debbieschutte Posted September 3, 2013 Report Share Posted September 3, 2013 We have four months left until we leave and are very very worried about the rand at the moment. With the ongoing strikes and the gold mines starting to strike today we do not know which way to turn with getting our money into our Aus bank account.What are you all thinking that are in the same situation as us. Are you going to wait for rand to MAYBE get better or rather do it now??Any advice or thoughts would be appreciated as I know everyone's worried.....Just one more question on behalf of my hubby - Exhange4Free and Cashkows are safe? I have spoken to both companies and read comments on the forum about them so I have peace of mind but for his sake could you please comment or advise..... Quote Link to comment Share on other sites More sharing options...
Tebbutts Posted September 3, 2013 Report Share Posted September 3, 2013 We are also leaving in January, but our house sale will only go through at the end of November, so we will only receive the majority of the money we are taking with us then. Personally, I think that if you see it drop below R9, transfer immediately if you can. I doubt it is going to get much better than that in the next few months, but I am not an expert. Any economists out there? Quote Link to comment Share on other sites More sharing options...
debbieschutte Posted September 3, 2013 Author Report Share Posted September 3, 2013 That exactly what we thought, if it would only drop to R9-00 them we would transfer immediately - cant imagine how much difference R0,40 makes..... 1 Quote Link to comment Share on other sites More sharing options...
chzaau Posted September 3, 2013 Report Share Posted September 3, 2013 (edited) Keep in mnd the Oz currency has also dropped as well against the usd. At the moment even with rand weakness the aud has not moved greatly.Panic is your worst enemy. Edited September 3, 2013 by chzaau Quote Link to comment Share on other sites More sharing options...
Titus Posted September 3, 2013 Report Share Posted September 3, 2013 When we first arrived the AUD$ was around R6.40.... Kept waiting for it to improve a little... Look where it is now!! The longer you wait, the worse it will be. Just my 2c Quote Link to comment Share on other sites More sharing options...
Donovan83 Posted September 4, 2013 Report Share Posted September 4, 2013 The rand will definitely weaken against the AUD. Transfer now. I transferred around this time last year just before I left at R 8.40 to $1. Now it's hovering around R 9.35 to $ 1, even though the AUD has lost around 10% to 15% against the USD/GBP/EUR. Just do the transfer, even if it does improve a little in the short run it can only go worse from here. We can't complain, when my boss moved over in the 90s from Zim, their rate went from Z$ 30 to Z$ 60 to A$ 1 between their LSD trip and when they moved. Quote Link to comment Share on other sites More sharing options...
humwill Posted September 4, 2013 Report Share Posted September 4, 2013 Debbie we have just recently used exchange4free and there were great - much cheaper than everybody else. We also watching the rand / dollar at the moment and decided that if its gets to 9 we will send the bulk of our money but we do have a couple of months to wait and see what happens. Quote Link to comment Share on other sites More sharing options...
Emille Posted September 4, 2013 Report Share Posted September 4, 2013 (edited) the Aus dollar is actually quite low at the moment, i think it was 89 cents to the US dollar recently - quite a dip from the $1,03 of a few months go. when i transferred money through ANZ today to South Africa, I got R8,80 to the dollar - quite poor really. it was R10 to dollar when i was in south africa in march Edited September 4, 2013 by Emille Quote Link to comment Share on other sites More sharing options...
BriD Posted September 4, 2013 Report Share Posted September 4, 2013 We just today have done a big money transfer into our Aus account. Our financial friend told us now would be a good time...so it is done. Good luck with your money transfer...it is such a big decision...our rands mean so little...even the slightest change in our advantage is good. Quote Link to comment Share on other sites More sharing options...
