Parks Posted October 13, 2014 Report Share Posted October 13, 2014 Hi,Any idea when we should exchange or if we should exchange all our money now. Spoke to Tanya from FX she was very helpful but from what I understand the money is invested here for 5% interest rate via Investec and transferred when you need it. Just worried about this as I thought the money would have been invested in AUD and not ZAR.I hate taking a gamble so not sure what route to go: transfer all or only when we need it? 1 Quote Link to comment Share on other sites More sharing options...
SurferMan Posted October 13, 2014 Report Share Posted October 13, 2014 PARKS,Im not money exchange expert mate, but if it were my bucks, i would move it. Your interest rate in SA is just a little higher than Aus, but the main issue is the rand depreciation. It is dropping faster than the difference in interest, and if you offset CPI/inflation you have a nett negative situation in SA in real terms. In any event, once it's here it can sweat in a nice little high interest bearing account. Quote Link to comment Share on other sites More sharing options...
heidim Posted October 13, 2014 Report Share Posted October 13, 2014 I am no financial guru and I may give wrong advice. But from 2 year experience (bringing the last of our money over now - final tax rebate), we got the best deal when we exchanged immediately two years ago at R8.20. If you don't need money in RSA, just bring it over. It's also draining to try and predict the market and constantly worrying over when you'll get the best deal.Ultimately we just decided we'll take the knock and bring it all over, and it was by far the best decision ever. You may end up in an emergency here, need the money and be forced to exchange when the rand is taking a serious beating. Quote Link to comment Share on other sites More sharing options...
Parks Posted October 13, 2014 Report Share Posted October 13, 2014 Surferman and Heidim,Thats the way we were leaning, just needed to hear your thoughts. Would our bank do the transfer of all our monies to our Commonwealth account? If so, then why the need to use one of the foreign exchange agents mentioned on the forum? Quote Link to comment Share on other sites More sharing options...
Eyebrow Posted October 14, 2014 Report Share Posted October 14, 2014 The bank charges a fee and offers a certain exchange rate. Which is more than what the exchange agencies charges. So you end up with more money in your account in Aus at the end of your transaction with the agency. But because they are cheaper, they have a minimum amount that you have to transfer and it can take day or two longer than the bank. 1 Quote Link to comment Share on other sites More sharing options...
BronPreston Posted October 14, 2014 Report Share Posted October 14, 2014 Surferman and Heidim,Thats the way we were leaning, just needed to hear your thoughts. Would our bank do the transfer of all our monies to our Commonwealth account? If so, then why the need to use one of the foreign exchange agents mentioned on the forum?Hi PARKSExchange4free is one of the mentioned forex agents Just like Eyebrow explains it is definitely easier and cheaper to use our services. Registering and transfer of funds can all be done online, we then send a courier to collect your documents. We offer great exchange rates and do not charge transfer fees or commissions. As we are a registered and regulated agency, only as soon as all the necessary documents are received can we begin the transfers. Please let me know if you need any assistance.Thanks Tara Quote Link to comment Share on other sites More sharing options...
SurferMan Posted October 24, 2014 Report Share Posted October 24, 2014 Wow,Mike Schussler says the Rand will hit R15 soon...See here. http://www.fin24.com/Economy/Reasons-for-rand-weakness-double-20141015 Quote Link to comment Share on other sites More sharing options...
Eto Posted January 23, 2015 Report Share Posted January 23, 2015 Just for those looking at transfering some funds. Now appears to be a much better time than a few months ago.Online currency calculator this morning R9.126 vs AUDhttp://www.x-rates.com/calculator/ 1 Quote Link to comment Share on other sites More sharing options...
