Exchange Brookers

goldwheels · Posted: Thu Dec 11, 2003 7:57 am Post subject: Exchange Brookers

Has anyone out there used an exchange broker? If so who is a reliable one? who's given the best exchange rates? and can some one explain how to go about it. Nutcase

Cheers Sean

karltsmith · Posted: Thu Dec 11, 2003 9:11 pm Post subject:

Hi Goldwheels,

There are loads, I am using H1FX basically you can buy currency cheaper through a broker because they don't have the same overhaeds as banks. You can use various methods of buying currency e.g. spot price, market watch and market orders are two common examples but any good broker will explain the merits and risks of each method. You can also set pre deterimined buying prices and set up a stop loss to avoid being caught out by big negative swings in the currency. for my part I've opted for a market order to buy at 2.700 because I don't see it getting much bettter for at least a year and Aucklands property market is moving at about 20% per annum. The worst thing is to do nothing..get yourself a plan and register with a broker. This will take about a week to set up. Using a market order my broker will buy at my chosen rate when the currency reaches that level. I then pay him a 10% deposit on funds bought and I then have up to 2 years to settle with him! The good thing about this is that I know what I've got to play with and can sensibly budget based on a fixed sum. The downside is that the Kiwi dollar is a commodity currency and is suceptable to massive and rapid swings.

Hope this helps!

cool

goldwheels · Posted: Fri Dec 12, 2003 7:06 am Post subject:

Thanks Karltsmith for the info this has helped.
Cheers Sean

veronica · Posted: Sun Mar 14, 2004 1:45 am Post subject:

Just rereading a few bits here and not being a financial expert I can't say how it compares but when we were in chch last week we had a talk with the westpac bank. They offer a service where you can transfer the money over in £'s and it can sit in an account in £'s until you feel the exchange rate is right then change it. From memory it doesn't have to all be changed up at once either. the way the exchange rate is fluctuating at the moment it seems to be a reasonable option to us. Anyone know anything more about it? regards Veronica

Lauren · Posted: Sun Mar 14, 2004 6:11 am Post subject: Sterling accounts

Hi Veronica,

We are going out in April and are planning to do exactly what you said. ASB do a sterling account that we can open before we leave the UK. Funds can be transferred to NZD same day when we need any/rate is good. We are definately not experts at all and just wanted a simple sensible option and this seemed the best.

L.

veronica · Posted: Sun Mar 14, 2004 7:20 am Post subject:

Hi Lauren, we thought that too, and as far as I'm concerned simple is good. As I understand the Westpac account the money is held in NZ in sterling, although I wouldn't swear to it. If you are taking any money with you on your person when you go travellers cheqs have the best exchange rate. Veronica