Euro collapse? Transfer money into Australian Dollars ASAP?

res ipsa

U didn't of read it & therefore didn't of notice it,of course.

Zambia

Check you out correcting people in text speak...:rolleyes:

eyescreamcone

Wasn't Eddie Hobbs the one who reccommended buying property in Cape Verde hahahaha

aido79

I've got money in my credit union account back in Ireland. Would it be a wise move to transfer it to my Australian account in case the euro does collapse?

Man of Aran

aido79 wrote: »

I've got money in my credit union account back in Ireland. Would it be a wise move to transfer it to my Australian account in case the euro does collapse?

This anticipated melt down of Euro should not happen.
In whose interest does a global financial Armageddon serve ?
USA was saved in 2007 from an equally ominous fate.

One of the major components of World Trade is a cycle of "dig it, make it and use it" nations.

Primary Producer/Raw Materials-> Factories of World -> Consumer Nations

Right now, the 2 major global consumers -USA and Europe- are shaky .... if that continues, it has knock-on effect everywhere.

Impacts such they will stop digging bauxite out of the ground in Aussie to the thousands of factories in China will need slow or shut. Prospect of 500+ million hitherto employed peasants returning to the paddy fields and ensuing revolution there worries Beijing nightly, you can be sure.

With cash rich China's USD3.2 trillion in Foreign Reserves, followed by Japan,Taiwan,S Korea, Singapore and HK someone will blink soon to inject some guarantees, if not hard cash, into Europe.
Calmer and wiser heads will prevail. It's a matter of posturing and positioning to gain best advantage.

*************************************************

Aithnionn ciarog, ciarog eile.

irishh_bob

while i doubt the euro will collapse , in order to save it , QE ( money printing ) will be required and has already occured in a roundabout sort of way , this weakens currencys and the euro has slipped quite a bit in the past three months but it is still way overvalued considering all the turmoil in europe , i see no drawback for anyone changing thier euros to australian dollars at the moment , even the euro survives , the exchange rate against the aussie dollar will certainly be below 1.30 , its something like 1.33 at the moment

Man of Aran

Don't see the AUD being a wise 'contra-play' against a collapsing Euro or break up of the EEC itself, myself.
Or guaranteed jobs for a new wave of our migrants to Aussie either for that matter.

Australia, whether it likes to admit it or not, is basically a Primary Producer - meat, wool, coal, grains, industrial and precious ores and such. It's dollar is a commodity currency.

What has made Aussie appear so successful these recent years ?
In one word ... China , or more precisely the insatiable China demand for raw materials and energy to keep the industiral engine of it's "Factory of the World " running to supply the West.

If the Doomsday contagion does unfold i.e total collapse in demand from Europe followed by USA, then it's Heaven help us all anyhow.Those ore mines in Broken Hill and Kalgoorlie-Boulder will be shuttered up again, bungalow starts abandoned and the beer and bbq on the Bondi beach mood will be much more muted - it's happened before.
Aussie is not some advanced paradise nestled in Asia Pacific blue waters and immune from the world's ills.

***********************************************

irishh_bob

Man of Aran wrote: »

Don't see the AUD being a wise 'contra-play' against a collapsing Euro or break up of the EEC itself, myself.
Or guaranteed jobs for a new wave of our migrants to Aussie either for that matter.

Australia, whether it likes to admit it or not, is basically a Primary Producer - meat, wool, coal, grains, industrial and precious ores and such. It's dollar is a commodity currency.

What has made Aussie appear so successful these recent years ?
In one word ... China , or more precisely the insatiable China demand for raw materials and energy to keep the industiral engine of it's "Factory of the World " running to supply the West.

If the Doomsday contagion does unfold i.e total collapse in demand from Europe followed by USA, then it's Heaven help us all anyhow.Those ore mines in Broken Hill and Kalgoorlie-Boulder will be shuttered up again, bungalow starts abandoned and the beer and bbq on the Bondi beach mood will be much more muted - it's happened before.
Aussie is not some advanced paradise nestled in Asia Pacific blue waters and immune from the world's ills.

***********************************************

none of that well thought out prediction negates the fact that one way or another the euro is going to be weaker ( than it is now ) against the aussie dollar , that is of course not to say that the aussie dollar will be particulary strong compared to the likes of the american dollar but if the euro collapses , the aussie dollar will certainly be stronger than the replacement irish punt and if the euro survives , it will be weaker than it is now for the simple reason that money printing is the only weapon left in the ECB,s armoury

handlemaster

It certainly is an uneasy time for all at the moment. What you have, you want to keep. But to keep what you have its necessary to make some plays. There doesn't seem to be any where that clearly marks out the currency plays that are best at the moment. I read alot about the Australia dollar but there are counter arguements that this currency is already over valued. On today fm there this topic of discussion came up and the financial journalist said she had Danish kroner..... would like to see a break down of the best currency's to diverage into. Next point is the easy with which the average irish person can move into these currencies out side of the state , most people would be able to travel to Northern Ireland to open a bank account there in different currencies would seem the easiest option.

mandrake04

lippy11 wrote: »

If I had of read your previous reply properly I would of noticed you stated that already, lol
Thanks again!

