Future of the £ ???

[fiveinoz]

Hi there, I wonder could anyone help me. I have my money in
pounds sterling and need to change it to Australian Dollars. I
know if people knew the future of the £ they would be multi
millionaires, but I have no idea of where the £ is heading,
at the moment all it seems to do is fall against the A$, does anybody out there have their own ideas on which way the
£ will go in the future?
Any advice would be much appreciated.
Thanks Lynda Clark

 

[smullaney]

I can't give a great view as I am a EuroDollar man but I am going home for visit to Melbourne soon so am keeping a eye on things.

What I can say is that unless you are talking quite a few thousand pounds it is not worth busting a gut over. Over the last 52 weeks, £5000 varied between $12K and $14K - not counting commission and bank manipulation of the rate.

If you are worried, buy now rather than later...

 

[fiveinoz]

Hi there, Smullaney, thanks very much for your reply. It is a concern as I wouldn't be looking to change up a few thousand as it is from the proceeds of the sale of my house in London, therefore stand to loose thousands.... any further thoughts would be appreciated, once again thanks for your time
Lynda

 

[smullaney]

Now I see your concern!

There are going to interest rate meetings this week in UK and Euroland so it will be interesting to see how things go after that.

But I would still be thinking sooner rather than later.

Also, even with large sums you can only wait so long... One important point - if you wait to long after arriving in Australia before bringing the money in, you could be hit for some tax. Only on any gain from when you became resident until when you brought the money, but is still tax that doesn't belong to them!

 

[fiveinoz]

Thanks for your advice, what you have said has helped ...

Best wishes and have a great trip home.

Lynda