Exchange Rate dilemma

audi_lover

Not quite sure if this is the right forum to ask this question but here goes. The sale of my sons house in England is going through but he is over in Australia at the moment and will require the funds over there eventually. However as the exchange rate £ to $au is terrible at the moment is it best to put the money in an instant access account here and if so where or bite the bullet and send the money over regardless of the exchange rate. He still has a UK bank account. He has just got a mortgage in Australia so obviously when the funds eventually go they will pay off a chunk of his aussie mortgage. Any suggestions much appreciated.

withnell

Well it all depends how much his aussie mortgage is costing, and how much you feel the exchange rate is going to move - if he's on a 1% deal then id wait for the fx rate to increase, if he's currentlly paying 20% then it would be best to pay down the mortgage!

AshleyECFX

Hello, GBP is one of the weakest currencies this week and AUD is sure looking favored for growth. unless something happens unexpectedly in the week or next, the rate wont look attractive. If you like, I can keep an eye on the rates for you audi lover, and perhaps discuss what help you avoid risk of currency volatility, just give me a quick email, ashley.ingle@excelcurrencies.com and i can get back to you.

Regards,
Ashley Ingle,
Excel Currencies
01322 221121