Aussie Dollar drops dramatically
A quick alert bulletin on the Australian Dollar
One of the major currencies saw substantial movement yesterday and you may wish to take advantage of this.
The Aussie dollar has had a rough ride on the currency markets for around a month. But the AUD dipped substantially yesterday against the US Dollar, Pound and the Euro.
Now could be a good time make your move as this slide has taken a very dramatic turn.
Yesterday:
- The Aussie dollar lost around 2 cents against the US Dollar.
- The Euro gained around 4.5 cents.
- The Pound gained around 4.4 cents
Just a month ago, the Aussie dollar was at 0.92 against the USD. It’s dipped today to 0.8356.
If you’d like to discuss how we can help you to buy, or sell Australian Dollars, please get back in touch soon. If you don’t have the full amount to trade now, but would like to buy straight away, we can do this by using a 10% deposit.
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Latest Currency Exchange rates news
pm, May 18th 2010. Latest Currency exchange rates movements.
Now that the UK Election has been decided, the markets have settled into slightly more predictable fluctuations. Yesterday was a fairly quiet day for currency rates, with the Euro consolidating a little after its rapid descent. Don’t expect this to be the end of the euro slide though. The markets show large numbers of speculators don’t have much faith in the Euro at present.
GBP to USD: The latest news from the USA suggests that they now have a robust economic performance, relative to the UK and Europe. This has led to the Pound sliding against the Dollar. It wasn’t so long ago, that we saw $1.63 to every £1. We are now seeing around $1.44. It would seem that everyone has run for the safety of the dollar.. and Gold.
EUR to USD: The Euro has taken a battering from the US Dollar. It was only towards the end of last year when you could get a rate of 1.50. It’s now heading down, very close to 1.20. That’s a drop of 20%! Predictions are that the markets still don’t like the overall weakness of the economies in the Eurozone and this rate may drop further over the next few days.
GBP to EUR: The costly and hastily “cobbled together” aid package for Eurozone economies hasn’t convinced the markets, and the Pound has strengthened slightly against the euro. If economists are to be believed, we may see the Pound strengthening even more, as we approach the forthcoming emergency budget. However, don’t be overconfident about the strength of the pound against the Euro. As we get closer to the budget annoncements, we may see the pound value start to fluctuate wildly. Let us know what rate you would like here, and we will contact you.
AED to AUD: The Australian Dollar (Aud) has been riding a high against the UAE Dirham. In the last year, we have seen the Dirham dip from around 0.3005 aud right up to around 0.3037. That’s around 10% in a year! Is this the time to consider selling Australian dollars and buying AED? Maybe buy forward with just 10% deposit though us?
With currency rates fluctuating as much as they are at the moment, now may be a good time to buy your currency ahead of time buy using our “forward currency contract” mechanism. This only requires a 10% deposit initially from you.
If you would like to discuss any aspect of currency conversion with one of our experienced currency dealers, please contact us here and we will get back to you.
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Latest Currency Rates update
pm, May 11th 2010. Latest Currency exchange rates movements.
With the result of the British Leadership election still undecided, Germany’s Chancellor Merkel’s unwillingness to provide further “bailout” funds for the weaker EU states and better-than-predicted US non-farm payrioll news, it seems that we are in for turbulent times in the currency market.
In the UK, the markets haven’t liked the uncertainty surrounding the continuing debate on who will take over as the leading political party.
GBP to USD: The latest news from the USA suggests that they now have a robust economic performance, relative to the UK and Europe. This has led to the Pound sliding against the Dollar. It wasn’t so long ago, that we saw $1.63 to every £1. We are now seeing around 1.47.
EUR to USD: The Euro has taken a battering from the US Dollar. It was only towards the end of last year when you could get a rate of 1.50. It’s now heading down, very close to 1.25. Predictions are that the markets still don’t like the overall weakness of the economies in the Eurozone and this rate may drop further over the next few days.
GBP to EUR: The costly and hastily “cobbled together” aid package for Eurozone economies hasn’t convinced the markets, and the Pound has strengthened slightly against the euro. If economists are to be believed, we may see the Pound strengthening even more, once the political leadership has been decided.
