[Nathan]

Just for you Nathan ..... bump!

Cheers

Tia

:)

[IanW99]

Hit 2.95, anyone exchanging yet?

Ian

[Sam B]

NOOOOOO! I missed it - I was at work. Argghhh. Now it's back to 2.90 ARGGGGGGHHHHHHHHHH

[IanW99]

NOOOOOO! I missed it - I was at work. Argghhh. Now it's back to 2.90 ARGGGGGGHHHHHHHHHH

I thought you were using the other thread now????
Well I like THIS thread and I'm going to keep using it. Off to XE.COm - WOOO!

:laugh :exit

Ian

[Sam B]

Tee hee, I actually couldn't remember which thread I was supposed to be using! And then I remembered i actually like THIS thread! Ha ha. Whoops! I'm so fickle!

[Chiba]

Just put in a limit order and stop worrying about it?

[Sam B]

Oooh, how do you do that? I didn't know you could do that...

[Mickstim]

I want to sell the house and have the money to transfer NOW! We could have improved our situation by $100 000 if we had a sale and money in the bank, so it is very frustrating to watch. Please hold this rate for another 6 months (or get it even better!!!)

[lockstock]

Aaargh! I'm still trying to contact ASB to open an account. Proceeds of our UK house sale burning a hole in my pocket:wah

[janrzm]

If you know when you'll have the money you can book a rate for a forward date & pay a 10% deposit.

[Sam B]

I've just put a bid in. If it reaches 2.97 I'm exchanging the whole lot. Yikes!

[holland]

might sound completely stupid here, but Im am getting more and more excitied by the minute on the XE website, Ive tried to register and part is online, then you have to print off and send/fax...is this the quickest way, as even if I fax I wont be registered for about a day until I can get to a fax maching, and I may miss out!!

J x

[Tia Maria]

Holland wrote:

might sound completely stupid here, but Im am getting more and more excitied by the minute on the XE website, Ive tried to register and part is online, then you have to print off and send/fax...is this the quickest way, as even if I fax I wont be registered for about a day until I can get to a fax maching, and I may miss out!!

You can send a digital photo of any relevant documents, that's what we did and it was accepted.

The exchange rate has been back and forth between 2.8 something and 2.9 something every couple of weeks recently so I wouldn't panic too much if you've missed this most recent peak.

Personally I'm still hanging in there - nerves of steel! :D

Cheers

Tia

[holland]

Thanks Tia!!

J xx

[peebles16]

Okay know nothing about exchange rates and money transfers and the like - can anyone provide some advice or point me to the right thread? We intended to transfer some cash right away for set up costs etc and understood we could transfer the rest into sterling account in NZ and then exchange as and when. Is that roughly what happens? Thanks K

[holland]

oooooooooooooooo, 2.934 at the mo.......

[marcia]

Well we bit the bullet last and transferred some more of our money over.

We looked at it and thought - well we only got 2.85 when we sent our first lot over for set up costs, we got a 'dismal' 2.73 (we watched it slowly dropping in the month we had from agreeing to the house sale, to actual payment day - cost us an $30,000 in the end!) when we had to bring a big lump over to buy our house.

So we have sent half the remaining amount we had, to bring the average up a bit! But we have left some just incase it continues to rise and hits that magical 3 again!!!

So now trying to find the best childrens accounts and other low risk/high interest accounts to put our money into!

[holland]

ooo marcia,

hope it hits the 3 mark and you can change the rest...as well as the rest of us!!!!

J xx

[Mickstim]

Jade - what are you doing posting at 02.58 am?? That is crazy!

Bx

[holland]

Ha ha...I couldnt sleep at all last night I could have posted at 4.00am, 5.00am and 6.00am!!!!!

J x

[crispyking]

just an fyi

here's a useful page to track rates in most major currencies -
http://www.nbnz.co.nz/economics/exchange/nzdgbp.htm

[peebles16]

Crispyking that just scared me - I've no clue on the financial front just looking for advice
Thanks
Karen
:confused:

[IanW99]

just an fyi

here's a useful page to track rates in most major currencies -
http://www.nbnz.co.nz/economics/exchange/nzdgbp.htm

Here's another one with even more currencies (appears to need java though) xe charts (http://free.charts.xe.com/misc/xe.asp) I assume that you can actually get these rates when you exchange via xe?

