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Has anyone had any dealings with the numerous companies offering currency exchan

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Post time 2013-7-15 09:40:23 | Show all posts |Read mode
oh and hsbc lost all my paper work for 5 months when i tried to set up an account with them, then they e.

Originally posted by loulou74
Has anyone had any dealings with the numerous companies offering currency exchange, or should we just use the Commonwealth bank?

Any advice would be greatly appreciated as have no idea of the best option. The dollar has dipped below 2. Once you have set up an account you can buy over the telephone and then send them the funds. Now is not the time to convert from £ -$.
I'm not impressed with Commonwealth.

Historically the Australian pound became 2 Australian $ in 1964. A lot depends on your timing requirement.

If you get a rate over A$2. The best advice I can give is to take a conservative view.
Not true. Chartists call the pattern since a rising wedge or triangle with resistance at $3. Much cheaper than a bank, and excellent service. The money converter (check out also Moneycorp and Halewood who offer similar services) will exchange GBP for AUD on the day you specify and hold your AUD in an interest bearing a/c until you ask them to transfer the money to your Aus AUD a/c.We had a First Direct Account in the UK and an Online Savings account in OZ.

I think your advice to hedge currency risk is good. The Asian crisis saw the rate go to $3 / 1 GBP by 1998.

If you waited until the exchange rate was better before converting, you'd be a star. Once bought they will hold it in an account and then transfer it anywhere you want. Spain no go? - Greece next on the list.68 and falling every day.

Personally I think this is just part of the regular up and down cycle.It was easy to apply for in the UK.
Sorry etlniwd, I don't think that advice is necessarily valid.

Of course, the fundamentalists would say that is all mumbo jumbo, a lot could happen in that time and the $ is equally likely go back to $2. It will pick up soon - it always does. If you waited and the rate went down you'd be a dog.

Cheers - Don
Don, thanks for the great link. If you waited and the rate went down you'd be a dog.

The GBP could easily be in for a period of sustained weakness against the AUD and NZD.6 and below NZD 3. Watch the markets on text over a few weeks/months and then call them. But if your brilliant forecasting skills turn out to be wrong and you lose the family 30% of its wealth by worsened exchange rates, how are you going to explain that to the rest of your family? This way you are neither a dog nor a star, just Mr Prudent who gets an 'average' exchange rate.

One could go real scientific and say that one should hedge (or convert) in proportion to ones certainty of spending money in another currency.all is forgiven!
Let me see if I've understood.

Hope this helps

Alison

Originally posted by etlniwd
IWatch the rates over a period of time. They only deal with stuff over £10,000 though. You can do this (ie convert now) with a forward contract, ie you don't need to have the cash available immediately (only 10% of the forward contract). Australia doesn't work out - Spain here we come.90 your winning. Until 1997 the exchange rate was about $2 / 1 GBP.
We kept an eye on what the market was doing on the Halewood site but in the end transferred the money through HSBC. Now is not the time to convert from £ -$.

I use Halewood and would recommend them.) I could buy Australian Dollars with Exchange Direct and they would transfer them to my Oz account several months later on a date I specify??
Correct.mailed me after all that time to say ok we have your stuff we can open your account of course i told them were they could stuff that account. You can do this (ie convert now) with a forward contract, ie you don't need to have the cash available immediately (only 10% of the forward contract). The rate is 2. But if your brilliant forecasting skills turn out to be wrong and you lose the family 30% of its wealth by worsened exchange rates, how are you going to explain that to the rest of your family? This way you are neither a dog nor a star, just Mr Prudent who gets an 'average' exchange rate. Many immigrants can't wait 5 or more years in the hope (I stress 'hope') that the exchange rate will improve.The world has changed recently - corporate and global funds are moving more towards a commodity-based currency (e.I still cringe having to pay bank fees on a private account over here. I realised my future really isn't in the UK so it's a bit stupid to keep too much of our family money in the GBP - a bit like acting as a currency trader when that's not my area of expertise at all.
[quote]Originally posted by dillon
If you get a rate over A$2. Hedging your bets avoids both these scenarios. (Channel 4 page 519) and were very good.
Well I put my money where my mouth is and got nearly completely out of the GBP this morning.g. You only have to look back at AUD and NZD vs GBP over 5 or more years (see eglocalhost/) to see that the GBP has often for long periods been below AUD 2.90 in the next 6 months, it`d be a miracle. If I open an Oz account (with Commonwealth, ANZ etc. Many immigrants can't wait 5 or more years in the hope (I stress 'hope') that the exchange rate will improve.6 and below NZD 3. However, looking at broad trends is fun even if, probably, silly.
We got the same spot rate as Halewood were displaying. By that, I mean hedge your currency conversion, ie if you are emigrating, probably it could be a good idea to convert (say) half your assets into AUD or NZD at an early stage and (say) half later.Obviously one must convert it before one can spend it in another currency.good luck shaun
I would steer clear of Commonwealth.Until, (and if) a resolution re the Iraq crisis is reached, the Aus D will continue to strengthen. It's like banking was in the UK 20 years ago with regard their attitude (in London anyway) Like your really lucky we have let you be our customer. Aus D).) I could buy Australian Dollars with Exchange Direct and they would transfer them to my Oz account several months later on a date I specify??

Originally posted by cruisey
Let me see if I've understood.

Ultimately: who knows? Not me, anyway.90 your winning. The deal is done instantly on the phone.

HSBC have only a limited number of branches but they offer telephone internet banking which is really easy. I've been living for some years now outside the UK so can say with a fair degree of confidence that the next few years will not include more than a trip or two to the UK, with no regrets. That's the lowest it's been since the end of June. It will pick up soon - it always does. Come back Nat West.
If you use the link to Go Matilda (Alan Colletts website) there is some advice on currency exchange, it's possible to placea forward contract where you ask for A$s to be purchased at a desired price (and available for a given date) as the money markets move constantly.

Originally posted by etlniwd
It will pick up soon - it always does.

If you waited until the exchange rate was better before converting, you'd be a star.

Ultimately: who knows? Not me, anyway.

Cheers - Don
i used halewood who were very helpfull, but remember you will still need to open an oz bank account for your new dollars to be transferd into. The best advice I can give is to take a conservative view.
You can forward buy and all the other stuff usually reserved for dealers.
If you're that sure then buy dollars by the boat load now and you'll be stinking rich in a few months time. Will I feel sick if the pound goes up and the AUD and NZD go down? No way - I bought not just AUD and NZD since I started the immigration process but Euro too so I am reasonably well hedged. USD a possibility too for hedging but not just yet. A lot depends on your timing requirement. Hedging your bets avoids both these scenarios. You only have to look back at AUD and NZD vs GBP over 5 or more years (see eglocalhost/) to see that the GBP has often for long periods been below AUD 2. NZ doesn't work out? - we'll try Australia. That is they are near impossible to predict, especially near term.

People hedge because currency conversion rates are very close to purely random numbers.

Watch the rates over a period of time.Has anyone had any dealings with the numerous companies offering currency exchange, or should we just use the Commonwealth bank?

Any advice would be greatly appreciated as have no idea of the best option. Many FOREX experts are forecasting precisely this: ie relative NZD and AUD strength against most other main currencies and relative GBP weakness.
Mind you. That's the lowest it's been since the end of June.0.0.68 and falling every day. Many FOREX experts are forecasting precisely this: ie relative NZD and AUD strength against most other main currencies and relative GBP weakness. Once I had bought I opened an account with Nat West and parked it their earning interest until I had sorted things out with the Commonwealth. If I open an Oz account (with Commonwealth, ANZ etc.

Cheers - Don
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