[Mickstim]

Maybe a stupid question - but when you set a rate with HiFx, how do they get hold of your money? Or do they contact you to make a transfer?

We have funds with A&L offshore but they will not allow HiFx to be a nominated account as it has to be an account in our own name.

It all gets so confusing and now we have moved a whole lump to buy the house it matters a bit less - but we still want to transfer the balance once the rate improves.

Bx

[vixxann]

Maybe a stupid question - but when you set a rate with HiFx, how do they get hold of your money? Or do they contact you to make a transfer?



I've been reading my brochure but will be able to tell you more after I've rung them.. I believe that if you want to agree at that days rate but not transfer money yet they request a 10% deposit to hold that rate for up to 2yrs. Balance then paid when you move money.
or
if you want to name a rate and they monitor market - if it reaches your rate they immediately buy or sell your cash and then invoice you with details of bank and where you should transmit funds

Instructions are taken verbally over recorded phone line

this is my understanding :)

[Mickstim]

Sounds logicial Vicki - but do they pay you interest on the 10% deposit you give them??

Bx

[Mickstim]

PS - when we checked the rates we actually got the same with ASB as HiFx were offering. The only problem with ASB is that I'm not sure they will monitor the rates for you as HiFx do, and if you transfer less than £30000 they charge £15.

Bx

[Mels]

ASB will monitor the rates too

Mels

[Mickstim]

Cool Helen - thanks. I never asked them that! May be the way to go when we want to move the balance of funds. Isn't it time you were in bed?????????????

Bx

[Mels]

Been doing the inventory for insurance. Actually I've spent last few nights doing it - just made Neil sit down and check it! Plus cleaning garden stuff, buying loads of clothes for kids and it's a really boiling hot muggy day so won't be able to sleep anyway, at least not until I wake at 4 am worrying about what I've got to do still :uhoh

Night night zzzzzzZZZZZZZZ:exit

Mels

[IanR]

Money flowing out of the NZ$ and back into the yen as NZ interest rates are forecast to fall..... NZ$ losing out against the £ too.. even though the UK economy is another over-borrowed basket case..

[CJ22]

$2.76 today. Might clip $2.80 soon. Just a shame that I don't actually have any money :)

[GaryTheSpark]

Hey CJ22. What company had it at $2.76 yesterday?
thanks
Gary

[Carey]

This is more like it; how long do we dare wait? Hold out for 2.9? Any chance?

[IanR]

Any chance?

Would seem so if the £ doesn't crash too...

here's the US$ v NZ$ view ...

New Zealand Dollar Bears in Control.....The NZDUSD has broken below a trendline that had held price since June 2006. There is no change to the longer term call for a drop below .5927.... (.728 at the moment)...



http://www.dailyfx.com/story/topheadline/NZDUSD___This_Week_s_Technical_1217611964487.html

I read that as meaning the NZ$ is in play and they're forecasting an eventual further 17% fall for the NZ$ against the US$ which, if the £ holds its value against the US$, should mean a rise to around NZ$ 3.15...

Of course the assumption of the £ itself holding its value is a huge one... the UK NuLabour government meet at the end of August to formulate new economic measures to stave off a UK recession... will they be prepared to sacrifice the value of the £ I wonder?

[IanR]

...and a further negative view on the NZ$ in particular and the NZ economy in general:

New Zealand‘s economy could be on the brink of recession. We target the NZD/USD at 0.70 in three months and at 0.65 before the end of the year.

The New Zealand dollar has been falling sharply against the world’s most heavily traded currencies on speculation that the Reserve Bank of New Zealand would have to cut interest rates faster than traders had previously expected. Indeed, the rapid deterioration of the New Zealand economy prompted many investors to exit the so called carry trades despite New Zealand’s high level of interest rate. Yet, the current wave of risk aversion in the world’s financial markets which forced many investors to cut holdings of higher yielding currencies has not been the only factor putting downward pressure on the value of the New Zealand dollar. In fact, several economic indicators suggest the New Zealand’s economy could face bigger problems in the second half of 2008 as record high interest rates slow consumer spending and business investment. But is New Zealand’s economy heading into a recession?.........

http://www.dailyfx.com/story/bio1/DailyFX_Forecasts___We_Expect_1217520934667.html

[M-Squared]

Well, it really is about time the interest rates came down in NZ. OK it's not good for people with savings accounts, but for those looking to invest in businesses and having to take out loans, it's great news! We have a small amount of US$ in our US$ account here, and I think I might wait to change it over to NZ$. I made that mistake before when I *didn't* transfer over our house proceeds at NZ$1.45 to 1 US$ last year... got NZ$1.25 instead GAAAAAH!!!!!