Ian

[crispyking]

that just scared me :confused:

it's not so scary as would first appear :)

top graph is the exchange rate by hour as it happens through the day

next is by day as it goes through the month

next is by month over the last year

last is the rate by year over the last 10 years


my advice would be to get the best rate you can !!! :D :exit

[The Hodges]

It's been climbing today, now $2.96 to 1GPB. :raebanana

[Tia Maria]

You beat me to it! :laugh

Cheers

Tia

[The Hodges]

It just hit $2.97190 to 1GBP now. :raebanana :raebanana

Lets see it can make four bananas.

[Sam B]

Arrgghh, I've got a bid in to trade at 2.97 - so excited! I've been looking at baches in Rotorua, so now would be a great time to bring it over!!!

[willsken]

Sam we are sitting waiting to bring money over. I just sit here clicking the refresh button instead of the confirm bid one..... Normally I'm so decisive! :no

[Sam B]

I know, it's such a b****y responsibility isn't it? My bid didn't go through today, so it obviously didn't hit 9.7 on XE. I'm on tenterhooks. There are some nights when I just sit clicking refresh over and over. Well, I've stopped since I put this bid in, but I still keep checking.

[thirtysomethings]

2.92 at the mo have our house sale proceeds on route to ASB just need to decide when to jump ! Think I might go 50/50 now and buy and put the rest on a rate order`!
Good luck everyone:)

[Caroline and Dave]

Our financial advisor has advised us that it will probably go even higher as the Japanese are pulling money out of New Zealand. I don't know if this is good but it will send the dollar down further.

Dave and Caroline

[holland]

ooooooooooo interesting!!!!

thanks

J x

[Sam B]

When? When are the Japanese pulling money out - how long should I wait? I can't stand much more excitement!

[Chiba]

The Japanese are unwinding their carry trades. It's been going on for some weeks now, so there won't be some fixed event that you can put in your calendar. Sorry!

[jimba]

Here's another one with even more currencies (appears to need java though) xe charts (http://free.charts.xe.com/misc/xe.asp) I assume that you can actually get these rates when you exchange via xe?

Ian

No chance! The rates quoted are interbank rates.
Try using a London/NZ currency specialists. We use Collinson Forex, HQ in Auckland, I think url is collinsonfx.com. They are good guys and will give you a far better rate than banks. There are also a couple of good fx companies in London I use also (to compare rates) - you can pm me for details.

[IanW99]

No chance! The rates quoted are interbank rates.
Try using a London/NZ currency specialists. We use Collinson Forex, HQ in Auckland, I think url is collinsonfx.com. They are good guys and will give you a far better rate than banks. There are also a couple of good fx companies in London I use also (to compare rates) - you can pm me for details.

Interesting, xe.com have a guarantee that they offer the best rates:-

Do you really have a best rate guarantee?
Yes. We guarantee to beat every posted bank rate on every transaction. We also guarantee to beat every other competitor's rate nine times out of ten

So are you saying that e.g. Collinson Forex give a better rate than xe.com? and any idea how much better the rate is that they will give you?

Ian

[willsken]

I'm gutted about not taking the 2.93 offered by ex 2 days ago. It's gone down 10c since then..... anyone know what's happened?

[Chiba]

I'm gutted about not taking the 2.93 offered by ex 2 days ago. It's gone down 10c since then..... anyone know what's happened?

If anyone genuinely knew for sure what causes shifts in the money markets, then they'd be making a good living as a currency trader. Read the news and all you'll get are guesses at best - a lot of the time it simply comes down to "confidence". That's not exactly a quantifiable variable, and it's just one of the thousands that contribute towards movement. Unless you really want to invest a lot of time then it's best not to attempt to figure it out - just draw a (realistic) line in the sand and make your trade when the rate hits it.

If you genuinely want to understand more, then this book (http://www.amazon.com/Trading-Global-Currency-Markets-3rd/dp/0735204217/) is kind of the default introductory text, but it's pretty heavy going.

