Archived Discussion Topic

Transfer of Monies?       started by debs1966 on 17 May 2011   (23582)
Message InfoMessage
From debs1966

17 May 2011 6:06 AM
(110776)
Hi Guys As you can appreciate the transfer of the pound to the Aussie Dollar is not good and probably not likely to be in the not too distant future. I have been speaking to several Companies today ie. UK Forex and there advice to me is to transfer the whole amount and put it into high interest account over in Oz. Is anybody else looking to do this? It is so difficult to know what to do. Any info. would be greatly appreciated. Many thanks Debbie
From Mindblower

To debs1966

17 May 2011 9:51 AM
(110777)
Maybe, but your taxed on the interest at year end....if only we had a crystal ball
From kildrummy

To Mindblower

17 May 2011 6:59 PM
(110780)
I have a lot of cash / shares etc still in the UK and would not dream of taking them over to Australia at the current time. However i must point out that i do not need the money just now and can therefore wait for better exchange rates. There is no doubt that the UK government will need to start raising interest rates pretty soon or risk letting inflation get out of hand. This should make a significant difference to the value of the pound. However the reserve bank here in Australia are just as likely to raise rates here despite the pain being felt by most people. In my opinion, and be well warned i am an economist, if you have the option i think its better to wait. That said you may have to wait a year or two.