GBP exchanged to AUD... Help please

simply_red

Hello

I'm emigrating to Australia in 4 weeks, and have 10,000 GBP to transfer/save for future property in 1-2 yrs time (depending on what happens to property market in OZ). The exchanged rates as we all know are poor at the moment. The difference between exchanging now and in Oct last year is a 30K loss. I am thinking I could either transfer money now regardless and get a 5% interest rate in Oz bank (thats bearing in mind that they could drop too!), or leave the money here in UK account with dire interest rates, but hopefully get a better exchange rate in the future. I beleive I am subject to tax on any increases in exchange rates from the point I become resident. Not sure how much tax is taken off in oz bank savings. Can anyone offer any advice please.
Thank you

97trophy

simply_red wrote: »

Can anyone offer any advice please.
Thank you

Nobody can tell you what is going to happen next. The Pound may go up or it may go down.

The only advice I can give is to to split your AUD purchase over a number of transactions spread out over time rather then doing it all in one go