For more of a beginner's guide to how things hang together, then this book (http://www.amazon.com/Beginners-Guide-World-Economy-Eighty-One/dp/0375725792/) is a great read, and very approachable.

[speckythecky]

the effects of NZ not changes interest rates along with UK pay rises being higher than expected may have had some effect on the currency market, but this is only a guess.

[whiskythedog]

The average uk/nz rate over the past 20 odd years Jan 85 to Jun 07 is 2.843 so IMHO if you get near to or better than average then you havent done so bad (data source from NZ Herald)

[Sam B]

I wish I'd gone for 2.93 too!

[M&J]

It is a complete lottery I'm glad we made the move and changed some on monday at 2.93 but who know's what will happen.

[Sam B]

OH WHAT'S HAPPENING???? Why is it plummeting back down again? Why oh why didn't I exchange at 2.93??!!!! Sob.

[Tia Maria]

A lot of the time the markets move in expectation of what is about to happen rather than when it actually happens. So when the 'event' finally occurs the market hardly moves at all and everyone wonders what all the fuss was about. New Zealand really is small fish in the world markets and is very much at the mercy of what is happening elsewhere so as Chiba says unless you want to invest a lot of time in watching the world's markets it will be hard to understand the week to week movements.

I think it is possible to take a longer view, and most people I speak to believe it will hit 3 before the year is out, but these are people who feel comfortable with that time frame. I suspect it is easier to be an optimist when there is no immediate pressure to change your money!

We took a similar view to whiskythedog in that when we changed our money originally it was pretty much half way between the lowest and highest we had seen since we had been watching the rate. Although it is always hard to watch it go up shortly after you have changed it. :(

The other thing to consider is how much 0.10 difference makes to you. Does it mean losing $10,000, if so, and you are planning to buy property, is it possible that your property could increase in value by several thousands while you are waiting for the rate to improve?

Maybe it won't wipe out the loss but it could be the difference between getting the house you want and having to wait another year for a suitable property. By which time the market could have moved on and your $10,000 gain makes no difference to what you can buy anyway.

I guess what I'm trying to say is that favourable exchange rates aren't the only way to help your money grow, investing in property, reducing your mortgage and savings vehicles are all alternatives with a variety of risk attached. So consider what rate is acceptable to you and allows you to do what you want or need and don't look back. :nice1

Cheers

Tia

[whiskythedog]

agreed!
our house buying budget in NZ$ was based on the rate being 2.65
we managed to get an average of 2.80 based on a few transactions as it was going up
so all depends on how you look on it - we made $$ over our budget or lost $$ because we didnt get 2.93 ?
(plus money sitting in bank now earning some $ so all helps!)

[whiskythedog]

and now it is less than 2.80 .... oh the rollercoaster ride that is the nz exchange rate !
(soon to be 2.90 next week ?)

[willsken]

(soon to be 2.90 next week ?)

In my dreams!:)

[Tia Maria]

2.75 now :(

Oh well good for those heading back to the UK!

Its a pity this thread is called 'exchange rate improving......' it gives false hope when everytime you see it pop up!

Cheers

Tia

[Sam B]

I just got really excited, thought it had gone back up again when I saw that this thread was revived. Arrgghh.

[whiskythedog]

sam b - up 5 cents overnight 2.62 to 2.67
not brilliant but corner turned ?

[lockstock]

I hope so. Mind you, I'm not sure xe.com on monitor mode is good for the blood pressure- especially when you shouldn't be watching it (at work)! Who'd have though a few measley cents could mean so much?

[whiskythedog]

we've bought a house in nz so pressures off us now exchange rate wise- pressure comes on if we decide to sell up in uk next year and bring over rest of loot
(i will stop posting on this thread now until that time comes- hopefully we will see that magical 3.00 one day....)

[willsken]

sam b - up 5 cents overnight 2.62 to 2.67
not brilliant but corner turned ?

