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Aussie dollar falling

s20101938

So last week the fall has finally begun. Is now the time to convert my hard earned Au$ back into Euros before it reaches its historical level of 1$ = 0.60E?

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niva*sis

cnocbui wrote: »

Well it has been rising steadily for a while now.

https://uk.finance.yahoo.com/echarts?s=AUDEUR%3DX#symbol=AUDEUR=X;range=1d

Click on the 1M tab.

I am not going to give financial advice beyond saying if you decide to transfer any significant amounts, at some point, do check the rate banks would offer you compared with other options like CurrencyFair and Ozforex. It might be worth checking out what is involved in registering with and using those or any alternatives prior to using them so you are in a position to act if you decide to.

Thanks for that, when I went home at Christmas the rate was only .66 so its great to see it go up. I have been using Currency Fair now for quite a while and they always give me a better rate than the bank when I transfer plus a cheap transfer fee is always a winner too. Anyway just wanted to know what people were thinking.

Thanks,

res ipsa

niva*sis wrote: »

Thanks for that, when I went home at Christmas the rate was only .66 so its great to see it go up. I have been using Currency Fair now for quite a while and they always give me a better rate than the bank when I transfer plus a cheap transfer fee is always a winner too. Anyway just wanted to know what people were thinking.

Thanks,

Buy USD and only change to euro when you have to.

catbear

Aus$ close to 70c€ again, hopefully the Greeks will throw another tantrum to push the aus$ up further.

catbear

Looks like we might breach 70c, come on Greece, throw another wobbler!!!

niva*sis

wahoo time to get a ball of money ready to send home!!!

statina

It's .70 on currency fair :-)

Noo

Ive just set up currency fair to start changing some of my money back to euros while its hovering at .70, so for all those long time exchangers whats the best rate yous have seen, is .70 unusual?

catbear

Noo wrote: »

so for all those long time exchangers whats the best rate yous have seen, is .70 unusual?

Looking at the last year it's a good rate to catch.
http://www.xe.com/currencycharts/?from=AUD&to=EUR&view=1Y

I was hoping that Greece throwing a wobbler would push it to a .72c spike, but .70 is a good rate. I'm happy to send a lump at 70.

We actually mightn't get much more mileage out of Greece anyway, most people expect a Greek exit from the Euro these days so start watching for negative news from OZ to affect the rate more so. The jump of the last few days coincided with the Australian interest rate being held when most people were expecting it to be cut, if they dropped next month that might weaken the Aus$.

niva*sis

Noo wrote: »

Ive just set up currency fair to start changing some of my money back to euros while its hovering at .70, so for all those long time exchangers whats the best rate yous have seen, is .70 unusual?

I think it was .71 earlier in the year but defo jump at the .70, I did.
Currency fair are excellent and only cost $4 to transfer.
If I transfer this morning it is in by AIB account the same night!

statina

I usually transfer when it's .70, I've found over the past 6 months, it's v rarely gone above that but can drop a few cents quite quickly.

Currency fair is fantastic, can't give it enough praise

Dats_rite

What effect will the ECB quantative easing measures on MOnday have do people think?

http://www.rte.ie/news/2015/0305/684618-ecb/

jank

Mostly factored in id say. My advise get this rate now. RBA is going to reduce the interest in April.

Hasmunch

Just hit 0.7110 on Currency Fair.

I hope it stays like this for a week or two. I am expecting funds next week that i want to transfer to euro.

catbear

Hasmunch wrote: »

Just hit 0.7110 on Currency Fair.

I hope it stays like this for a week or two. I am expecting funds next week that i want to transfer to euro.

Great, I hope this strength holds until I'm ready to send my next lump across.

jank

US jobs numbers gave the euro a good tumble. Get on it now id say if you are a looking to move home in the next 6 months. Forward contract may be an option for some to lock in todays rate (minus a margin of course).

niva*sis

its at .72 now!

Noo

Aaaahhh I went too soon at .71!

Timistry

The exchange rate is great at the moment. I was here during the 80c+ days and I got greedy and complacent, even when it started to fall..

