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Veteran
Posts: 961
  
Location: living the dream in rouse hill sydney | hi ,
i'm keeping my equity in the uk for a while until the exchange improves, as we are renting in oz and it doesnt really matter if it takes a year or so to improve but how easy is it to transfer via internet banking , i changed a bit last aug when exchange rates were $2.47 to the £, if i,d only known about the forwarding contract!!!!!!!!!!!!!!! then , just to say on this subject there are a few banks in the uk that offer 6.5% interest rates here so, if i agree a exchange rate with you i can still leave it in my account until it matures ie 12 months,to receive interest and just give you the 10% deposit as required and what is maximum amount that can be sent on a single cheque? if needed thanks ,paul | |
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Finance Expert
Posts: 12
| Hi Paul,
Apologies for not getting back to you sooner, I was off last week.
With regards to internet banking, many banks will have a daily limit (£5-10k) so you will have to send it over in chunks depending on how much you are sending. Worth checking with your bank first, and also I would explain the situation as you may ba able to set up a method of sending it across once you are in OZ - some clients have managed to set it up via a letter or fax.
With regards to a personal cheque, the maximum we can accept is £50,000, but i would always advise to explore the other options first.
At the moment it is very difficult to predict where the rates are going! Many people will be in a very similar position to yourself, in that they will be renting for 12 months and not need their funds straight away. But what if the rates dont improve and the housing prices in OZ continue to rise? you will need the funds at some point, and bear in mind that the Aussie banks may be offering better rates of interest (base rate is 7.25%).
You mentioned the forward contract, which is an excellent way of protecting yourself against the risk of currency volatility, but if you are adopting a hedging strategy and waiting for a particular rate, have you considered a market order? this is where you give us a target rate (e.g. 2.30) and if it hits this level then we simply buy the currency for you, and this can be done on a spot basis or forward basis. It does carry an element of risk in the fact that it might not hit your desired rate, but can be a good way of achieving the peaks in a very uncertain and volatile market.
I hope this helps!!
All the best and good luck.
Regards,
Richard.
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Veteran
Posts: 961
Location: living the dream in rouse hill sydney | thanks | |
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transfering via internet banking