It's a turn for the better. I just prey it goes back up near the 2.90. Exchanging the money is my job and I feel bad every time OH walks past muttering "aaaahhh 2.93" (he knows just how to wind me up!!:roll :roll :roll )

[lockstock]

Same here Willsken. I get 'Iold you so' every time we discuss what we would like to buy house-wise compared to what we can buy at the moment. Fortunately, armed with info from here,I can talk with some degree of calm and quiet confidence that things will improve. The fact that I haven't got a clue what I'm talking about is, naturallly, absloutely irrelevant. One thing though, I'm not sure if I'll have the bottle to hang on until 3 - not even 2.93. Even 2.7 is looking attractive right now!

[Sam B]

Oh Willsken, I know EXACTLY what you mean - we looked at that screen saying 2.93 and we didn't press confirm, and then it started to fall, and the rest is history. Now we've got to pay for our land in the NEXT 3 WEEKS!!!!!! We are thinking of getting a mortgage rather than bringing over at the moment, it will actually save us money. I'm glued to XE.

[willsken]

Oh Willsken, I know EXACTLY what you mean - we looked at that screen saying 2.93 and we didn't press confirm, and then it started to fall, and the rest is history. Now we've got to pay for our land in the NEXT 3 WEEKS!!!!!! We are thinking of getting a mortgage rather than bringing over at the moment, it will actually save us money. I'm glued to XE.

Sam, that what we're doing. We are doing a lot of work on the flat at the moment and we need money. I have a mortgage in place ready if we need more funds as I refuse to bring mine over at the rate it's at now. Worked out we could pay the mortgage for months and still be better off when it goes back up. (Sorry, I mean IF)

lockstock it's so hard when you are stuck with the what ifs. Hang in there it's GOT to improve.... I'm willing it to go up to 3 just so I can pretend I knew it would all along!! Then I can say :p :p :p

[incredible hulse]

A word of warning; we took a mortgage out 20 months ago with the same intention (we were waiting for 3.10 +). Still got the mortgage and 3.10 is looking way off now .. ;)

[holland]

I got over exitied when I saw this thread back at the top...I thought a miracle had happened over night!!!!!!!!!!!!

[willsken]

A word of warning; we took a mortgage out 20 months ago with the same intention (we were waiting for 3.10 +). Still got the mortgage and 3.10 is looking way off now .. ;)

Nah... I'll exchange when it hits the 2.9 mark, after not taking the 2.93 I've learned my lesson! That's quite a realistic aim unless someone really hates me! :p :D

[Sam B]

It works out better for us to exchange if it hits anything over 2.75, under that it's a mortgage, over that I'm exchanging. NO MORE WAITING FOR 3.0. I've learned my lesson.

[lockstock]

It's just gone over 2.71 - can't bear to look any more.

[Sam B]

Gasp! ........ Sam disappears to XE.com

[holland]

oooooooooooooo

[lockstock]

Sam B...WAKE UP. It's daytime here and it's just hit 2.74 and still rising. May even be up to your 2.5 by the time you get up. I hope it makes it for you. Trouble is, will you be tempted to wait just those few points higher. Wish it wasn't real money we were playing with. Since last night we've earned a decent family car's worth just by waiting. (Scare's the bejeebers out of OH when I put it like that!)

[lockstock]

Er...I mean 2.75. I'm so caught up in the excitement!`

[victoria]

Could you tell me where you're getting these figures from please? I've checked Hifex & dashboard & they're hovering around 2.53

[victoria]

I meant 2.63

[holland]

Think there from XE trade website

[Sam B]

Arrggghhh! Lockstock - I've just checked and it's back at 2.713. You're right, I don't even know whether to press confirm when it gets to 2.75, because every cent makes such a huge difference .... Argh, this is so stressful and I've got to go to work. I'm leaving J on refresh duty.

[Tia Maria]

A little jump ..... 2.74 :)

Cheers

Tia

[Sam B]

Guess what .... GUESS WHAT????? Guess who finally clicked on the confirm button LAST NIGHT, just BEFORE the little jump!!!!!

AAAARRRRGGGGHHHH. GGGGGRRRRRRRRRRR!!!!!

However, I'm actually glad I've done it and it's all over and I can just stop thinking about it - EVER.

[BaldyBeardyBloke]

Woo Hoo.

That must be a weight the size of a small planet off your mind!

[thezorbster]

Now don't ever look at those rates again!!!

[Sam B]

Ha ha, said I'd never look again - only checked 4 times today!!