[CJ22]

@GaryTheSpark: I just type "GBP in NZD" into Google and that's what it comes back with. So I guess the quotee is whatever company Google references.

[IanW99]

@GaryTheSpark: I just type "GBP in NZD" into Google and that's what it comes back with. So I guess the quotee is whatever company Google references.

Most companies quote the mid-market rate, this is not what you will get when you transfer money. Depending on the company the actual rate that you will get e.g. for transferring from GBP to NZD will be a few percentage points lower than this quoted value.

Ian

[Tia Maria]

I like this site for tracking the exchange rate:

http://newsvote.bbc.co.uk/2/shared/fds/hi/business/market_data/currency/11/16/default.stm

It gives you a couple of time span options, which helps put any movement into context.

Cheers

Tia

[benhila]

"$2.76 today. Might clip $2.80 soon. Just a shame that I don't actually have any money"

It hasn't been 2.76 for a verrrrry long time!

Hila

[slider]

I like this site for tracking the exchange rate:

http://newsvote.bbc.co.uk/2/shared/fds/hi/business/market_data/currency/11/16/default.stm

It gives you a couple of time span options, which helps put any movement into context.

Cheers

Tia

Very useful link :nice1 - been looking for something like this for ages :o
Thanks

[IanW99]

Very useful link :nice1 - been looking for something like this for ages :o
Thanks

You may also like this link then:- XE Charts (http://free.charts.xe.com/misc/xe.asp) if you have java enabled.

Ian

[slider]

Thanks Ian. Figured out the basics of using this fairly easily.
Not sure I need to know what a Bollinger Band is....I assume it's nothing to do with a fizzy French beverage but I am curious. :D

[JayBee]

I'm using OH's laptop with vista. A couple of the "gadgets" I've got on my desktop are the currency set for NZ dollar against the UK pound (also the weather here and in NZ!)

So as soon as I turn the computer on I can see what's happening (sad or what!!)

[SNK05]

I'm using OH's laptop with vista. A couple of the "gadgets" I've got on my desktop are the currency set for NZ dollar against the UK pound (also the weather here and in NZ!)

So as soon as I turn the computer on I can see what's happening (sad or what!!)

Jaybee....love it! Forgot I had such gadgets on the laptop.....

Sue
xx

[YouMeAndThree]

I'm using OH's laptop with vista. A couple of the "gadgets" I've got on my desktop are the currency set for NZ dollar against the UK pound (also the weather here and in NZ!)

So as soon as I turn the computer on I can see what's happening (sad or what!!)

:D Me too. I've got conversion rate (£ - NZ$), Weather which also gives time and day when you hover over it and either a sun (or rain) or moon depending on the time of day, plus weather forecast guide which leads onto satelite pictures and traffic web cams. Only problem with the latter is that there is only one webcam working in Auckland.

$2.721 at the moment, but have no idea where the gadget gets it's rate from. It's currently the first thing I look at on my screen :yes

Lx

[Mels]

Me too :o

Mels

[Kayaker]

:...traffic web cams. Only problem with the latter is that there is only one webcam working in Auckland.

Au contraire, YouMe&3! Here's a site offering you 17 live views of Auckland!

http://traffic.transit.govt.nz/Traffic.do?view=cctv

And the host site (http://traffic.transit.govt.nz) will even let you check the surf conditions at Waihi, Maunganui, and Piha beaches! ;)

[Tia Maria]

2.75 - woo hoo! :D

Cheers

Tia

[lockstock]

Not listening...lalalalalala..still not listening.:exit

[willsken]

:raebanana:raebanana

[IanR]

Unfortunately reality has caught up with British economy and the UK Pound is now in freefall against the USDollar... according to the FT the fact that it broke down through the 1000 day moving average against the $US is very bad news...