AED to AUD: The AUD has been riding a high against the UAE Dirham. In the last year, we have seen the aussie dollar rise from around 0.3005 aud right up to around 0.3037. That’s around 10% in a year! Is this the time to consider selling Australian Dollars and buying UAE Dirhams? Maybe buy forward with just 10% deposit though us?
With currency rates fluctuating as much as they are at the moment, now may be a good time to buy your currency ahead of time buy using our “forward currency contract” mechanism. This only requires a 10% deposit initially from you.
If you would like to discuss any aspect of currency conversion with one of our experienced currency dealers, please contact us here and we will get back to you.
Good time to Sell Euros and Buy Pounds?
Some of you may recall my article on the 27th of January.. “Is this a good time to buy euros with pounds?” Well, it transpires that it was. Now the situation has reversed.
The Pound value has dropped against the euro, since that article. We had a case, this week, where a customer may not have been able to complete on his house purchase as the exchange rate had dropped so much that there was a shortfall of a few thousand euros on completion day.
This could have been overcome if the client had bought a Forward contract at the exchange rate that existed on the 27th of January. If he had done this, he would have been sure that he would have had sufficient funds for his property purchase.
So,…. Is it a good time to sell euros and buy pounds? Probably. No-one can say for sure, but it would appear that the pound is as weak as the euro, when compared to the US Dollar and the Yen. The eurozone is still dragging the Greek finance problem around and the Pound is still suffering from a wave of poor economic results. So, some would say that the Euro and the Pound have levelled off. Experience shows that this staus quo rarely remains for long.
The easiest way to look at this is; if you need to change your money at some point and you need to achieve a certain amount, then you have these options:
- Exchange all of your Pounds for euros at today’s rate. This is called a SPOT Contract. It ensures that you fix the rate today and you get your money transferred, to where it needs to be, in good time.
- Exhange some of your Pounds for Euros and risk the exchange rates going in your favour by the time you need to have the rest of the money changed. This is HEDGING in its simplest form. It does mean you can sleep at night, safe in the knowledge that you’ve made sure you don’t lose too much if the rates don’t go your way.
- Exchange your Pounds for Euros, at today’s exchange rate with just 10% deposit. Then pay the balance when you need the money in the future. This is called a FORWARD Contract. This is the way that most of my clients are now exchanging their money. By paying just a 10% deposit, our clients can relax, safe in the knowledge that they have the right amount of money for their property purchase.
Of course, this doesn’t just apply to Pounds and Euros. It applies to any tradeable currencies. It also applies to much smaller amounts than usually needed for property purchases.
Contact me here, for some free advice on how to get the best currency exchange rates to suit your circumstances.
If you have Aussie Dollars, possibly good time to Sell
AUD vs USD over the past year.
Australian Dollars have just started to recede from their highest position for years. Could this be the time to sell your dollars for any other Major currency such as sterling, USD, Japanese yen or the Euro?
You don’t have to have all of the money for the deal. With us, all you need is just 10% as a deposit on a “time option forward currency contract”. You can then sitback and relax if the rates drop!
If you have Australian Dollars and have been thinking of selling your aud, perhaps now is the time to take advantage of this great exchange rate. By making a time option version of a forward currency deal, you can draw off the total deal when it suits you at the original preferential rate you’ve bought at.
For the many of our customers who buy aed, uae Dirhams, with AUD, this is a great opportunity as the aed is pegged to the US Dollar.
Just call your currency dealer for more information and the current Australian Dollar rates.
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Strong Japanese Yen, take advantage now
With Sterling so weak, and the Japanese Yen so strong, it´s not surprising that GBP to JPY has seen some spectacular moves.
At one point yesterday it touched 139.75, making a fall of nearly 7 percent in a week! It has since bounced back up to 142.00.
The Bank of England Governor, Mervyn King, has made it clear in the press and by other public statements that he wants the Pound Sterling to move lower.
Economic releases today include August mortgage approvals at 09.30 BST and from the US we are expecting the July housing index at 15.00 BST.
Buy or sell Japanese Yen, JPY, at the best rates here with NO COMMISSION, and NO Transfer Charges.
Money Transfer to Canada
Money Transfer from the UK to Canada
There are many ways to transfer your money from the UK to Canada. In the past, most people have called their own bank and asked them to change their GB Pounds to Canadian Dollars. Currently, there are so many more cost effective ways to do this.