AV&RM Posted September 5, 2013 Report Share Posted September 5, 2013 Hi, thought I'd give my 2c worth. I compared FNB, exchangeforfree and Sable, all on the same day. My bank was the most expensive obviously! I transferred an amount into Sable's Investec account and can choose whenever I want to transfer it to my Aus account. Either by phone or email. While my funds are in Sable's Investec account (I can leave it there as long as I want to) it earns interest. I've been very happy with Sable's service. When I'm not in the country anymore and sell any property, the conveyencer will just transfer my proceeds to Sable's account with my reference. I transferred funds a month or so ago when $1/R9.05, but also in two minds to transfer more now or wait. I'm hoping the strikes will be over by November and the Rand should strengthen a bit....but if the Aus $ improves again against the us $, the Rand will stay low for a very long time. My key measure is AUS$ vs US $.AV Quote Link to comment Share on other sites More sharing options...
Cranzy Posted September 5, 2013 Report Share Posted September 5, 2013 When you asked this question 2 days ago, i just for interest sake checked out the exchange rate on xe .. and it was R9.13 ... I just checked now and it is on R9.40 Quote Link to comment Share on other sites More sharing options...
debbieschutte Posted September 5, 2013 Author Report Share Posted September 5, 2013 When I spoke to Exchange4Free yesterday they could transfer for R9.40 - this morning it's R9.51 On the radio it sounded as if one of the mines were giving in to an 8% increase which the union has agreed to .... not too sure about this..... but maybe if the strikes do stop the rand will strengthen??? We have in any case decided to also transfer an amount now and will have to wait for the money from our house sale by end September to transfer the rest. My nerves are on end - feels like I'm in some or other casino gambling as we go...... Quote Link to comment Share on other sites More sharing options...
Classicman Posted September 5, 2013 Report Share Posted September 5, 2013 In my opinion, the Rand is undervalued at the moment. Once the strikes are over and nerves have settled, it should strengthen again. R9/$ is probably the first barrier to wait for. If it were my money, I would wait. 1 Quote Link to comment Share on other sites More sharing options...
ottg Posted September 5, 2013 Report Share Posted September 5, 2013 See attached graphs. This is according to Richard Cluver Financial Services in South Africa.(Predictions are based on using Fourier Analysis and from my own experience quite good) 1 Quote Link to comment Share on other sites More sharing options...
Classicman Posted September 5, 2013 Report Share Posted September 5, 2013 See attached graphs. This is according to Richard Cluver Financial Services in South Africa.(Predictions are based on using Fourier Analysis and from my own experience quite good)Makes for scary reading...... :-( Quote Link to comment Share on other sites More sharing options...
Hyperion Posted September 5, 2013 Report Share Posted September 5, 2013 Oh wow.So looking at the analysis, is that to suggest that the value of the AUD to ZAR is actually undervalued and should increase to around R10.75 to R11?That seems crazy.But before alarm sets in, it should be noted that Aus has been remarkably strong throughout the GFC. I would be very interested to compare the AUD to USD, GBP and EUR. Then we would see if the value of the AUD is PAR or under/over valued to its counterparts.If nothing else, I'd like to take the analysis graph back a little bit further to 2010.Thanks for the reading ottg. Always find analysis graphs fun to work with. Quote Link to comment Share on other sites More sharing options...
chzaau Posted September 6, 2013 Report Share Posted September 6, 2013 9.22 today ZARA strengthened a bit. Be interesting to see what I does next week win he election and also mine strikes. Quote Link to comment Share on other sites More sharing options...
HouseInOz Posted September 9, 2013 Report Share Posted September 9, 2013 We went with cashkows and for us it was the safest move we could make with our money. We are both accountants and do not like taking unnecessary risks.As accountants, for us the benefits were obvious:-Cashkows has an extensive network of professionals in their employ. No matter the circumstance there is a team of highly qualified people that handled our portfolio.Their thorough report, advice and consultation impressed us.Cashkows has provided services to over 5000 customers.They are registered with both the Financial Services Board and The Institute of Chartered Accountants, if something goes wrong we had a clear path for recourse.Our money were always in an account with our names on it.We only paid their fee after the money landed in our bank account in Australia.Their fees are reasonable. Cashkows also provides a range of other services that we would need in future years to come. It is good to talk to somebody in Australia that you have an existing business relationship with. Iemand wat jou taal praat.We have been so impressed with their service, we have been fans ever since! 1 Quote Link to comment Share on other sites More sharing options...