I was hoping to see NZ$3.10 to a £ but, the UKs going into a recession and the BoE are not going to increase rates so probably not any time soon...

[IanR]

Editorial in the FT today re: the UK pound..

... The pound, however, was overvalued last year. A shift was inevitable. Moving away from growth based primarily on consumer and business spending at home to an equilibrium that en*courages more exports is a necessary correction.

Investors who worry about this new weakness should appreciate that, on a real trade-weighted basis, the pound is now at its historic average. In the long run, as the North Sea fields wind down and the UK imports more oil and gas, sterling is likely to fall further.

http://www.ft.com/cms/s/0/0f7ee2dc-79e6-11dd-bb93-000077b07658.html

[Tia Maria]

Things are looking up. :)

2.68 to the pound

Cheers

Tia

[Tia Maria]

5 hours later .....

2.71 :)

Cheers

Tia

[Tia Maria]

2.75 - anyone tempted? :)

Cheers

Tia

[mgbridges]

2.75 - anyone tempted? :)

Cheers

Tia

We might be as we had a savings plan mature in July and the majority of its still sitting in the UK bank account. Which direction do you think its going to head next?

Anneliese

[britzy]

Maybe tempted.Only problem is we are still waiting to see if we get PR.Best rate its been for a long while. Is it worth the gamble to fix the rate?

Helen

[IanW99]

Maybe tempted.Only problem is we are still waiting to see if we get PR.Best rate its been for a long while. Is it worth the gamble to fix the rate?

Helen

Only you can say if it's worth the gamble.

From what has been said, they do expect the rate from GBP to NZD to go higher still, but there is no guarantee as it also depends on what the pound is upto?

Another option may be to fix the rate for some of your money and just 'gamble' with the rest?

Ian

[CJ22]

I can't see sterling rallying any time soon. Maybe the NZ$'s relative isolation will be an advantage in the next few months?

[Pagan]

we're off again 2.76

[Caroline and Dave]

2.8 this morning due to the government revealing their finances. Not sure how long this will last so we will bring some over now.

[Tia Maria]

Yep we'll be drip feeding a little bit more over. :nice1

Its a great rate in the context of the last 12 months and an average one compared to the last 3 years which has mainly gone up and down between 2.5 and 3.00.

Cheers

Tia

[IanW99]

Yep we'll be drip feeding a little bit more over. :nice1

Its a great rate in the context of the last 12 months and an average one compared to the last 3 years which has mainly gone up and down between 2.5 and 3.00.

Cheers

Tia

Hope you moved it quickly, currently going right down :wah

Ian

[Tia Maria]

Hope you moved it quickly, currently going right down :wah

Ian

Luckily yes. :)

The last few months I'd noticed that it had always hit its highest rates in the UK daytime, so I decided to fix a rate with HIFX, so they could do all the work while I was sleeping.

It was only a couple of weeks ago and they advised me that they thought it wouldn't go up again, glad I didn't listen!

Cheers

Tia

[JandM]

Going down? It's 2.77 at the moment on XE, and that's higher than lately, isn't it?

[IanW99]

Going down? It's 2.77 at the moment on XE, and that's higher than lately, isn't it?

Well it went from 2.8 down to 2.72 in under an hour so yes, it was definitely going down (glad it didn't continue).

It has since improved again, but does appear to be very volatile at the moment, and yes anything over 2.7 is still not too bad.

Ian

[jasonelsa56]

does anyone know if you can pick a rate to fix it at. What i mean is will Hifix let you say "when it gets to 2.8 fix it for me" or do you haveto be watching the rate ready to pounce.

J

[cappuccino]

yes you can fix a forward rate and when it hits that, they call you and confirm the details. It's all very straightforward and saves you being glued to the internet 24/7 watching the rates go up and down!:nice1

[jasonelsa56]

Thanks cappuccino.

Anyone with a crystal ball out there. What rate should i tell Hifix to fix at?

