Is there a best time of day to transfer money - Best Exchange rate?

[richard300]

So, i missed the boat earlier in the month, when the exchange rate was 1.980 and it seems to have slumped now to 1.850 (Based on what Moneycorp are offering)....

 

Really need to think about transferring funds from UK to Australian bank account, but with several tens of Thousands of pounds i want to make sure i am getting the very best exchange rate...

 

I know its all going to speculation.... but are there any educated guesses as to if the exchange rate is going to climb, dip remain the same over the next week?

Is there a best time to try and lock in a deal.... when uk market opens, or AU market opens etc or other times of the day - Please state if were talking UTC or local times?

 

Many Thanks.

[snifter]

My hubby just uses HiFX and keeps an eye on the rate on and off and then goes for it when it hits a rate he is happy with. No set time as it can change at any time depending on where you are.

 

We pay no fees, get a good rate as transferring over a certain amount and its from our UK bank account to theirs, then their Aus account to our Aus account at the other end, helping keep the fees out of the equation. Its all legit and we've never had any issues.

[NicF]

If you open accounts with several exchange places you can play them off against each other. Call one and see what exchage rate they offer then call another and see if they can beat it. When exchanging large amounts of funds the forex companies will have a bit of flexibility in the rate they can offer. We got a better rate with Moneycorp just by asking if they could do better when they told us the rate they would give us.

[John from Moneycorp]

So, i missed the boat earlier in the month, when the exchange rate was 1.980 and it seems to have slumped now to 1.850 (Based on what Moneycorp are offering)....

 

Really need to think about transferring funds from UK to Australian bank account, but with several tens of Thousands of pounds i want to make sure i am getting the very best exchange rate...

 

I know its all going to speculation.... but are there any educated guesses as to if the exchange rate is going to climb, dip remain the same over the next week?

Is there a best time to try and lock in a deal.... when uk market opens, or AU market opens etc or other times of the day - Please state if were talking UTC or local times?

 

Many Thanks.

 

It could be worth discussing with your Moneycorp Account Manager the different ways you can buy your currency - you can, for example, set a target exchange rate and if it hits these levels we can automatically buy your dollars (or just give you a call to let you know).

 

Or you could lock into the rate when it reaches a favourable level too.

 

Thanks

 

John