Where to keep it?
Author
Discussion

Condi

Original Poster:

18,981 posts

187 months

Wednesday 9th February 2011
quotequote all
So... Im earning money in Aus at the moment, but will be coming home for a month in June or July. Think i'll want about £2k in my UK account to fund it - buying and running a cheap car, plus spending money for food/beer etc. In my OZ account I can earn 6% interest PA, in my UK account sod all. Is it going to be better to keep my money over here and transfer it just before I go (and hope the currencies stay where they are or strengthen in my direction) or send the money home now, where I might earn less, and pay a little more - but at least i'll know months in advance how much i'll need and when its all covered.

Now, obviously nobody can predict the market and they would be a millionaire if they could - but ive been away from it for too long and dont know what things are like in the UK. Can some financially minded bods give me a clue as to what they think would be the best thing to do? Send it home now and earn no interest - but prevent any moves by the markets away from me, or leave it here and earn a bit of interest and hope the market stays as it is.

anonymous-user

70 months

Wednesday 9th February 2011
quotequote all
why not do half and half?

XJSJohn

16,091 posts

235 months

Wednesday 9th February 2011
quotequote all
Can you not get an Australian bank account that does sterling as well as aud?

I have this in the UK with citi and in Singapore with HSBC

sploosh

822 posts

224 months

Wednesday 9th February 2011
quotequote all
Find an Aus account that doesn't charge you for foreign transactions.

R1 Loon

26,988 posts

193 months

Wednesday 9th February 2011
quotequote all
6% on £2,000 is a whopping £120 a year, or £10 a month, so it's hardly life changing, forr that reason I'd ignore that side of things.

Do you think the currencies are likely to move that much? Have a look at where the Aus$ is against the £. Depending where it is in terms of strength tthen go with that.

With £2000 at stake I can't see it moving enough one way or the other to make a huge difference.

jeff m

4,066 posts

274 months

Thursday 10th February 2011
quotequote all
Keep it in AUS$, the interest will pay for the transfer and you should rec 2,000 net in UK.

I really don't see great gains on the horizon for Sterling.