12 month high for Currency

[SteveyC]

Good news for us english folk with GBP to burn on arrival to the promised land. 2.69c is what you get for a quid now, equalling the peak from last spring according to the blessed BBC money page.

269k worth of house for the equivalent 100k in english money. Gooood.

I would buzz soooo muxh if it hit 2.80 before we arrive doesn't seem to much but multiply it into thousands in savings etc and it's really quite worthwhile.

Not so good for current inhabitants tho I guess, sorry. Still keep not buying stuff and short changing your economy it's really kind of y'all, such thoughtfullness and caring :icon_mrgreen: :icon_mrgreen: :icon_mrgreen: Hopefully falling economy will take it's toll on housing market temporarily til we get on ladder also hehe.

[Pulsarblu]

Good for Singapore too...NZ$ to SGD$ getting closer to 1 to 1. :icon_cool:

The exchange rate is doing well for us people moving to NZ certainly. I have a spreadsheet with all our finacial calcs on ie house sale, flights, moving costs etc and the exchange rate to see how many NZ$ we will have. As you say Stevey, a slight tweek up in the dollar rate can add thousands and thousands of $ to the "kitty".

If it hits $2.80 I think I will even raid the kids piggy banks to take full advantage of it! I am dreading the day when we decide to trade our ? for $. I was with my brother as he did it over the phone with his broker - it took him an hour to take a rate - I guess it was a bit like this for him

....$2.67.......$2.68.......$2.69........$2.69.... ..$2.68.........$2.70..BUY! BUY!

Very nerve wracking, and I would refuse to look at the rate movements afterwards for weeks just incase it had kept climbing :icon_sad:

Its a while yet till we need to trade, so fingers crossed that the exchange rate keeps climbing!


Cheers


Nick

[SteveyC]

What's the deal tho, HSBC only offer 2.30 still, is that the same for most exchange beurau. I mean, do we get the same value as the exchange rate or (disregarding fees) would it be decidedly less.

We have an account with HI-FX set up ready to trade with when we need to. Have a look at their website for more details - they also have a handy little converter on the bottom left of their home page.

As I understand it these brokerages will deal for you at a "commercial rate" - they will charge in some way for there services, whether its a slight reduction on the rate or a % fee for the value of the transaction. But they are ALOT more competative than the highstreet banks. I suspect that they have a minimum trade limit - so they dont get bothered by people exchanging small amounts for holidays etc. I suppose the bigger the value of the transaction the better deal you will be able to cut with them.

HI-FX is sitting at $2.67, at the moment on their currency converter. I would guess that this i sthe rate that they would deal at for their customers today. If the bank rate is $2.69, then theres their commission! Assuming you were transferring ?150,000 - in the above scenario - then the trade will earn HIFX about ?1100 or $3000 commission.

Mind you, you also have the peace of mind that they know what they are doing and likely to be able to predict and advise you better than the "lass behind the glass" at HSBC could ever do!

Cheers


Nick

[MotherBear]

Am I right in thinking that, if you want to transfer funds from your bank via HIFX to a bank in NZ, your bank would charge you a fee for their part in the transaction, then HIFX would charge you (or deduct from you) their commission i.e. you would pay 2 fees in effect?

[nattydread]

we have a couple of endownments running here, that we want to keep running, more of a savings plan rather than for paying off any mortgages.

To keep it running we will need to keep a certain amount of cash in our UK bank account to cover them.

Is this HIFX crowd the sort of thing I'll need to look into so that we don't get sticthed up with conversion rates?

Motherbear

HIFX guarentee no fees for depositing money into your NZ bank. And if my bank here in the UK want to try and charge me to withdraw my own money to HIFX, I will just withdraw the bloody lot in used ?20's cover the counter! The payment to HIFX is in ? - so the banks shoudnt really charge anyway , maybe ?20 for a wired transfer like solicitors do when you buy a house.

Natty

I think that HIFX also do regular payments into foreign corrency - ie all the golden oldie pensioners who get their pensions converted in Euros on the Spanish Costas!

There are alot of other brokers too, not just HIFX - its just that HIFX were at the Expo we went to & they helped my brother.

[SteveyC]

150k!!!! :icon_eek: :icon_eek:

Do they do like 10k? :icon_biggrin:

Sounds much better tho 2.67 I can live with.

[nattydread]

[quote:4bf8943d19="SteveyC"]150k!!!! :icon_eek: :icon_eek:

Do they do like 10k? :icon_biggrin:

Sounds much better tho 2.67 I can live with.[/quote:4bf8943d19]

thats what i was thinking too mate,,