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dferri2000

£ to AUD at a 2 year high

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Just a note for anyone out there with money in the UK and wanting to bring it over to Oz - you may want to check out today's rates...

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I think it's closer to a 2 month than 2 year high :wink:

 

but yes, going in the right direction now!


She'll be right!

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you mean you get more AUD per british pound ?

 

I was watching relocation down under & 2 years ago the couple had 468K pounds (around that amount anyway) & it was worth 1 million AUD. Checked the conversion & 2 weeks ago about 460 was only worth 700 aud :(

 

does anyone think it will creep back up to what it was a couple of years ago ?

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It has rocketed up this week, due to all the turmoil, but whether it lasts is anyone's guess.


I want it all, and I want it now.

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Guest Guest31881

When i came here two years ago we were just dropping below $2 to the £ and i thought it would stabilize at that.... well how wrong was I :laugh:.

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does that mean if you had bought when you moved over 2 years ago you'd be quids in then ? gawds, i'm really not a thick person although maths ISNT my bag but bloomin exchange rates etc confuses me easily.

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Guest JamieandMel

Thanks for that going in the right direction at last. Can you recommend a good bank to set up an account from the uk to australia before we go?

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Guest stixblue
Thanks for that going in the right direction at last. Can you recommend a good bank to set up an account from the uk to australia before we go?

 

Hi

 

Yeah its quite easy to set up an Australian Bank Account from the UK. Try Westpac and follow the link.

 

Cheers Stixblue

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Possibly the most inaccurate title of a thread on this forum. :twitcy:

 

Last summer we had high $1.70s, this year we have had $1.60s.

 

Yes, you may want to check out today's rates. :wink:

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Guest siamsusie
Thanks for that going in the right direction at last. Can you recommend a good bank to set up an account from the uk to australia before we go?

 

 

NAB is excellent from the UK and have your cards and account waiting for you on arrival

 

The Commonwealth Bank is also excellent and offers migrants special deals with baggage allowances with Qantas.

 

The Westpac is also good and we receive excellent service from them here in Tasmania.

 

When you have established yourselves the Community Banks like Heritage Isle can offer you cheaper rates on car loans etc.

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Thanks for that going in the right direction at last. Can you recommend a good bank to set up an account from the uk to australia before we go?

I applied for our NAB account on Monday night, took less than 10 mins. By Thursday we had bank account number all set up, and an invite to make an appointment to get our cards when we arrive in Brisbane. Pretty efficient!


She'll be right!

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Well what a week and to cap it off the USA as finally been downgraded. The Aussie Dollar is in freefall and Futures interbank rates now believe Australian interest rates will fall 75 basis points by November, they are a 100% betting on it, also lower growth for Australia and the twin speed economy should lead to a much weaker Australian Dollar going forward IMO.

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Well what a week and to cap it off the USA as finally been downgraded. The Aussie Dollar is in freefall and Futures interbank rates now believe Australian interest rates will fall 75 basis points by November, they are a 100% betting on it, also lower growth for Australia and the twin speed economy should lead to a much weaker Australian Dollar going forward IMO.

at least oz has room to move

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at least oz has room to move

 

Agree oz has room to move it's interest rates down which would benefit manufacturing and exports through a lower dollar we shall see?

 

Also lower interest rates may keep Aussies in their houses and help all those with gigantic mortgages!

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Guest mikewheble

Hi all,

Here are the Dollar rates from January 2010 to today's rate...looks as if it's going in the right direction which is great if you are transferring cash out however, I have decided not to sell my properties and so will leave the cash here in the UK. Hope these are of some use?

 

 

2010 $

Jan 1.802

Feb 1.704

Mar 1.636

Apr 1.644

May 1.707

Jun 1.793

July 1.727

Aug 1.735

Sep 1.639

Oct 1.636

Nov 1.662

Dec 1.560

 

2011 $

Jan 1.606

Feb 1.583

Mar 1.603

Apr 1.542

May 1.540

Jun 1.513

Jul 1.502

Aug 1.581

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Guest JamieandMel

Thanks for all the info.

