Leavingforgood Posted December 13, 2015 Report Share Posted December 13, 2015 (edited) How utterly utterly and so utterly painful. Will be moving, with hope in my heart of a better exchange rate, in a month. Hubby moved two months ago at a aud/zar rate of 9.70. Edited December 13, 2015 by Leavingforgood 4 Quote Link to comment Share on other sites More sharing options...
AndreCarla Posted December 13, 2015 Report Share Posted December 13, 2015 I feel your pain! We're leaving in 1.5 months......timing is horrible! ?? 1 Quote Link to comment Share on other sites More sharing options...
Leavingforgood Posted December 13, 2015 Author Report Share Posted December 13, 2015 Watching the news like a hawk and so prayerful that all the campaigns and highly upset South Africans will drive a change. Quote Link to comment Share on other sites More sharing options...
Guest Posted December 13, 2015 Report Share Posted December 13, 2015 we only came back to SA to tie up loose ends and transfer the remaining funds tonour Oz bank account. This idiot they have in power will see SA brought to its knees. The blatant corruption of this Country and the lack of accountability of its leaders makes me sick to the stomach. Its like Zuma is basically ridding himself if anyone who he cannot control and surrounding himself with puppets. What's worse no matter what he does he has been until now untouchable. The frightening thing about it is that maybe people will start looking to the EFF.....then the &%£ really will hit the fan. I am so glad to be going back to Melbourne on New Years Eve. ? Quote Link to comment Share on other sites More sharing options...
Leavingforgood Posted December 13, 2015 Author Report Share Posted December 13, 2015 I hear you Emma. Although e-rate disturbing, leaving loved ones in this chaotic dark place is punching holes in my heart. My simple mind is boggled how a democratic intellectual country like Sa can continue to support this president. Quote Link to comment Share on other sites More sharing options...
Guest Posted December 13, 2015 Report Share Posted December 13, 2015 True...although I think many people are in their own virtual bubble and don't want to see what's going on. I think maybe its some sort of safety mechanism because if you thought too much about what's going on...you'd go crazy. Quote Link to comment Share on other sites More sharing options...
ottg Posted December 13, 2015 Report Share Posted December 13, 2015 From RCIS services states: "The Rand, which lost value relative to the Dollar at a compound annual rate of 3.9 percent from the time the ANC Government came to power, began losing value at compound 14.4 percent annually after Zuma took office. Since the beginning of this year that rate has accelerated further to 43.9 percent...." I will see if I can get hold of a forecast! Quote Link to comment Share on other sites More sharing options...
RedPanda Posted December 13, 2015 Report Share Posted December 13, 2015 We've already been downgraded to BBB-, the next step is junk status, and then whatever remaining foreign investments RSA had will have to pull out. Personally, we didn't wait for the exchange rate to improve, because we're scared RSA gets downgraded before it improves, and then we really will have nothing to transfer. But it's difficult to guess precisely what will happen in the short term, and that's our planning bracket at the moment. My heart goes out to those selling houses, or in the process of transferring cash. (fortunately most of our assets are shares, in international companies, so the exchange rate is not hitting us that hard) Quote Link to comment Share on other sites More sharing options...
Leavingforgood Posted December 13, 2015 Author Report Share Posted December 13, 2015 @RedPanda you have planned well. I am one of those unfortunate people in process of transferring. .....still in limbo whether to transfer in the next week or wait. @ottg will wait in high anticipation for a forecast. Quote Link to comment Share on other sites More sharing options...
Leavingforgood Posted December 13, 2015 Author Report Share Posted December 13, 2015 Oh my hat!! Pravin Gordhan reappointed as min of finance....breaking news on fin24????? Quote Link to comment Share on other sites More sharing options...
CyberJoe Posted December 13, 2015 Report Share Posted December 13, 2015 Yup, Pravin is back. Now to see if the rand recovers a little bit (doubtful) but lets hope. At this rate, no one will be able to leave South Africa even if they want to. Its funny how quickly international movement becomes nearly impossible with a crappy currency exchange rate. One way to keep talent in your country Quote Link to comment Share on other sites More sharing options...
Leavingforgood Posted December 13, 2015 Author Report Share Posted December 13, 2015 Rand cheers return of Pravin Gordhan Fin24 Recovered 80c since announcement. Let us be diligent in prayer. 1 Quote Link to comment Share on other sites More sharing options...
RedPanda Posted December 13, 2015 Report Share Posted December 13, 2015 We'll see what Monday morning brings... Here's hoping it's good news. Quote Link to comment Share on other sites More sharing options...