I think that the current rate is excellent but I have one reservation. I am going to head home at the end of the year but due to career aspirations I will probably end up in the UK. I don't want to be caught out by a double exchange so im inclined to leave 80% of my cash here. It's not much but it's what I gave.

Noo

Timistry wrote:

I think that the current rate is excellent but I have one reservation. I am going to head home at the end of the year but due to career aspirations I will probably end up in the UK. I don't want to be caught out by a double exchange so im inclined to leave 80% of my cash here. It's not much but it's what I gave.

The rate is at about 50p for the dollar (I was looking to buy stuff online from uk, eh decided against it). I know you would know this already, but sucks for anyone returning to uk right now.

catbear

I'm in a similar boat timistry but I'm planning on only converting enough € to £ to get me started. Currencies fluctuate a lot, I have a chunk of us$ that I bought at $1.6 per € nearly a decade ago which I think I'll change to € soon as the us$ continues to strengthen.

While earning in a strengthening £ I'll probably buy €. Swings and roundabouts.

niva*sis

Anyone hanging out for the .73 or even higher?

niva*sis

Time to do another bulk transfer, good rate at the moment

browne_rob5

res ipsa wrote: »

Buy USD and only change to euro when you have to.

What service do you use to buy and sell different currencies?

AngryHippie

currencyfair goes alright.
Have done Forex before, it was a bit painful

aido79

Just as a matter of interest what sort of accounts are people transferring their money to? If you are transferring from an Australian savings account to an Irish account then you are losing money straight away because the interest rates in Ireland are so low compared to the interest rates offered by Australian banks. This means that while you are getting a decent exchange rate at the minute you are actually losing money for every day that your money sits in an Irish account. The only reasons I can see for moving money to Ireland at the minute is if you have found some really high interest rate that no one else knows about, you think the exchange rate is going to drop again very soon, you are moving home next week and need the money straight away or you are investing it in property or something in Ireland.

niva*sis

aido79 wrote: »

Just as a matter of interest what sort of accounts are people transferring their money to? If you are transferring from an Australian savings account to an Irish account then you are losing money straight away because the interest rates in Ireland are so low compared to the interest rates offered by Australian banks. This means that while you are getting a decent exchange rate at the minute you are actually losing money for every day that your money sits in an Irish account. The only reasons I can see for moving money to Ireland at the minute is if you have found some really high interest rate that no one else knows about, you think the exchange rate is going to drop again very soon, you are moving home next week and need the money straight away or you are investing it in property or something in Ireland.

Hi Aido,

I am just doing it as proof of savings in my irish acc as I want to get a mortgage there and I need to show 6 months of statements back there.
I have most of my savings here earning interest

I just send the bare minimum back to the irish acc and you are correct the savings interest back there is very bad. :eek:

aido79

niva*sis wrote: »

Hi Aido,

I am just doing it as proof of savings in my irish acc as I want to get a mortgage there and I need to show 6 months of statements back there.
I have most of my savings here earning interest I just send the bare minimum back to the irish acc and you are correct the savings interest back there is very bad. :eek:

Makes sense to do that in your case then. Just out of interest is it hard to get a mortgage back there when you live here and do the savings have to be with an Irish bank?

niva*sis

what I have been told is that if I buy in Ireland while still living here then I need a minimum of 35% deposit as AIB will give 65% as a buy to let if you live abroad.
they will look for 6 months bank statements from an Irish Bank acc and 6 months from an abroad bank account. and also the obvious like credit rating etc...

statina

Good question Aido, I have been pondering this for the last couple of weeks. I will be looking for a mortgage when I go home this year and have been transferring to my Irish acc to show a record of savings. But I'm earning feck all interest from my boi savings acc.

Thinking of just leaving it in my aus acc and transferring it in one swoop when I go home. Niva sis, any idea if you are in Ireland when you apply for a mortgage, (after 6 months of been at home) do they still need statements from your Aus bank?

d.pop

I was in with my branch of BOI last July and they said the best they could do for a non-resident mortgage was 50%.

I guess if you have the money to put in at the beginning the advantage is your mortgage payments on a typical house are going to be quite low but I'd be nervous about the bank having so much of my money wrapped up in a "joint" property.