Scotty

Transfer £'s to $'s 3 years before move??

9 posts in this topic

Hi,

I have my PR visa and I have been over to perth for my validation run. I now have until Feb 2021 to move. I work in the oil and their is not many jobs going anywhere in the world at the moment so I am riding out my current job until last minute. I looked at setting up a bank account with NAB but I can only do it 1 year before I arrive. I am now worried that the £ v $ is going to drop even more due to brexit so I was wondering if there are any ways of transfering my money into dollars gradually at the moment when the exchange rates look good? I have also been looking at other methods such as buying stock etc.

All advice much appreciated.

Thanks

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try one of the other banks, we had an account with the Commonwealth a long time before we moved.

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18 hours ago, Scotty said:

Hi,

I have my PR visa and I have been over to perth for my validation run. I now have until Feb 2021 to move. I work in the oil and their is not many jobs going anywhere in the world at the moment so I am riding out my current job until last minute. I looked at setting up a bank account with NAB but I can only do it 1 year before I arrive. I am now worried that the £ v $ is going to drop even more due to brexit so I was wondering if there are any ways of transfering my money into dollars gradually at the moment when the exchange rates look good? I have also been looking at other methods such as buying stock etc.

All advice much appreciated.

Thanks

Happy to have a chat to talk through the options, please send me a private message.

Thanks

John

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What you are looking at doing is hedging against a fall in value of GBP against the AUD. Buying AUD now is one option, but there are many other things you could consider. You could buy Australian Shares or Bonds. You could hedge in another currency such as the USD. 

If it were me, I would spread the risk by using a mix of strategies rather than placing all of my eggs in the same basket.

It is not a given that the Pound will fall further due to Brexit. It is just as likely to rise in value. The current value of the Pound is reflective of the currency markets belief in what will happen in the future.

Seek a couple of professional opinions though.

Good luck.

 

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Who 

12 hours ago, John From Moneycorp said:

Post in wrong thread. 

You do not want me to contact you?

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On 8/13/2017 at 21:02, Warnbro said:

What you are looking at doing is hedging against a fall in value of GBP against the AUD. Buying AUD now is one option, but there are many other things you could consider. You could buy Australian Shares or Bonds. You could hedge in another currency such as the USD. 

If it were me, I would spread the risk by using a mix of strategies rather than placing all of my eggs in the same basket.

It is not a given that the Pound will fall further due to Brexit. It is just as likely to rise in value. The current value of the Pound is reflective of the currency markets belief in what will happen in the future.

Seek a couple of professional opinions though.

Good luck.

 

Warnbro - This is the kind of knowledge I want to learn more about, exactly the kind of knowledge. Can you point me in any direction? are there any sources you know of where I can learn what you know. What do you think will happen? Think I could just ride it out and wait for the exchange rate to rise? I am a single man so will not need to take all my money with me initially.

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10 hours ago, Scotty said:

Who 

You do not want me to contact you?

Not at all - I was referring to making a currency post in here instead of the GBP/Australian dollar thread - feel free to private message or email me - john.kinghorn@moneycorp.com

Thanks

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The current value of the AUD/GBP is the sum of all of the currency markets participants’ beliefs in what the AUD/GBP will do in the future.

Put simply, if currency traders think the Pound will rise next week, they will buy the Pound today. They won’t wait until it has risen. What they think will happen next week, will make it happen today.

A good example is interest rate policy. If the Bank of England hints at a possible rate rise in a months time, the Pound will strengthen within seconds of the hint.

For someone without very detailed knowledge of global economics, central bank policy, geo political tensions, commodities prices and a myriad of other factors, trying to predict the future of a currency pair is nothing more than a lucky dip.

Brexit is already pretty much priced into the value of the Pound. The Pound nosedived after the leave vote and movement since then has been dictated by the likely hood (or not) of whether the transition will be smooth or rough. The strength of the Aussie Dollar is closely related to its commodities export market.

Unless you can get to grips with the intricacies of both of these, you won’t have a chance of predicting future movements.

In short, you wouldn’t put all of your money on a horse you know nothing about, so don’t bet all of your money on a currency market movement.

You could move some money now (say 25%) and do the same each year until you move. This would even out any big swings in the currency pair (you won’t win big if the Pound strengthens by 50% but you won’t lose as much if it drops 50% either).

How you go about this is best left to a currency dealer (how you transfer the money, how you store it in Australia, any tax implications).

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