SurferMan Posted December 14, 2015 Report Share Posted December 14, 2015 Just wait till they announce the nuclear deal and the SAA deal, THEN watch the Rand tank. 1 Quote Link to comment Share on other sites More sharing options...
qwerty Posted December 14, 2015 Report Share Posted December 14, 2015 I hope they wait until after March to make any 'announcements'. Quote Link to comment Share on other sites More sharing options...
RedPanda Posted December 14, 2015 Report Share Posted December 14, 2015 Well, we've gained one rand to the pound already... Quote Link to comment Share on other sites More sharing options...
Eva Posted December 14, 2015 Report Share Posted December 14, 2015 scary stuff, and I complained at 7 rand to the dollar 7 years ago! Quote Link to comment Share on other sites More sharing options...
dme Posted December 14, 2015 Report Share Posted December 14, 2015 I don't know how much more of this exchange rate fluctuations I can take. It was R9.27 for an AUD at the end of July. On Friday it was R11.52. Right now it is just under R11. I am only moving to Aus end of 2016, so now I have to play a guessing game of when is the right time to transfer funds. 1 Quote Link to comment Share on other sites More sharing options...
BronPreston Posted December 14, 2015 Report Share Posted December 14, 2015 1 hour ago, dme said: I don't know how much more of this exchange rate fluctuations I can take. It was R9.27 for an AUD at the end of July. On Friday it was R11.52. Right now it is just under R11. I am only moving to Aus end of 2016, so now I have to play a guessing game of when is the right time to transfer funds. dme, I am very close with foreign exchange consultants I can keep you updated and let you know when the best time to move money across is. 1 Quote Link to comment Share on other sites More sharing options...
BronPreston Posted December 14, 2015 Report Share Posted December 14, 2015 Thank Goodness for Pravin Gordhan The rand has strengthened a little bit! Fingers crossed it keeps getting stronger. 1 Quote Link to comment Share on other sites More sharing options...
SurferMan Posted December 29, 2015 Report Share Posted December 29, 2015 I never knew that a currency can fall faster than gravity...oh wait, it's Zoooma783 and his cronies. Filthy thieving politicians and the poor starve. 1/4 Billion Rand on a house that could have been built for 10% of the price, and although he flew there many times, was "unaware" of the additions. Lying sod. I am so sorry for those taking flight now, the Rand is against the ropes and the Government just keeps on spending. 1 Quote Link to comment Share on other sites More sharing options...
Sassyninja Posted December 29, 2015 Report Share Posted December 29, 2015 Yep, everyday it weakens a tad more. #funtimes 1 Quote Link to comment Share on other sites More sharing options...
ottg Posted January 1, 2016 Report Share Posted January 1, 2016 It's not just all doom and gloom. The main concern should be what are you going to do with your investments once in Australia? Believe me here are many businesses that think they know and can help. Nobody can look as well after your investments than yourself. From RCIS services: Here it is important for our South African and Developing World readers to note that their currencies have been declining in value by an average of 19.4 percent compound over the past five years which makes the London portfolio Total Return of 278 percent and the New York portfolio total return of 209 percent infinitely more attractive than the 145 percent the JSE offers. Even if you believe that the Jacob Zuma administration is capable of improving in the long term, these figures represent an overwhelming case for investing as much abroad as you can afford. If you want to know what those portfolio's should look like (I'm familiar with the analytics) http://www.rcis.co.za/the-investor-december-2015/ 2 Quote Link to comment Share on other sites More sharing options...
Sweepea Posted January 6, 2016 Report Share Posted January 6, 2016 really cringing over the exchange rate. Just gave instruction to sell my shares to convert to dollars. Even on that I lost a lot of money over the last 3 months with the JSE being what it is and SA above junk status. So double whammy. I am looking into opening an Isle of Man account with Nedbank Private Wealth (I am a staff member of Nedbank) to transfer the proceeds of shares. Any other advice before I do that? we haven't been granted the visa but in the process. thanks! Quote Link to comment Share on other sites More sharing options...
ottg Posted January 8, 2016 Report Share Posted January 8, 2016 No good news for the Rand. From the RCIS services in RSA: The Rand/USD rate falling at a compound annual rate of 18.7 percent for the past five years and that rate has now accelerated to an average of 110.5 percent. The forecast looks no different......the Jacob Zuma administration has consistently operated on borrowed money, effectively doubling our external debt during his term of office. BUT.... the Debt / GDP for China doesnt look good at all. In fact it exceeded the USA Debt/GDP since 2013 at an alarming rate. Perhaps time to get your money into land; brick & mortar or gold? But as the graph shows, since late 2007 the USA has tempted to spend themselves out of trouble and China has just played catch-up. So still not the end of the world!!! Quote Link to comment Share on other sites More sharing options...
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