Marcie Posted January 23, 2015 Report Share Posted January 23, 2015 Cant believe how the A$ has dived in the last four days. From around R9.56 to R9.08 a few minutes ago. Just done a transfer Quote Link to comment Share on other sites More sharing options...
ottg Posted January 23, 2015 Report Share Posted January 23, 2015 And the A$ will get lower...predicted to get down to 75 cents. Why?Yesterday’s announcement by the European Central Bank that it was to launch a 60-billion Euros a month Quantative Easing programme caused the Euro to immediately lose some 1.5 percent of its value relative to most other world currencies. The euro plunged after the ECB launched a scheme to buy 60 billion euros ($A86 billion) worth of private and public sector bonds per month between March 2015 and September 2016. That sent the greenback (USD) skyrocketing, weighing on the Australian dollar. A more dramatic move below 80 US cents will probably happen in the next couple of weeks, with official inflation figures to be released on Wednesday and the Reserve Bank's interest rate decision the following week.Thus the Rand has been loosing value relative to most world currencies for some time now, it has actually been GAINING relative to the Euro. This will effectively strengthen the Rand (A falling graph denotes a strengthening currency because fewer Rands are needed to buy Euros) So how far can it go? ...........based on Fourier analysis (RCIS Investment Services Jan 2015) of past and most recent performance see below but many things can happen in between.As the whole world is competing to lower the value of their respective currencies in order to stimulate trade which might, in turn, get their idle factories back to work and jobs for their ever-growing armies of unemployed…. and because the great US monetary experiment (US Quantative Easing) could shortly begin a melt-down. In a world as economically fragile as it is at present, the fall out may follow and could be significant. That is why investors run for cover. All of that money only serves to drive down the value of money (and debt) which in direct consequence drives up the value of hedge assets like Blue Chip shares. Again massive opportunities!!!! Quote Link to comment Share on other sites More sharing options...
Riekie Posted January 23, 2015 Report Share Posted January 23, 2015 My advice: move it now. Don't wait for something better. The sooner you get your money out, the sooner it starts growing at the higher rates. When we planned our move, the rate was 3 to 1, by the time we got here, it was 5 to 1. When we eventually got our money out, it was 8 to 1. It's not going to get any better. Cut your losses and move it. 1 Quote Link to comment Share on other sites More sharing options...
Bob Posted January 28, 2015 Report Share Posted January 28, 2015 When a currency has an inflation rate in double figures, and another currency baring having any inflation at all, the economic circumstances dictate that over time, the high inflation currency will lose value in wages and prices compared to the low inflation currency.So . . . . . a currency with high inflation (Rand, Uganda Shilling, etc) will fall behind eventually compared to low inflation currencies (Swiss Franc, Euro, Australian $, and so on)Given time, the high inflation currencies will be worth less and less compared to the low inflation "hard" currencies (Swiss Franc, Aust $)The graph of each day's worth may wobble up and down, but looking at the long term trend (5 years, 10 years) the graph is always the same. . . . . downwards.You need to determine when is the best day of the week or month to exchange and accept that. Waiting longer could be more costly.Nobody can advise you the best day of the month. It really is your call.I switch $20 000 each year into Pounds Sterling.I use a foreign exchange called "Forex".They give me a far better exchange rate for my Australian dollars than the banks do, and I also pay no fees.Last year I got 11 500 Pounds for my $20 000.Going thro the banks, I would only get 11 300 Pounds, and then pay 1.1% in switching fees (losing another 113 Pounds), so my total would be 11 187 Pounds, instead of 11 500.Which do you reckon is the best way to go in exchanging large amounts of money?A foreign exchange company??? . . . . . or the bank down your High Street????? Quote Link to comment Share on other sites More sharing options...
Tiermelk Posted February 3, 2015 Report Share Posted February 3, 2015 1.00 AUD = 8.82428 ZAR Quote Link to comment Share on other sites More sharing options...
SurferMan Posted February 4, 2015 Report Share Posted February 4, 2015 http://www.fin24.com/Economy/SA-rapidly-approaching-fiscal-cliff-expert-20150203 Quote Link to comment Share on other sites More sharing options...
ShravanSingh Posted February 11, 2015 Report Share Posted February 11, 2015 Hi all,Try the currency converter on www.oanda.com . There is a graph facility that shows the history over the past 90 days, and at least gives you an average that you can make a call on. Hope this helps! Shravanhttp://www.oanda.com/currency/converter/ 1 Quote Link to comment Share on other sites More sharing options...
elleneo Posted March 10, 2015 Report Share Posted March 10, 2015 9,40 an aus dollar this morning.... Quote Link to comment Share on other sites More sharing options...
ottg Posted March 12, 2015 Report Share Posted March 12, 2015 From a long term perspective over past 5 years:From short term perspective - 120 days from 12 March 2015: Quote Link to comment Share on other sites More sharing options...
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