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    • 1 Post By Zako999

    Thread: Currency rate!!!!!!

    1. #1

      Exclamation Currency rate!!!!!!

      Just been looking on HSBC website to check the exchange rate, looked last week and it was 1.83, my jaw dropped!! i thought it couldnt get any lower.... my look... it DID! The exchange rate currently stands at 1.75$ to the 1. For all you guys transferring money like me... try and hold for abit to see if it goes up!
      back clan likes this.

    2. #2
      It's not looking good is it. Hopefully it will be back to normal by next Sept when we move out otherwise it will be a caravan we will be buying not a house

    3. #3

      Senior Member
      Join Date
      Feb 2009
      McLaren Vale
      133 times
      Problem is we only transfered 5k when we came over caus we thought the rate was crap at 2.10, we keep leaving the money in the Uk waiting for it to get better and the longer we hold off the worse it gets.

      Could do with a crystal ball!
      Australian Window Solutions
      uPVC Energy Efficient Double Glazing

    4. #4

      Senior Member
      Join Date
      Jun 2008
      132 times
      Good time to go to the uk for a holiday then!

    5. #5

      Senior Member
      Join Date
      May 2008
      561 times
      I am not sure if it will get stronger any time soon either, this is taken from the RBS Chief Economist report.

      The pound took centre stage last week, falling by almost five cents against the dollar and two cents against the euro to €1.09 – the lowest level since March. Meanwhile, elections in Europe brought new hope, even if not completely new governments, to Germany and Portugal. As more countries show signs of emerging from the recession, policymakers face considerable tasks balancing the books and rebalancing their economies.

      The value of the pound fell sharply against the euro and the dollar last week as comments from Bank of England Governor Mervyn King led markets to believe he favoured a weak pound.
      This would support the economy by reducing the cost in foreign currency of goods produced in the UK, helping our export sector, at the cost of increasing the price we pay for imports. Mr King made the point that a weaker pound would support a shift in resources to the export sector, and so help the economy rebalance to a more sustainable growth model, which is less reliant on consumer spending than in recent years.

      Director - Vista Financial Services - Financial Advisor and Mortgage Advisor for Poms in Adelaide - UK Pension Transfers / Financial Advice / Mortgage Advice
      Andrew@vistafs.com.au FPA & MFAA Member, Adv Dip FP www.vistafs.com.au Ph: 08 8381 7177

    6. #6
      Quote Originally Posted by covfan71 View Post
      Hopefully it will be back to normal by next Sept when we move out otherwise it will be a caravan we will be buying not a house
      Have you seen the price of caravans in Australia??? Lets just say the hold their value incredibly well, if you can ship one over it could be a good investment

    7. #7
      I was in a hotel yesterday (lucky me) they were offering $1.60 to the pound!!!

      If you convert to a rate of 1.75 at the moment things start to look rather expensive, and again this is why you need to "live the dollar" as soon as possible.

      I agree with SA, it is a great time to go back to the UK, though i reckon it may be better just before Christmas.

    8. #8
      Last October we were offered $2.55 but as the sale of our house hadn't completed we were affraid to commit to the deal and held of. Once the sale went through we changed 10,000 over at $2.34 and left the money we were going to use as a deposit for a house here in a UK bank account. When we wanted to buy in May the rate was $2.01, so we lost $16500 because we hoped it would improve.
      We changed a further $5000 at $1.98 and then last week another $6500 at $1.85. All together we have lost a small fortune. Its a gamble we took and which we lost. If you are prepared to rent long term until the rate changes then hold out,and only change enough to tide you over for me that wasn't an option as our mortgage is cheaper than the average rent.

    9. #9

      Senior Member
      Join Date
      Jul 2009
      Seacombe Heights
      32 times
      we decided not to exchange at $1.96 thinking that it would creep up...now it's down to $1.77 with 3 weeks until we fly out...trying to decide just what to do...thinking of converting just enough to tie us over initially and pray that the rate improves sooner rather than later....I've never been lucky with gambling and should have known better...just wish there was more advice/help out there with this sort of thing as it seems to be very much a case of figure it out for yourself - and unless you work in the money markets, it's all a bit of a minefield.

    10. #10
      we also lost money last year when we arrived in Aus having looked and looked at the exchange rates for months before. we decided that once it was done it was done and didnt look after that!! lol ..It is really frustrating when it goes the wrong way for you and you end up losing your hard earned cash on the day. Hope you manage to recover a little bit before you get here


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