AUSTRALIAN CURRENCY EXCHANGE
Organise your currency exchange early.
Timing your Australian currency exchange can make a huge difference to the number of dollars you end up with in your pocket.
WHY?, I hear you ask…. well let me share the knowledge I learnt about the exchange rate during our move to Perth. 🙂
You don’t have to leave changing your home currency into Australian $ until you have the cash in the bank. You can buy currency in advance by paying a deposit.
Start watching the Australian currency exchange rate and understanding the currency market TODAY.WHY would you want to do this??? Well let me give you an example:-
As you look at the history between the UK and Australian currency exchange rate you will notice that there has been good times to buy your Australia currency and not such good times to buy.
For example in Aug 02 the exchange rate was £1/$2.95 compared to Nov 04 when the exchange rate was £1/$2.35.
So that means that if you had changed £100,000 into $ in Aug 02 you would have received $. 295,000 and if you had changed it in Nov 04 you would have received $235,000. That’s $60,000 difference (that’s two years net salary for the average Australian)
Of course you are not guaranteed to see exchange rates as high as £1/$2.95 when you make your move to Perth I was picking on extremes so you could appreciate the difference and be aware of what the currency market is doing.
Today (21/2/05) the interbank exchange rate is £1/$2.43 which is pretty close to the average over the last 10 years.
When we moved to Perth the exchange rate was slowly falling and I ended up buying currency on a spot contract for around £1/$2.45. I was worried it would keep falling and I could only hold back from buying currency for so long.
WHATCH THE CURRENCY EXCHANGE RATE EARLY
If I had learnt to watch the Australian currency exchange rate a little earlier and contacted HIFX. I would have known at the beginning of 2003 when the Australia currency exchange was still close to the $3 mark it was a good exchange rate and a good time to buy Australian currency.
The guys at HIFX were great they explained everything I needed to know, answered all my questions and took care of my needs.
They explained to me how I could have used a forward contract to buy my Australian currency and taken advantage of a much higher exchange rate.
OK, OK I can hear you asking “what is a Forward Contract currency”? Well I will tell you and while I am at it I will tell you about other Contract Options
WHAT DO YOU DO WITH YOUR CURRENCY ONCE YOU HAVE BOUGHT IT
Another question I bet your asking is where do I keep my Aussie dollars, I don’t have an Australian bank account?
Well there is no need to worry when you make your Australian currency exchange your currency specialist will hold your funds in a client currency account until you set up an Australian bank account in which to transfer your aussie $$$.
MORE FREQUENTLY ASKED QUESTIONS
CURRENCY EXCHANGE SPECIALISTS
Your HIFX Currency Specialist can be contacted on +44 (0) 1753 752 740 for an obligation free discussion.
Or if you prefer they call you just follow the link. and fill in your contact details.