According to Yahoo Finance the exchange rate was 2.6 in April 2003 then dropped to 2.3 in November, climbed to 2.45 in March 04 and is now sinking back. What does it all mean?

Is there a good web site that explains it in very simple words? I do not want to become expert, just to understand what is happening.

Hi,

I have a question along similar lines.

I am hoping to move to the Gold Coast in October time and have been monitoring the GBP / AUD exchange rates on the HIFX site. The rate is currently hovering around 2.42 but I am aware that these rates are Inter-Bank rates and I am wondering what rate I should actually expect to achieve (as a ball park estimate). For example, can I simply knock a couple of cents off these rates?

Hi

We're moving to Perth in June. Before we go we're opening an account with the Commonwealth Bank of Australia in London. You can pay GBP into the account in the UK and the funds are transferred direct to a nominated branch in Australia. You simply then go into the Migrant Banking Centre on arrival and get issued with you account cards etc. Another advantage is you don't pay both deposit and transfer fees, just £15 for each deposit.

I've been monitoring the rates of four banks for about the past 6 months and the CBA give a reasonable rate, presently around 2.39-2.42 (have a look at their 'useful tools/foreign exchange calculator' and select the telegraphic transfer rate)

We're going with this option as it seems relatively hassle-free and safe. At the end of the day we might not stay with them in Australia, we'll do some shopping around.

Here's a link... www.commbank.com.au/personal/daybanking/MovingToAustralia.asp

Good luck!

(Martywild... Stockport is my home town!)

Thanks Craig. I'll look into this further.


Cheers and good luck in June.

best rates i have been qouted for exchanging to aus is from hifx, if you have enough money you will get better rates from them no commision, i think that the rate is not too bad when you look at the longer term history, although it was high last year...... i knew we should have went then !!!!!

i have have great advise from the guys at hifx, there is also caxton fx and it costs nothing, basically the markets are driven by sentiment in the market some related to the following, interest rates higher in aus, trade deficits, america......

hope this helps you and good luck where on the gold coast you headed ??

Kevin,

Thanks for that.
How do the rates quoted to you by HIFX compare with the "interbank" rates on the website? You say no commission but was the rate reduction significant.

Martin.

Just a follow up on my previous post in this thread...

We applied for a bank account with the CBA and it was approved within the week. So, it was farily straightforward and painless!

It looks like the exchange rate is improving at the moment too, probably as a result of our interest rate increase here in the UK the other week.

Craig

Have a look at advfn.com click on forex. Philip

Hi

I work in the foreign exchange industry, there are 2 major groups of factors that effect maket movements and these are political and economic, the best way to get an idea of direction and good times to buy is to speak to someone who can follow the market for you, like a broker ( they can also give you better exchange rates than your bank.)

If you need any help don,t hesitate to look at www.currencies.co.uk or email me at sah@currencies.co.uk I am happy to help, alternatively call me, on 0800 328 5884 or 01494 725353


Kind Regards

Stephen Hughes