As you would expect, Australia currency fluctuates against other currencies. It used to be the underdog dollar. Then it reached amazing heights with a lot of wind in its wings. It is now back to safer ground.
Around the turn of the millennium, Australia currency was far behind the major currencies.
If you had decided to relocate Down Under at that time, you would have more than doubled, almost tripled your pounds, you would have got almost twice as much for your US dollars and about 60 - 70 % more for your Euros.
Nice times to have taken a decision to move to this country.
But the Australian dollar moved on. The underdog started on a race similar to the proverbial hare and tortoise race.
It almost took everyone by surprise when Australia currency reached parity with the US dollar in October 2010. And it kept steady or up. So the expectation was for the Australian dollar to stay high. Or was it?
In 2013 the Aussie dollar engaged on its way down, slowly with some hiccups and temporary come backs. A steep dive followed in 2014, with the exchange rate getting to below 0.70 USD and 0.46 GBP in 2015, then up a bit in 2016.
When we came to Australia we were lucky to double our money, when we transferred the funds across. But lucky events don't happen so often. It is better to plan for luck, rather than wait for it.
Luck is what happens when preparation meets opportunity, said Roman philosopher Seneca almost 2000 years ago. Not much has changed since then. So, if you want to send your money overseas, how can you plan and prepare?
Not easy. Choices are galore: banks, specialised institutions, credit unions, building societies, merchants, money remitters, you name it...
Fees and charges are galore too. The rate you google is not the rate you pay.
Which is normal.
Everyone needs to make a living, right?
Enter technology. There are disruptors around. Think taxi and think uber!
One such disruptor is Transferwise.
They use the mid-market exchange rate - the real rate, the one you see on Google.
Don't think they are free. They are not, they charge a small upfront fee. But at least they tell you about it, so you know exactly what to expect. No markup to the exchange rate, no hidden charges, everything in the open and upfront.
All this permitted by the peer to peer technology. Money sent from one country to the other, never leaves the country, it is actually matched with transactions going in the other direction.
A brilliant way to save money.
First stay informed.
Follow the markets, try to understand the trends, search refuge in the financial section of your newspaper as much as you can, educate yourself.
Sounds boring or difficult?
Then ask for advice and see how you can save when you transfer funds to Australia.
There are ways to maximise the power of your money if you stay on top of what is happening on the market, know when to look for opportunities or who to ask for information.
And technology and the new economy it generates are your best friends.
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