Guide

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EWmums

EWfood

ewmoda

Other Aussies...what are you doing with money when our dollar is so high?

3

Posts

EW NEWBIE

Latest post on 02 February 2011 - 14:18

Hi..we are planing to return home to Australia permanently in April. We have only been here 2 years but saved diligently. Unfortunately when we came to Dubai the AUD was only 67c to the dollar. This means we would lose 30% of our savings by transferring the money back to Australia now. We are thinking of investing in managed funds (in $US) and waiting until the Aussie dollar weakens. Does anyone have any advice regarding this? Any other suggestions on how we can avoid losing out on the exchange rate?
Thanks

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845

Posts

EW GURU

Latest post on 03 February 2011 - 18:08

Have to send more money home now as the water and rates have separated ..house on the Gold Coast. My rates have gone up 50% because of this! Hate the exchange rate but hey what can we do!

3

Posts

EW NEWBIE

Latest post on 03 February 2011 - 17:05

HA HA....I'm sure some shoes appreciate in value. Just thought about it and realise I have not bought a new pair of shoes the whole 2 years we have been here..... I did bring almost a whole suitcase of shoes over with me though....

4

Posts

EW NEWBIE

Latest post on 03 February 2011 - 17:00

We send money back regardless of the exchange rate because you can earn a much higher interest rate - we're currently earning 6%+ with Westpac. Even though there is a 10% withholdinhg tax on the interest earned, it's still better than having it sitting in a bank here, or even offshore.

Water baby11058

205

Posts

EW NEWBIE

Latest post on 03 February 2011 - 16:41

I have been investing in shoes. DH isn't too impressed tho...

180

Posts

EW NEWBIE

Latest post on 02 February 2011 - 17:07

Have you tried contacting the financial advisor on here through the financial and legal link - try prosperity - I use them for my managed funds and found Neil to be great! I recommend - hope tthis helps. He can also offer advise on Ozzie tax.

169

Posts

EW NEWBIE

Latest post on 02 February 2011 - 14:40

[color=#000000'>[/color'>If you don't need the money straight away, you could 'buy' a cheque in American dollars whilst the Aussie is at parity and then wait till Aussie drops and then cash it in in Australia, or just take a wodge of cash with you now. At an investment seminar recently we were told that when Aussies are repatriating permanently they can take 300k home in cash - obviouly check this before you do it! Good Luck err, most cheques are only valid for 6 months from being issued, they then become 'stale' and unable to be banked let alone cashed. As the $ is likely to remain high for the forseeable, I wouldnt use that option. Do you mean some kind of USD bank bond? [color=#000000'>Yeah, I don't mean a normal cheque, sorry I should have been clearer. Yes, we just send home same amount each month as well for same reasons - averages about 76c.[/color'>edited by DesertBoot on 02/02/2011 <em>edited by DesertBoot on 02/02/2011</em>

2322

Posts

EW EXPERT

Latest post on 02 February 2011 - 14:35

If you don't need the money straight away, you could 'buy' a cheque in American dollars whilst the Aussie is at parity and then wait till Aussie drops and then cash it in in Australia, or just take a wodge of cash with you now. At an investment seminar recently we were told that when Aussies are repatriating permanently they can take 300k home in cash - obviouly check this before you do it! Good Luck err, most cheques are only valid for 6 months from being issued, they then become 'stale' and unable to be banked let alone cashed. As the $ is likely to remain high for the forseeable, I wouldnt use that option. Do you mean some kind of USD bank bond? We're in the same boat as CT, send our money home monthly regardless of exchange rate, but mostly because we are hopeless and if it was in our a/c here we'd spend it.

1579

Posts

EW EXPERT

Latest post on 02 February 2011 - 14:30

Congratulations on saving while you have been here kebab. As I am the family breadwinner I send the same Aussie dollar amount home each month regardless of rate so savings are currently non existent. Find yourself a reputable Australian financial advisor and get some professional advise. The dollar is likely to be up for the foreseeable future :(

169

Posts

EW NEWBIE

Latest post on 02 February 2011 - 14:26

If you don't need the money straight away, you could 'buy' a cheque in American dollars whilst the Aussie is at parity and then wait till Aussie drops and then cash it in in Australia, or just take a wodge of cash with you now. At an investment seminar recently we were told that when Aussies are repatriating permanently they can take 300k home in cash - obviouly check this before you do it! Good Luck

1996

Posts

EW EXPERT

Latest post on 02 February 2011 - 14:23

Hope you find an answer-we have a house back home and have to send money back for the bills-can't rent it as the kids are in it-the exchange rate is an absolute killer for us-good luck finding an answer

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