If you choose to use your bank, it’s likely that they will not necessarily:
- Grant you the best rate of exchange available at that moment
- They are likely to charge you a commission
- They will almost definitely charge a fee for making the money transfer to Canada
If you knew about a way to save on each of the 3 areas, it’s likely you would use it, especially, as the foreign exchange specialists are usually faster than the high street banks as it’s all they do!
Some Expats, or second home buyers, in Canada simply open an account with HSBC as they allow the client to have accounts in Canadian Dollars and GB Pounds.
- The advantage of doing this is you have flexibility to move the money between your accounts when the currency exchange rate suits you.
- The disadvantages are that HSBC don’t have as many branches as Canada’s own local main banks in the cities. And, you are unlikely to get a great rate of exchange each time you switch between accounts.
Foreign exchange specialists, like fx-foreignexchange.com are now the more likely route for a second property buyer, or expat, to use for larger currency transfers from the UK to Canada. They already have an account with HSBC in Canada and the UK.
The advantages of using FX-Foreignexchange to exchange your £’s to Canadian Dollars are:
- The service is safe and swift.
- They generally offer a better rate of exchange (Saving thousands on larger transactions).
- They don’t charge a commission.
- They don’t charge a fee to transfer the money.
- You can also set a rate of exchange that you are prepared to deal at, and FX-Foreignexchange will contact you when the currencies meet that figure so you can buy at the best rate of exchange.
The disadvantage, when compared to a high street bank, is difficult to see as there doesn’t appear to be one!
If you are looking to exchange GB Pounds into Canadian Dollars, call FX-Foreignexchange on +44 (0)1480 458400 for a quote, or simply ask for an explanation on how to save money when transferring abroad.
Or go to the fx-foreignexchange site
Tips on Emigrating to Australia
Emigrating to Australia on your own steam
The first step in emigrating, is to find out if you are eligible to live in Australia. You can do this by contacting your nearest Australia High commission who will be able to assist. They will send you the relevant information regarding your application process.
You should allow a minimum of 12 months for a successful application to be processed. It is absolutely crucial that any paperwork submitted to Australia House is done so correctly or your application will be returned to you, and you will, unfortunately, have to re apply. Fees will also vary dramatically depending upon the visa category you are applying under. With police checks, medical records, government fees, and more, the cost of the application can sometimes be a considerable expense.
Use an emigration specialist consultancy
A migration agent is like using a lawyer to represent you in court. They will initially give you a free consultation and will let you know straight away if you are eligible for migration. If you are, they will begin to advise on the fees and time limits involved. They will then advise you of all relevant forms, references and documents that you will need to obtain for them to submit the application on your behalf.
If you choose to use an agent your migration process can be a lot quicker. In some cases, they may even save you money as you can be certain that your application will be submitted correctly the first time. It certainly will take a lot of unnecessary stress away from the migration process. For that reason alone, we would strongly recommend to anyone who is considering emigrating, to use a Migration Agent.
Buying your Australian Dollars.
Whether you are buying your Australian Dollars with British Pounds, American Dollars, Euros or any other foreign currency, it pays to shop around.
The standard route, involved beating a path loyally to your local bank and asking them to make the money transfer on your behalf to Australia. This generally involves a few costs that you won’t have to bear elsewhere. You are likely to be charged extra for making the currency transfer, and for your Australian bank to receive the funds. In addition, a high street bank doesn’t necessarily give the best foreign exchange rate which is the biggest difference between the bank and a foreign currency exchange specialist.
Consider this:
Your bank offers you a rate of 2.10 Australian Dollars to £1. You buy £150,000 worth at that rate, believing that it’s the same everywhere and you end up with 315,000 Australian Dollars, before they have taken their commission!
OR, you use a global currency exchange specialist and they give you a better rate of 2.1549 Australian Dollars (as it is today) to £1, giving you net proceeds of 323,235 Australian Dollars for your £150,000.
Net result, you have saved yourself £3,821 ( or 8235 dollars) to spend on something else when you get to Australia like a second hand car, tax and insurance! No effort was required. It didn’t take any longer. You just end up with more money.
Save money when emigrating, buy your Australian Dollars here, or just visit the site to view the latest rate.