Sorry Lippy I forgot to give you links to the big 4

http://www.anz.com/personal/travel-foreign-exchange/moving-australia/

http://www.westpac.com.au/personal-banking/moving-to-australia/migrant-banking/

http://www.commbank.com.au/personal/international/moving-to-australia/default.aspx

http://www.nab.com.au/wps/wcm/connect/nab/nab/home/Personal_Finance/15/23

You can open any one of these from overseas its easy.

res ipsa

aido79 wrote: »

I've got money in my credit union account back in Ireland. Would it be a wise move to transfer it to my Australian account in case the euro does collapse?

I have 60% in AUD 30% in GBP & 10% in yoyos. Norwegian Kroner Swiss francs and bizarrely American dollars are all safe bets.

res ipsa

Zambia wrote: »

Check you out correcting people in text speak...:rolleyes:

Only U.

Richard

res ipsa wrote: »

Only U.

Lol

mise_me_fein3

smidgy wrote: »

Capitalism is all about the fear and the greed.

We have seen about 10 years of the greed now prepare for the fear. (but do not fear it)

It doesnt matter what you believe ... you have no control over the breakup of the euro.

Be sensible .. my tupence ..diversify

If you have 10K,
get 2500 of it in euro cash, stick it somewhere safe (you may need this if bank accounts are frozen)
get 2500 of it in US dollars, stick it somewhere safe (in case an punt nua/euro is worthless)
put 2500 in offshore shares
put 2500 in an offshore bank account

cover your ass , cover all angles

Have no fear...

Crazy or sensible?

You don't have a clue what you are talking about. Capitalism is what has freed humans to achieve great things. Socialism is what is bringing Europe to it's knees. The idea of buttering a generation up to think they are entitled to a certain amount of money every week for doing nothing is nonsense.

Why are so many people from countries where capitalism is not thriving coming to Australia on boats and risking their lives to get into Europe and the US? Are they greedy? Everyone is greedy. Everyone wants to provide a better life for their kids and give them a good chance in life. Capitalism tells you if you work hard you'll get more...if you work less, you'll get less.

This is why government agencies are not efficient and waste the taxpayers money(capitalists who set up their own companies or people who work for capitalists).

DO NOT PUT ANY MONEY INTO US DOLLARS. ANYONE THAT DOES THIS IS AN IDIOT. THE US FEDERAL RESERVE IS DEVALUING THEIR OWN MONEY AND THE DOLLAR IS LOSING MORE AND MORE VALUE EVERY MONTH.

SILVER AND GOLD ARE DECENT. AUD, CHF ARE GOOD CURRENCIES AND LONG TERM SHARES IN MINING COMPANIES SHOULD BE GOOD.

THINK ABOUT WHAT WILL KEEP VALUE...COMPANIES LIKE MC DONALDS, GOOGLE AND YUM FOODS ARE COMPANIES THAT WILL ALWAYS MAINTAIN A CERTAIN AMOUNT OF VALUE.

hussey

Mod Guys can we take a step back and a deep breath.

Don't tell people they are idiots based on speculation. No one knows the future

Okay recap - keep it friendly

jackbhoy

mise_me_fein3 wrote: »

You don't have a clue what you are talking about. Capitalism is what has freed humans to achieve great things. Socialism is what is bringing Europe to it's knees. The idea of buttering a generation up to think they are entitled to a certain amount of money every week for doing nothing is nonsense.

Why are so many people from countries where capitalism is not thriving coming to Australia on boats and risking their lives to get into Europe and the US? Are they greedy? Everyone is greedy. Everyone wants to provide a better life for their kids and give them a good chance in life. Capitalism tells you if you work hard you'll get more...if you work less, you'll get less.

This is why government agencies are not efficient and waste the taxpayers money(capitalists who set up their own companies or people who work for capitalists).

I thought Milton Friedman was dead but he has just been hiding on boards this whole time

kraggy

Are Currency Fair a company? (I presume so, there's a website called currencyfair.com)

So, assuming that's what you guys were talking about, once an account is opened, and you change the money from euro to say, dollars, where exactly is the money held? In which account? Or does it stay in your own account but just as dollars?

CiaranC

kraggy wrote: »

Are Currency Fair a company? (I presume so, there's a website called currencyfair.com)

So, assuming that's what you guys were talking about, once an account is opened, and you change the money from euro to say, dollars, where exactly is the money held? In which account? Or does it stay in your own account but just as dollars?

You deposit into a currency fair account, they provide the details when you set up the transaction.

They provide a good service but I wouldn't leave money in it medium to long term, they are not a bank.

kraggy

CiaranC wrote: »

You deposit into a currency fair account, they provide the details when you set up the transaction.