Riekie Posted September 13, 2013 Report Share Posted September 13, 2013 We have four months left until we leave and are very very worried about the rand at the moment. With the ongoing strikes and the gold mines starting to strike today we do not know which way to turn with getting our money into our Aus bank account.What are you all thinking that are in the same situation as us. Are you going to wait for rand to MAYBE get better or rather do it now??Any advice or thoughts would be appreciated as I know everyone's worried.....Just one more question on behalf of my hubby - Exhange4Free and Cashkows are safe? I have spoken to both companies and read comments on the forum about them so I have peace of mind but for his sake could you please comment or advise..... As far as Cashkows go - you're definitely in safe, competent hands! We used them and the service was just excellent! They respond to questions and queries within hours, sometimes minutes and were available even on Skype! Very clued up company who realise the frustration of trying to sort out these things from Australia! When we started our immigration process, the ZAR vs AUD was 3:1 - by the time we got here, it was 5:1 When we finally managed to get our money out, it was 8:1 Now it is 10:1 (give & take a few cents fluctuating). No amount of waiting will make it improve. Get it out as soon as you can and cut your losses. 1 Quote Link to comment Share on other sites More sharing options...
HouseInOz Posted September 13, 2013 Report Share Posted September 13, 2013 We have four months left until we leave and are very very worried about the rand at the moment. With the ongoing strikes and the gold mines starting to strike today we do not know which way to turn with getting our money into our Aus bank account.What are you all thinking that are in the same situation as us. Are you going to wait for rand to MAYBE get better or rather do it now??Any advice or thoughts would be appreciated as I know everyone's worried.....Just one more question on behalf of my hubby - Exhange4Free and Cashkows are safe? I have spoken to both companies and read comments on the forum about them so I have peace of mind but for his sake could you please comment or advise..... I read that you have an Aus bank account already, that is very good. Make sure to get bank statements for at least 3 to 4 months. This will be invaluable when you land in Aus for renting, utilities and a cellphone contract. For those that do not have a bank account yet, www.cashkows.com can open a bank account for you in Aus which would assist as mentioned above.Good luck with your decision! I wish we transferred our money sooner rather than later. Quote Link to comment Share on other sites More sharing options...
HouseInOz Posted September 26, 2013 Report Share Posted September 26, 2013 1 Australian Dollar = R 9.35 Quote Link to comment Share on other sites More sharing options...
Drought Posted September 26, 2013 Report Share Posted September 26, 2013 Really sorry, but for once this is working in my favour- we are going back to SA for the first time in 13 years in a few weeks time and this exchange rate suits me just fine.Does not make up for the ridiculous air fares though!- almost cheaper to fly to Europe, but if we went there i would not get to smell the rain on the veld and bare earth- if you could bottle that smell, you'd be a billionaire! Quote Link to comment Share on other sites More sharing options...
z3n71n3l Posted October 5, 2013 Report Share Posted October 5, 2013 Tnx for the reference guys. 1 Quote Link to comment Share on other sites More sharing options...
Bob Posted October 14, 2013 Report Share Posted October 14, 2013 South Africa is running an inflation rate and wage rises at a higher rate than in Australia, so this will have an impact on the cost of living there. Countries running a high inflation rate with bank interest rates to match, tend to use devaluation of their currency to remain competitive economically, so we can expect South Africa generally to devalue its Rand over the months and years and Australia to remain steady with its dollar.About six years ago, there were around 5 Rand to 1 Aussie $. Over the months and years, the Rand has crept higher and higher against the Aussie $ so that nowadays it's nearly at 10 Rand to the Aussie $. 1 Quote Link to comment Share on other sites More sharing options...
B007 Posted October 17, 2013 Report Share Posted October 17, 2013 It is scary. I don't know what it will be by next year when I start moving some money over maybe R11 hopefully not more then that Quote Link to comment Share on other sites More sharing options...
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