 

Setting up an account with NAB at the moment. All our plans are coming together well. Dog, Flights, ferry, hotels and first 4 weeks accomadation now booked. Just need to arrange a week or two's car hire and we are sorted Tassie side. Applied for a few jobs but I think we won't get much hope to we are over.

I let all my clients know last week which was wierd but exciting. Only 8 weeks before the dog flies out. :wink:

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Hi all,

Here are the Dollar rates from January 2010 to today's rate...looks as if it's going in the right direction which is great if you are transferring cash out however, I have decided not to sell my properties and so will leave the cash here in the UK. Hope these are of some use?

 

 

2010 $

Jan 1.802

Feb 1.704

Mar 1.636

Apr 1.644

May 1.707

Jun 1.793

July 1.727

Aug 1.735

Sep 1.639

Oct 1.636

Nov 1.662

Dec 1.560

 

2011 $

Jan 1.606

Feb 1.583

Mar 1.603

Apr 1.542

May 1.540

Jun 1.513

Jul 1.502

Aug 1.581

Don't forget that the rate you will see on the exchange sites are indicative only and is somewhere in between the buying and selling. So for the $1.58 rate you would get somewhere in the region of $1.56 so make sure you factor that into what you are aiming for.

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must be 2 month high. 2 years ago it was 1.8-1.9. A couple of years before that it was 2.5.......puke!


READ FIRST: please note that my posts are my own personal opinions based on my experiences. These are MY OPINIONS pure and simple, NOT a statement of fact.

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Guest guest30038

Higher unemployment figures today. The bank rate may move sooner, rather than later which impacts on the exchange rate

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Well what a week and to cap it off the USA as finally been downgraded. The Aussie Dollar is in freefall and Futures interbank rates now believe Australian interest rates will fall 75 basis points by November, they are a 100% betting on it, also lower growth for Australia and the twin speed economy should lead to a much weaker Australian Dollar going forward IMO.

 

What do you mean by much weaker?


"Nationalism is an infantile disease, it is the measles of mankind." Albert Einstein

  •  

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Given that interest rates are much higher in Australia than here in the UK, when interest rates drop in Australia it will lower the value of their currency. The reasons for doing this are compelling they are struggling to be competitive with such a high exchange rate against other currencies, just look at what's happening with Bluescope steel in Australia. Also most Aussies are loaded up on debt which now exceeds the US and they are now maxed out which is why they aren't spending. Australia escaped the recession through tripling of the first home vendor grant, lowering of interest rates from 7% to 3% and cash handouts of $970 per person in 2008/2009, coupled with stimulus measures in China and QE (money printing) in the US which is on hold at the moment.

 

What's your take on the future direction of the Aussie$

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No idea.......haven't got there yet but am struggling with the current rates.

With no change we need to change our house disposal strategy in the UK, and don't really want to take a lump of money over to OZ right now.


"Nationalism is an infantile disease, it is the measles of mankind." Albert Einstein

  •  

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No idea.......haven't got there yet but am struggling with the current rates.

With no change we need to change our house disposal strategy in the UK, and don't really want to take a lump of money over to OZ right now.

 

That really depends on how long you are prepared to wait? I disposed of my house two years ago and did not transfer my funds as I thought that $1.89 to the pound was too low!! hindsight is a great thing and two days ago after staying up until 1.30am I locked in a rate of $1.60 with Moneycorp. It all depends on your ability to stay the course. Yeah it may go back somewhat to higher levels that we all enjoyed a few years ago but it may not happen for a long time. It's also worth considering doing an early transfer and locking in a good rate here in a deposit account as it may recoup a lot of your expectations if it is locked in for a year or two.

All down to personal preferences really.

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No idea.......haven't got there yet but am struggling with the current rates.

With no change we need to change our house disposal strategy in the UK, and don't really want to take a lump of money over to OZ right now.

 

It's a tricky situation timing the move of funds at exactly the best time, I would be getting my sterling in the bank ASAP, you will make more on the exchange rate than interest should it move north from here.

 

Goldman Sachs is betting Australia to cut interest rates as is Westpac and given the pace of negative news coming out of Australia it could be before Xmas.

 

Hope this helps keep looking at events in Australia and you should be able to build up a picture of where things could be heading atb.

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