NZD help

[NewOrder]

Hi

OK I am not after trading advice but more of a general nature. I want to bring some money over from NZ but the exchange rate is pretty average. Having waited it out for about 2 months now, should I just bring the money over and deal with the lower amount or is there hope the rate may go in my favour soon?

Thanks for any help
Paula

 

[tayser]

You're asking for financial advice in a forum which is just about trading FX.

Anyhow - I always just say, hedge your bets, move 50% now and 50% later

 

[NewOrder]

Thanksfor the 50/50 suggestion. I guess it is financial info I am looking for but not really FX trading advice as this is my own money I am wanting to bring over, not trading. I have a small at home business that I run from Aust but supply to myself in NZ. The NZ side owes the Aust side some $$$ but if I bring the money over it is a big loss with the current exchange rate.
I am funding the Aust side with personal money ATM but need to put a stop to that and get the NZ side to pay its outstanding invoices back to Aust. The rate is not moving so I guess I just have to suffer the poor exchange rate as it has been at the same rate now for a couple of months.

Cheers

 

[Julia]

New Order, if you don't have to do anything immediately, it might be worth waiting a little. The $NZ has been adversely affected by the earthquake. However, I've noticed in recent days it is slightly strengthening against the $A.

This is not advice, yadayada, but if it were me and I could delay the decision for a while, that's what I'd be doing. Good luck.

One other small thought: when I moved to Australia from NZ about 18 years ago and was bringing a fairly substantial amount of capital over, I was faced with the same dilemma. Found having a frank discussion with the managers of the various banks very worthwhile. Eventually did a forward exchange contract where the currency exchange took place when a certain value was reached.
Your situation is obviously quite different, but it might just be worth your while to seek some advice from your bank if you're talking about a substantial amount.

 

[NewOrder]

Thanks Julia, I can hold off for a month or so and think that is what I will do for now.

It is smaller amounts that need to come over on a semi regular basis so I set up a Forex acct to do it. I won't talk to the bank manager in NZ as I have just had to put mortage payments on a 3 month holiday due to the quakes, have had enough of dealing with the bank for now.

Cheers
Paula