J

[britzy]

We are on the verge of fixing the exchange rate but are hanging on incase they go higher.

Helen

[lockstock]

We are on the verge of fixing the exchange rate but are hanging on incase they go higher.

Helen


Hmmm. We did that last year when it was 2.9. it didn't go any higher. We finally exchanged at 2.51:wah

[Carey]

2.85, wow this looks good. We thought we'd done well with 2.74 when we bought our house 2 weeks ago. Will it stay this high?

[Tia Maria]

You've got good sources Avalon! ;) :D

Cheers

Tia

[lockstock]

2.85, wow this looks good. We thought we'd done well with 2.74 when we bought our house 2 weeks ago. Will it stay this high?


Where are you getting 2.85???

[IanW99]

Where are you getting 2.85???

It's the current mid market rate on xe.com, for some reason it has just done a jump from around 2.8?

Ian

[Tia Maria]

It's the current mid market rate on xe.com, for some reason it has just done a jump from around 2.8?

Ian

I wonder what will happen when the UK markets open?

Cheers

Tia

[incredible hulse]

Just got 2.8215 (when midrate was 2.855). Hopefully it will bomb back to 2.6 next week and I can flog it back.

[NikT]

Mid market rate 2.87, Forex.

Nick.:cheers

[Carey]

Took the plunge and have exchanged at 2.862........so we don't have to sit and wonder whether we should do it or not but now we'll sit and wonder whether we should have or not!!

[lockstock]

2.89!!
I'm having flashbacks to a year ago sitting at the computer at the old house in the UK. Shame the bulk of the money's gone now:no

Just in time for a quick edit...
2.91

[cappuccino]

It's gone crazy! I like looking at the real time quotes jumping around: http://www.hifx.co.nz/marketwatch.aspx

and it's just hit 3.0!!!!!!!!!!!!!!!!!!!!!!!!!!

[lockstock]

3.00! It's hit 3! woo-hoo.

This is soooo exciting!

[Sam B]

OMG OMG I wish I still had some money...

[Tia Maria]

Wow, with all the excitement of Aftershock and now the excitement with the exchange rate, I think I may have to go and lie down .....

Cheers

Tia

[cappuccino]

Things are so crazy that I just phoned the foreign exch companies to ask for a forward rate so that I can go to bed and not worry about it but they say they are not taking orders till further notice as they can't cope!!!

[incredible hulse]

Same problem - and prices quoted are way off what xe/hifx are saying also. Was quoted 2.93 when supposedly 3 - just too volatile at the moment. Now back down to 2.92.

[benandclare]

Moved some over and whilst we were doing it dropped by .2 in 5 mins but still very happy as only moving small amount over :nice1

[PeKaJoSa]

A few minutes ago we had a sudden unexpected rate cut of 0.5% from six major central banks, including the Bank of England and US Federal reserve:
http://uk.reuters.com/article/businessNews/idUKTRE4961YE20081008

This will - in the short term - weaken the Pound against the NZD.

Turbulent times indeed...

Cheers,
Pete.

[victoria24]

I'm seeing 2.93 at the mo

[britzy]

I'm seeing 2.879 its gone up 0.8 in a day.

[britzy]

Just fixed the rate at 2.80:clap

[Jon-and-Lou]

Pants .. we missed out on last nights huge peak, but managed to secure 2.82 which I'm pretty happy with.

Bit gauling isn't it .. thinking what you might have got? I just have to keep remindng myself, that cos of this we shall have a 4 bed house with no mortgage ... something we'd never have achieved back home!!

[walshy]

2.85 now

[incredible hulse]

Did anyone actually manage to fulfill anything above 2.95 last night ? I think the midrates and what is achieveable are quite different at present

[Mickstim]

The rate has changed by 4c in the last hour! I'm driving myself crazy watching so had better go and have a cup of coffee instead................

Bx

[Tia Maria]

Did anyone actually manage to fulfill anything above 2.95 last night ? I think the midrates and what is achieveable are quite different at present

I wasn't offered anything above 2.91, but then again I was busy watching Wellington being consumed by an earthquake when it did its crazy spike up to 3.

Cheers

Tia