They provide a good service but I wouldn't leave money in it medium to long term, they are not a bank.

Ok, so they hold the money themselves until it's matched as it were? Then when it is matched, you can transfer it into an account that facilitates that currency e.g. I transfer euros into currecny fair account, wait for it to be matched into Canadian dollars, then deposit said dollars into Canadian account when I have one set up?

I guess my question is, if one doesn't have a Dollar/Sterling/something-other-than Euro account, but one wants to change their euro savings into something safer, after it's matched, you've no choice but to leave the "new" money in the currency fair account until you set up a dollar/sterling/currency-other-than euro account?

Do they provide a guarantee? (I went into "Is it safe?" section of their website but it said "Page not available")

Man of Aran

irishh_bob wrote: »

..... if the euro survives , it will be weaker than it is now for the simple reason that money printing is the only weapon left in the ECB,s armoury

Agree with you.
So the 2 largest trading blocs, USA and Europe are diluting their currencies with printing machines running day and night. So 'equally bad' or find the lesser of 2 evils .....

There is one sure bet in currencies, the Chinese RMB, carefully managed at a fixed rate of 8.3 to the USD for more than a decade but now undergoing a gradual easing, currently at 6.7-ish.
Greatly undervalued and pressure being piled daily on China to let go their 'peg'.
Could go to 5RMB to a USD once the floodgate opens, depends on who you believe but the float could happen in 3 months or 3 years.

Can Fair Trade help you buy this one? If you cannot buy notes there, then check for an ETF that contains RMB.
At least check it out, expect many of you might be sceptical.

Otherwise,for alternatives my earlier thoughts on CHF and NOK stand, plus the precious metals.

kdevitt

CiaranC wrote: »

You deposit into a currency fair account, they provide the details when you set up the transaction.

They provide a good service but I wouldn't leave money in it medium to long term, they are not a bank.

Currencyfair are not a bank - but the funds are held with a bank, BoA afaik - so its secure.

http://www.currencyfair.com/our-security.jsp

hussey

Just signed up for currency fair - very happy with it
sending $1000 got me 758Euro inc fee, compared with 706Euro Comm bank quoted

mise_me_fein3

jackbhoy wrote: »

I thought Milton Friedman was dead but he has just been hiding on boards this whole time

Well I do agree with what he says but I'm just looking at my Dad's situation and my own really.

Man of Aran

Seems like last Fri agreement in Brussels has not restored much confidence as YET to global investors - flight of capital back to relative safety of USD and USD denominated assets today.
Aussie $ sliding back to parity with USD today - down from 1.03 last week.
That's a 3% loss in 1 week had you bought AUD last week.
Deposit interest of 5~6% PA on AUD can quickly be wiped out with another bad weekly run like that. Bigi Curamach !

Listening to playback on RTE player of last weeks shows.
The Celtic Tiger of old is now considered a "Turbo Pig". You gotta love the guys who keep on coining these expressions.
Now let's await the REAL 6 Asian Dragons to inject some confidence into markets.

karl bracken

new to currency fair but must say they are a great service, about two weeks ago transferred 1000 euro got 1361 after 4 euro charge.

I have another 5000 to send over but the rate has fell to 1308 per 1000 today, obviously it may not go back up to 1361 but i would like something better.
Is it ok to leave money just sitting in currency fair and when/if the rate turns better just transfer it that day?

I know you will get no interest im thinking just give it till Feb and see what happens....

Cheers.

kdevitt

karl bracken wrote: »

I have another 5000 to send over but the rate has fell to 1308 per 1000 today, obviously it may not go back up to 1361 but i would like something better.
Is it ok to leave money just sitting in currency fair and when/if the rate turns better just transfer it that day?

You can put in the rate you want to receive, and wait for someone to match it. If the main rate changes in the meantime, and you're happy to take it - just cancel the unmatched order and create a new one.

Noo

massdebater wrote: »

As jackbhoy said, set up a currency fair account and switch your money with them. You'll need to set up an Aus bank account to puit your money in. I set up my bank account with NAB before I left Ireland (you can do it online) and transferred a few months before I came to Aus. NAB starts off with a 5.4% introductary savings rate so I had a good bit of interest built up by the time I got here. You can put as much money as you want into your Aus bank account but you can't take any money out of it until you actually get to Aus. You just need to call into a branch with your passport and you're good to go.

I've a quick, probably silly, question for you, I'm going over in Feb and thinking of doing this...did you give your Irish details when applying and then just changed them when you got an aussie phone number and address?

lippy11

Hey guys,
Thanks to you all for your feedback!

We set up our bank accounts online last night with Commonwealth.. Got an email back this morning to say that it was too soon to set up our accounts as we're not arriving until the 8th of March and that we should submit a new application 4-6weeks prior to our departure date.. I didn't realise this was the case!