Move to Australia - best way to move money?

[funkyplates]

Hi guys, I'm after some advice re moving money....

My family and myself moved to Oz back in June.
We sold our house and have £100k + to bring over to invest in a property over here (Melbourne)
I'm currently not able to work, still on 3 month tourist visa but have a bridging visa which will come in effect once tourist one expires.

My main question is.....

What is the best way to maximise AUD we get for our GBP? I'm currently using the post office to transfer savings piecemeal so we can eat. Luckily we are staying with friends but that's a short term fix.

Prior to brexit vote it was 2 AUD per 1 GBP, now it's 1.6. In effect 20% less AUDs for our GBP (time machine anyone?). And after doing some research it would appear that the GBP is undervalued and that the AUD is overvalued. I'm no expert in this hence me asking the question.

Do we wait for GBP to recover? Do we wait for AUD to weaken? If it's neither and we just have to take the hit, what's the best way to move the money?

Short term, get job and rent with the hope of a recovery/weakening of currencies? Property prices are high but may also be due for correction? Standard of living costs are high but the wages are too. I've never been a renter (dead money) but it does seem a good option given the exchange rate/high property prices. But then that's a gamble that either will correct. If neither do then things become more unaffordable. Crystal ball anyone?

I know that ultimately I must make a decision, which is normally not a problem, but I don't like losing a considerable amount of money.

Thanks

Lee

[onny]

Put this thread in the Australia section of the forum.

I normally use a company like Ozforex and the likes to transfer money between UK and Oz. I chop and change these companies based on the rate given on the day.

Depending on your circumstances, I personally would wait and see if the Aus$ will fall or not. Unless you really need the money to live now I would play a wait and see game.

I suspect house price in Australia won't fall. Unlike many overseas country, Australian has an obsession with owning houses. The house price will flat line at best but likely to keep going up be it much slower than before and especially in eastern part of country.

[Dicky Knee]

I use Thomas Exchange. For larger amounts you can call or email their trader and get a current market price. There are others and they will all be better than your bank's rates. You will have to fill out a few forms so it is best to get an account set up before you decide to do something.

As for timing, it is impossible to know. I have been sending cash back and forth for 30 years and it is still difficult to pick. However, it does trade in a range over time of 1.60ish to 2.20ish with occasional excursions outside of that range.

We are at the lower end of that range so if there is no pressing need you can hold off for a bit. That said, Brexit does throw up alot of uncertainty which means its is more likely to have another dip. Totally unhelpful I know.

As for real estate prices, my experience in the Sydney market is that it does ebb and flow although the trend remains upwards as immigration remains high and most people want to live around the coast and in one of the main cities. If Melbourne dips 10 or 15% that will be a good time to buy. From what I hear Melbourne has probably peaked for the near term.

[Noblebenn]

Chris Canning at Argentex and a Pistonheads member

[mondie]

I would use transferwise, the best rates I have ever found and since you have accounts in both Oz and the UK, it is simple. The GBP is sad against the AUD and I dont see that improving anytime soon.