed with UKForex from the start.

The only other point is that on line with Nationwide I can only transfer to UKForex £10,000 at a time so if I order say £30,000 worth of $ I then have to transfer three £10,000 one after the other.

David

[annalong]

Just put our house with a new estate agent today, dropped the price by one hundred and seventy thousand euro's-down to e 250,000, just about giving it away :-(

Hope somebody buys it soon.

Ann & Roy.

[Les Avalook]

My daughter was going to open an online account for me in her name at 6.5% with UBank but she would have had to pay tax on the interest :goofy:, they couldn't afford to do that so I'm looking for another option :yes: if there is such a thing :swoon:

 

Worst case senario is.....if for some reason we can't get into Oz we can still use it for holidays etc :biggrin:

 

Phoebe

 

Not just your daughter, everyone pays tax on interest. :yes:

What some people may have to watch (if they open an account with someone elses money) is if they get a benifit from the state and then have too much savings then that could be stopped.:shocked:

 

With an account in your UK name and address you will pay 10% tax on the interest earnt in a Oz account. The down side is getting access to those funds if you do not visit Oz before you need them.

 

Les